The Immigrant Bridge Loan Fund recently started in NYC is a first-of-its-kind pilot loan program aimed at boosting the earning potential of the city’s immigrant population. This program will provide interested and high-skill immigrants with $1,000 to $10,000 loans to support their transition to higher paying jobs. Loans will be interest only in the first year, repaid over a 5-year period. Loans will have an interest rate of 9.99%. Borrowers have the option of paying only interest for 12 months and have up to four years after to complete repayment. There are no penalties if they pay off the loan before it is due.
Loans can be used to cover any expense including the cost of necessary licensing exams, training classes, and/or to cover basic life expenses incurred through program participation (e.g., transit expenses, childcare costs, offsetting lost income, etc.).
Amalgamated Bank is the official bank for the Immigrant Bridge Loan Fund. Amalgamated’s loans will provide an essential resource to help immigrants get the certifications and qualifications they need in order to find employment that appropriately matches their skills.
Stay tuned for a new website which will soon go over the information on qualification and how to apply. However, if you have any questions or are interested you can email: LINK@nycedc.com.