Empowerment Zone Awards $985,000 Multi-Year Grant to the East Harlem Business Capital Corporation               

Contact: Paul Quintero

212-410-0030, ext 204

 

From left: Nelson Garcia , Executive Director of EHBCC, Sally Hernandez-Piñero, President of EHBCC, Kenneth J. Knuckles , President/CEO of UMEZ, Paul Quintero , SVP of Business Investments , UMEZ, and Nina Campbell , Paralegal, UMEZ.

New York, NY – Kenneth J. Knuckles, President and CEO of the Upper Manhattan Empowerment Zone Development Corporation (“UMEZ”) announced today that the organization had awarded a $985,000 multi-year grant to the East Harlem Business Capital Corporation (“EHBCC”). The grant will be used to cover a portion of EHBCC’s operating costs and to provide an incentive for the provision of certain technical assistance and access to capital services for small businesses in East Harlem.

“The creation, growth and development of small businesses are one of the cornerstones of our strategy to revitalize all of Upper Manhattan. Through the efforts of EHBCC we are better able to address basic business development issues that inhibit the creation and growth of small and micro businesses in East Harlem,” said Mr. Knuckles. “EHBCC has demonstrated an unwavering commitment to making the East Harlem business community better and stronger, and we are pleased to work with them in this regard.”

Sally Hernandez-Pinero, President of EHBCC said, “This funding by the Empowerment Zone provides funding stability and the means to leverage other funds. More importantly, it allows us to continue to provide direct technical and financial assistance to the small businesses in the East Harlem community.”

During the prior one-year transition grant, EHBCC assisted 25 businesses to develop business plans to attract needed business financing. The clients served included a range of retail and service businesses, including two restaurants (Creole Restaurant and Sabor Hispano), a local laundromat (Saenid Laundromat) and local print shop (Printfast), among others. In total, EHBCC helped raised over $300,000 for local entrepreneurs, as well as assisted entrepreneurs through the BusinessWise entrepreneurial training program and other courses offered by EHBCC.

The $985,000 multi-year grant would be used to cover a portion of EHBCC’s operating costs and to provide an incentive for the provision of various services for small businesses in East Harlem, including technology training in Word, Excel and QuickBooks, business plan development, acquisition of proper certificates and licenses to legally operate a business and start-up business training through the organization’s BusinessWise entrepreneurial training program.

EHBCC was founded in 1997 as a not-for-profit local development corporation whose mission is to improve the quality of economic and commercial activity East Harlem by providing financial and technical assistance to its small businesses, merchants and entrepreneurs. UMEZ has a six year funding and working relationship with EHBCC, consisting of three completed grant totaling over $1.2 million.

UMEZ was one of nine federally designated urban zones in 1994, and seeks to revitalize economically deprived communities by using public funds and tax incentives as catalysts for private investment. UMEZ’s mission is to sustain the economic revitalization of all communities of Upper Manhattan through job creation, corporate alliances, strategic investments and small business assistance.