EHBCC was incorporated as a non-profit community development and financial organization in 1997. It was founded by former State Senator Olga A. Mendez, who now serves as Honorary Chair of the Board of Directors.

Community leaders came together in 1997 as a response to the Pathmark controversy in East Harlem. They created EHBCC in order to capitalize local small business and ameliorate the adverse impact of the Pathmark development project and others like it. EHBCC is the product of their vision to develop and strengthen the economy in East Harlem while protecting the interest of its small businesses, well into the future.

 

Over the years, EHBCC has made significant progress in establishing itself as a worthy and viable financial and business development institution in East Harlem:

• East Harlem MicroLoan Program: In August of 1999, EHBCC received a $300,000 seed loan from the Empire State Development Corporation to establish its Loan Program.

• Federal CDFI Certification: EHBCC has been a US Department of Treasury Certified Community Development Financial Institution (CDFI) since December of 1999. We are the first and only Hispanic CDFI in East Harlem.

• U.S. Department of Treasury Investment: After a rigorous national process, EHBCC was selected to receive a $600,000 matching grant from the U.S. Department of Treasury CDFI Program in 2000.

• UMEZ Parternship: In June of 2000, the Upper Manhattan Empowerment Zone (UMEZ) chose EHBCC to be a partner in its Community Revitalization Initiative (CRI). Under this partnership, EHBCC received a $200,000 grant and an additional $200,000 for the EHBCC loan fund. In early 2003, EHBCC was awarded another two-year $500,000 grant.

• NYS Empire Zone Administrator: In December 2000, EHBCC was designated the East Harlem Empire Zone Administrator by the New York State Empire State Development Corporation and the New York City Department of Small Business Services (DSBS). This makes EHBCC the certifying agency for businesses in East Harlem seeking Empire Zone benefits. In 2003, EHBCC led the successful campaign to expand the Zone’s boundaries to include almost all of Community Board 11 and Wards and Randall’s Island.

• East Harlem Small Business Development Center: In 2002 EHBCC moved into a new office that now houses a 12-station computer lab open to loan clients and business class students. In 2003 the Center launched the 15-week BusinessWise seminar, and in 2004 began NegocianteSagas – the all Spanish version of the course.

• Federal CDE Status: EHBCC has been designated by the US Treasury Department as a Community Development Enterprise (CDE) and is now able to channel Federal New Market Tax Credits.

• SBA Intermediary Lender: In 2003 EHBCC received designation as a US Small Business Administration (SBA) Intermediary Lender under the Microloan Program. EHBCC is the only SBA Intermediary Lender in Manhattan above 14th Street.