La Fuerza Unida Community Development Corporation is a Long Island nonprofit community development financial institution (CDFI) that helps small businesses get access to capital. Its mission centers on low- and moderate-income entrepreneurs and women-owned businesses that may have trouble getting a loan from a traditional bank.
The organization offers microloans and small business financing, along with business development services such as online workshops and one-on-one counseling. It is also the Long Island participating lender in Empire State Development’s CDFI Revolving Loan Fund Program, which provides microloans of up to $25,000 for working capital and equipment to eligible New York small businesses with 100 or fewer full-time employees.
La Fuerza is a good fit for startups and very small businesses, especially minority- and women-owned firms, that need a modest loan and some guidance on how to use it.
Loan amounts are smaller than bank financing, and borrowers should expect to provide financial information and, for the state program, a 10% equity contribution. Interest rates and fees are set by the lender.
For Long Island entrepreneurs who have been turned down by a bank, a CDFI like La Fuerza can be a practical next step.