Brooklyn Chamber of Commerce offers interest-free loans to small businesses

The Brooklyn Chamber of Commerce is offering interest-free loans to help small businesses survive after having to close due to the pandemic.

Miriam Milord's business BCakeNY has been in the community for more than a decade. It specializes in cakes for big events, but the pandemic significantly got in the way.

"Not only are people not buying any cakes right now, but they are also asking for their deposits back for the next year," she says.

Milord has been able to keep her door open because she qualified for a small business loan from the federal government, she says.

However, many small businesses have not been as lucky. That's why the Brooklyn Chamber of Commerce has started a campaign called the Bring Back Brooklyn Fund, offering interest-free loans.

It says 65% of the loans will be prioritized for minority- and women-owned businesses, such as BCakeNY.

So far the campaign has raised nearly $200,000, though they say they hope to raise $500,000.

"This is what makes Brooklyn. Small businesses, mom-and-pop shops. That culture, we don't want to lose that," Milford says.

She adds that it's programs like these that will help keep her dream and so many others alive.