MADE FOR NEW YORK: With Tuesday’s launch of the online magazine For New York, Bond Street will be helping to drum up sales for the city’s small businesses, and for itself.
Opening Cermony’s Carol Lim, Momofuku’s David Chang, Chairlift’s Caroline Polachek and The New Museum’s Karen Wong are among the 60 New Yorkers who have shared their favorite selections with For New York. Each interview underlines three favorite businesses and the importance of supporting those independent companies. Readers should have more than 100 to choose from by the end of the summer, according to Bond Street’s founder David Haber. The Fader’s Naomi Zeichner, New York Magazine’s Rembert Browne, Big Bang’s Anna Sheffield, Asteria Active’s Sena Yang and American Two Shots’ Olivia Wolfe and Steph Krasnoff have also shared some of their favorite indie finds. A-Morir Eyewear designer Kerin Rose Gold, whose clients include Rihanna and Beyonce, singled out B&Q Trimmings, Angelica Kitchen and Trash and Vaudeville.
An online lender to small businesses that offers loans from $50,000 to $500,000, Bond Street has a portfolio that includes AvroKO (the creator of Hudson Eats at Brookfield Place), as well as retailers and clothing brands. About 20 percent of the people featured in the new ‘zine are affiliated with Bond Street, and the remaining 80 percent were recommended by friends and friends-of-friends, Haber said. “New York is our backyard so we wanted to celebrate small businesses, and the cultural and economic impact they have on making our city unique,” Haber said. “It’s really meant to be a cross-section of entrepreneurs, influencers, creatives and is meant to represent this melting pot of the city and why they all collectively feel it’s so important to support small businesses as we do.”
New content will be released weekly and panel discussions will periodically be held such as the “Debt vs. Equity” one on August 7 at WeWork in Dumbo Heights. Another about the “Importance of Building a Brand” is slated for August 17 at Bond Street’s downtown headquarters. If it sounds a little self-serving, it is. Bond Street is “the leader of record” for WeWork, and offers lending options to small businesses in its 50 to 60 locations across the country. “Certainly, part of the reason we’re doing this is to raise awareness for small businesses and hopefully get in front of a number of small businesses, and ultimately have people interested in financing — for sure. That kind of underpins everything we do, but there’s also some real opportunity to build a conversation around supporting small businesses in general,” Haber said. “We hope to catalyze that.”
Haber previously worked in the venture capital community and was a “founding associate” of Locus Analytics, a Franklin Street think tank that creates tools to study economic systems. Bond Street’s loans pay back from one to three years with rates starting at 6 percent, with most customers using those funds to open new retail locations, hire more employees, buy more expensive equipment and in some cases refinance business credit cards or more expensive loans, Haber said. Bond Street currently can lend in 45 different states in the U.S. but New York is its largest market, he said, “We see this all the time — people are really passionate about their product or their service or their craft, but most aren’t finance people. So our broader mission is to be not just a lender but every business owner’s financial advocate.”