Greater Jamaica Development Corporation’s Restaurant Loan Program
Despite Jamaica’s development boom, there is currently an estimated $230.1 million in yearly unmet demand for full service restaurants in Downtown Jamaica.
To spur restaurant development, the State of New York, in conjunction with GJDC, is actively seeking restaurant entrepreneurs ready to invest in a growing downtown. GJDC has launched a partially forgivable loan program specifically targeted to restaurants that need capital to expand or open a new location in Downtown Jamaica, Queens.
– Loan amounts $50,000-$150,000
– 25% of the loan is forgivable after successful repayment
– 5% interest rate
– 3-5 year repayment period
– Located within designated Downtown Jamaica boundaries
– New (or substantially different) restaurant business
– For-profit entity
– Create a minimum of 4 jobs
– Amount requested can be no more than 40% of project cost
– If expanding existing restaurant, must be growing into least 40% more space and include significant renovations
– Applicants can own no more than 2 restaurants in New York City
– Project must align with program objectives