EMPOWERMENT ZONE GIVES $340,000 TO HELP SMALL BUSINESSES
AND ENTREPRENEURS IN EAST HARLEM

Contact: UMEZ

(212) 410-0030, ext. 234

New York, NY (December 28, 2004) – The Upper Manhattan Empowerment Zone Development Corporation announced the completion of a deal to award $340,000 to the East Harlem Business Capital Corporation. The Corporation will use the money to provide businesses and entrepreneurs in East Harlem with one year’s worth of technical assistance, including loan packaging, business plan development, software training and assistance in obtaining business licenses, permits and certifications. Including today’s grant, the Empowerment Zone has given more than $1.2 million to the Corporation since 2000 to support their business development programs and help capitalize their small business loan fund.

“Our grant provides East Harlem entrepreneurs and businesses the critical tools they need to succeed in today’s economy,” said Kenneth J. Knuckles, the Empowerment Zone’s President and CEO. “Small businesses represent the key economic engine of East Harlem. Their continued success hinges on learning how to plan for the future and then access the capital needed to implement their growth plans.”

The Corporation plans to help 25 local businesses or entrepreneurs in obtaining loans from financial institutions, provide over 1,400 training slots in business plan development and software applications such as Word and Excel, as well as assist in obtaining at least 150 business permits, licenses and other certifications.

“Our business is ensuring the success of local businesses in East Harlem,” said Elizabeth Colon, Executive Director of the East Harlem Business Capital Corporation. “The Empowerment Zone’s support ensures that we can continue offering customized support that addresses the unique needs of our diverse, entrepreneurial and immigrant community.”

About the East Harlem Business Capital Corporation

East Harlem Business Capital Corporation is a nonprofit community development and financial organization created in 1997 to promote economic development in El Barrio by providing small business owners and entrepreneurs access to capital and business technical services. Over the last five years, the corporation has achieved certification by the U.S. Department of Treasury as a Community Development Financial Institution (CDFI), and as an Intermediary Lender by the U.S. Small Business Administration. In 2001, the corporation was designated as the NYS Empire Zone Administrator, and recently led a successful effort to expand the boundaries of East Harlem’s NYS Empire Zone.

Its office is located at 2261-63 First Avenue, 3rd floor, New York, NY 10035 (entrance on East 116th Street) and can be reached at (212) 427-6590 or online at www.ehbcc.org.