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Black Onyx Lending
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BOC Capital Corporation in Brooklyn, NY
BOC Capital Corp. is a community development financial institution offering SBA-backed microloans and term loans up to $500K, plus advisory services for small business owners.
Data compiled from public sources · Rating from CreditDoc methodology
BOC Capital Corporation Review
BOC Capital Corp. operates as a community-focused lender serving small business owners and entrepreneurs, particularly those underserved by traditional banks. Based on their website, they function as a CDFI (Community Development Financial Institution) participating in multiple SBA loan programs and NYC-specific funding initiatives. The organization emphasizes both capital access and business readiness, positioning themselves as long-term partners rather than transactional lenders.
Their loan products span multiple tiers: SBA Microloans ($500–$50K), SBA Community Advantage loans ($50K–$250K), Term Loans ($500–$250K), NYC Contract Financing (up to $500K at 3% APR), Order-Based Loans ($500–$250K), Green Loans ($1K–$75K), and participation in state-level revolving loan funds (SBRLF and CED). Each product targets specific business needs—working capital, equipment, inventory, contract mobilization, or energy efficiency projects. Repayment terms range from 1 to 7 years depending on the product.
BOC Capital distinguishes itself through integrated advisory services, not just lending. They offer credit evaluation and repair, loan readiness coaching, financial planning guidance, and business training—all designed to prepare borrowers before approval. Their emphasis on community impact and job creation, combined with flexible underwriting for businesses rejected by traditional lenders, reflects their CDFI mission. Phone contact (+1 718-624-9115) and direct email (boccapital@bocnet.org) suggest direct accessibility.
Limitations include geographic focus on NYC-area businesses (implied by NYC contract financing prominence), lack of publicly listed interest rates (except 3% for contract financing), and no online application portal visible on the website. Their advisory services, while comprehensive, require time investment before loan approval. The website provides limited detail on approval timelines, credit score requirements, or detailed eligibility criteria.
Services & Features
Business Financial Planning and Advisory
Community Economic Development (CED) Revolving Loan Fund ($25K–$75K)
Credit Evaluation and Repair Advisory Services
Empire State Development Small Business Revolving Loan Fund (up to $125K)
Green Loans ($1K–$75K for energy efficiency and environmental projects)
Loan Readiness Coaching and Training
NYC Contract Financing Loan Fund (up to $500K at 3% APR)
One-on-One Business Counseling
Order-Based Loans ($500–$250K for purchase order financing)
SBA Community Advantage Loans ($50K–$250K)
SBA Microloan Program ($500–$50K)
Term Loans ($500–$250K with up to 7-year repayment)
Feature Checklist
Mobile App
Online Portal
Score Tracking
Credit Education
Personal Advisor
Identity Theft Protection
Pros & Cons
Pros
- Offers SBA Microloans as low as $500, serving true start-ups and very small businesses
- NYC Contract Financing at 3% APR for government contractors—significantly below market rates
- Free integrated advisory services including credit repair and loan readiness coaching
- Serves underbanked businesses through SBA Community Advantage program designed for those rejected by traditional lenders
- Multiple loan products ($500–$500K range) allowing matching to specific business needs
- Participation in state and local revolving loan funds (SBRLF, CED) providing lower-cost capital
- Green Loan product ($1K–$75K) for energy efficiency and environmental businesses, niche market
Cons
- No publicly listed interest rates for most products—rates described only as 'will vary,' requiring direct contact
- Geographic focus appears limited to NYC area based on emphasis on NYC agency contracts and NYCEDC programs
- No visible online application, loan calculator, or pre-qualification tool on website
- Website lacks details on approval timeline, credit score minimums, and specific underwriting criteria
- Loan advisory process appears time-intensive and manual, potentially slower than automated alternatives
Rating Breakdown
Value 5.0
Effectiveness 3.5
Customer Service 3.7
Transparency 3.5
Ease of Use 3.9
Frequently Asked Questions
Is BOC Capital Corporation legitimate?
Yes. BOC Capital Corporation is a registered company, headquartered in 85 S Oxford St, Brooklyn, NY 11217.
Quick Facts
- Headquarters
- 85 S Oxford St, Brooklyn, NY 11217
- BBB Accredited
- No
- Starting Price
- Contact provider
- Setup Fee
- None
- Money-Back Guarantee
- No
CreditDoc Diagnosis
Doctor's Verdict on BOC Capital Corporation
BOC Capital is best for NYC-area small business owners and start-ups with viable businesses who have been rejected by traditional lenders or need specialized financing (contracts, green projects, microloans). Main caveat: lack of published rates, limited geographic reach, and manual advisory process make this unsuitable for borrowers seeking quick online approval or operating outside the NYC region.
Best For
- NYC-area small business owners with government contracts needing fast, low-cost mobilization financing
- Start-up founders and micro-business owners needing under $50K and willing to engage in business coaching
- Businesses with poor credit or thin financials rejected by traditional banks but with viable business models
- Environmental, green energy, or sustainability-focused businesses seeking specialized financing
Updated 2026-04-29
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Financial Wellness Guides
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Read guide →Financial Terms Explained (7 terms)
New to credit and lending? Here are the key terms used on this page, explained in plain language with real-number examples.
Interest & Rates
APR — Annual Percentage Rate
The total yearly cost of borrowing money, including the interest rate plus any fees the lender charges. Think of it as the 'true price tag' on a loan.
Why it matters
Lenders must show APR by law (Truth in Lending Act) because the interest rate alone can hide fees. Comparing APR across lenders is the most reliable way to find the cheapest loan.
Example
You borrow $10,000 at 6% interest for 3 years, but there's a $300 origination fee. The interest rate is 6%, but the APR is 6.9% because it includes that fee. You'd pay $304/month and $946 total in interest.
Interest Rate
The percentage a lender charges you for borrowing their money, calculated on the amount you still owe. It's the lender's profit for taking the risk of lending to you.
Why it matters
Even a 1% difference in interest rate can cost you thousands over a loan's life. Lower rates mean less money out of your pocket.
Example
On a $20,000 car loan for 5 years: at 5% you pay $2,645 in interest. At 8% you pay $4,332. That 3% difference costs you $1,687 extra.
How Loans Work
Cosigner — Loan Cosigner
A person who agrees to repay your loan if you can't. They're equally responsible for the debt, and their credit is affected by your payment behavior.
Why it matters
Cosigning helps people with thin credit get approved or get better rates. But it's a huge risk for the cosigner — they're on the hook for the full amount if you default.
Example
A parent cosigns their child's $30,000 student loan. The child stops paying after 6 months. The parent is now legally required to make the payments or face collections, lawsuits, and credit damage.
Loan Term (Tenor) — Loan Term / Tenor
How long you have to repay the loan, measured in months or years. A shorter term means higher monthly payments but less total interest paid.
Why it matters
Longer terms feel more affordable monthly but cost much more overall. A 30-year mortgage costs almost double in interest compared to a 15-year mortgage on the same amount.
Example
Borrowing $200,000 at 6.5%: A 15-year term costs $1,742/month ($113,561 total interest). A 30-year term costs $1,264/month ($255,088 total interest). You save $141,527 with the shorter term.
Origination Fee — Loan Origination Fee
A one-time fee the lender charges to process and set up your loan. It covers their costs for underwriting, verifying your information, and preparing paperwork.
Why it matters
Origination fees are usually 1-8% of the loan amount and are often deducted from your loan proceeds — so you receive less than you borrowed.
Example
You're approved for a $10,000 personal loan with a 5% origination fee. The lender deducts $500 upfront, so you receive $9,500 in your bank account but owe $10,000 plus interest.
Principal — Loan Principal
The original amount of money you borrowed, before any interest or fees are added. It's the 'real' amount of your debt.
Why it matters
Your interest is calculated on the principal. Paying extra toward principal (not just interest) is the fastest way to reduce your total cost and pay off a loan early.
Example
You borrow $25,000 for a car. That $25,000 is your principal. Your first payment of $450 might split as $150 toward interest and $300 toward principal, bringing your balance to $24,700.
Underwriting — Loan Underwriting
The process where a lender evaluates your finances — income, debts, credit history, assets — to decide whether to approve your loan and at what rate.
Why it matters
Understanding what underwriters look for helps you prepare a stronger application. They check your DTI ratio, employment stability, credit score, and the asset's value.
Example
You apply for a mortgage. The underwriter reviews your pay stubs (income), bank statements (savings), credit report (history), and orders an appraisal (home value). This takes 2-4 weeks.
Want to learn more? Read our Financial Wellness Guides for in-depth explanations and practical advice.
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