New Haven NAACP/First Niagra Business Program and Partnership

November 22, 2013

New Haven NAACP: Please see information from the Press Conference about the New NAACP/First Niagara Business Program and Partnership.

Link from WTNH: https://www.wtnh.com/news/new-haven-cty/naacp-partners-w-bank-to-spur-businesses

Link from New Haven Register: https://www.nhregister.com/general-news/20131120/new-haven-naacp-partners-with-first-niagara-bank-for-business-development

https://www.newhavenindependent.org/index.php/archives/entry/naacp_loan_program/

NEW HAVEN >> The Greater New Haven Branch NAACP has partnered with First Niagara Bank to launch a new program to give eligible small business owners an opportunity to obtain loans up to $150,000.

The Urban Loan Fund Program is a joint venture that was launched in 2011 to improve opportunities for urban business development.

A press conference was held Wednesday at the organization’s headquarters on Whalley Avenue to discuss new aspects of the program.

“We are pleased to offer this (loan) program in partnership with First Niagara. This is a major step in revitalizing our neighborhoods and increasing economic vitality in our community,” said Greater New Haven Branch President Jim Rawlings in a statement.

Eligibility requirements for borrower include, though are not limited to, creating a positive impact on the Greater New Haven community through job creation or urban revitalization, demonstrating the applicant’s ability to repay the loan and meeting First Niagara’s underwriting criteria, as well as the business being located in one of the 14 communities served by the NAACP, according to NAACP officials.

“The programs offers business loans up to $150,000 and micro loan products up to $25,000 for start-up businesses and existing businesses for expansion,” said William Kilpatrick, chairman of the NAACP economic development committee.

“The NAACP and partners will work to help identify qualified minority businesses and secure technical assistance as needed,” Kilpatrick said.

According to loan officials, all applicants must first complete a pre-application that will be reviewed for eligibility by the NAACP economic development committee prior to referral to First Niagara Bank.

“We are pleased to partner with the NAACP to provide (businesses) in Greater New Haven with products and services to achieve their economic goals,” said First Niagara Senior Vice President of Community Development Paul A. McCraven, also in a statement.

For more information call 203-389-7275.