Impact: Supporting Small Business
Small businesses have a large impact on their communities, but being a small business isn’t easy. Ponce provides innovative solutions like the Empire State Development Linked Deposit Program, which lowers the interest rates small business borrowers pay, and Prosper small business loans of up to $25,000. Credit decisions for Prosper loans are based on demonstrated business cash-flow not credit score. These programs meet our small businesses where they are and help them access the capital they need to thrive and grow.
2023
Commercial and Industrial Loans
30 $13.6MM
Total Business Loans
“Small business is a misnomer; small businesses are the largest employers in America” -Carlos Naudon, Ponce Bank President & CEO
Amount of C & I Credit Accessed
$750,000
Loans $ to Low- to Moderate-Income Borrowers
$344,942
$ of Prosper small business loan originations
Impact Focus: $MALL BUSINESS BOOTCAMP
In 2021 Ponce Bank received community requests for educational opportunities for small businesses in low- to moderate- income areas and minority communities. To meet this need Ponce Bank partnered with the Business Outreach Center to create and deliver the Being Ready Series, a course of four free classes designed to help small businesses learn healthy financial practices. At the request of the participants and community; the series; shared in the Bronx, Brooklyn, Queens, Manhattan, and New Jersey; expanded to include a second series of classes in 2022 and a third series of classes in 2023. In 2023 the expanded series was renamed the $mall Business Bootcamp, to better represent the series’ intended audience and topics.
112 69 11 2023 $mall Business Bootcamp series I and II graduates Graduates with business generating less than $1MM in annual revenue
Graduates that self- identified as having a disability
From 2021 to 2023, 262 participants graduated from one or more Ponce $mall Business Bootcamps. Ponce Bank is excited to continue meeting a communities’ need and growing and expanding the series further in the future.
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