Jamestown, whose New York portfolio includes Industry City and One Times Square, has announced a $50 million relief effort to help its small business communities.
The program will provide funding to assist small business owners develop strategies and plans as states around the country begin to reopen.
The announcement is one of several community-first initiatives Jamestown has implemented in recent weeks to support businesses and their employees in the wake of the COVID-19 pandemic.
“Our priority during the last six weeks has been to provide ongoing support and guidance so small business owners could retool their operations and adapt to an ever-changing environment. The addition of a $50 million relief program will prove to be a critical resource to our property managers and tenants as they work together to keep our small business communities running,” said Jamestown President Michael Phillips.
“The businesses that call our properties home are the backbones of our neighborhoods, and we want to make sure our local shops, restaurants, and event spaces have what they need to create a new normal that is right for them, and their guests.”
Jamestown began preparing its COVID-19 response in January. In addition to implementing its own contingency plans for global operations, Jamestown formed a task force to offer broader assistance to its properties in Atlanta, Boston, Washington D.C., Los Angeles, New York, and San Francisco, as well as other cities around the country.
In March, Jamestown launched an online resource guide to help its small business tenants find materials about maintaining business operations, financing, health and safety resources, and best practices for operating and reopening in a COVID-19 environment.
In late-April, as states began preparing to reopen, Jamestown recognized the need to expand its support to include financial assistance.
“In today’s economic climate, chefs need more from their landlord than just four walls and a kitchen. We need a collaborative partner who understands there is a greater community benefit in helping our restaurant succeed,” said chef and Jamestown tenant Anne Quatrano.
Funding allocations will be distributed as each qualifying tenant develops a reopening plan with their local Jamestown property management team.
Funds received through the relief effort can be used to cover both hard and soft operating expenses, as well as mandatory measures implemented to remain in compliance with local, state, and federal guidelines related to
Jamestown’s Charitable Foundation leveraged its existing partnerships to support the larger food and retail industries. In addition to being an early supporter of the James Beard Foundation’s Relief Fund, Jamestown joined forces with the West Side Community Fund to launch a local grant program to assist particularly vulnerable small businesses on the west side of Manhattan.