A new program will make available $5.5 million in matching grants for New York City businesses most impacted by Hurricane Sandy, Mayor Michael R. Bloomberg. This grant program – which is being funded with $5 million from the Mayor’s Fund to Advance New York City, as well $500,000 from the Partnership for New York City – will be administered by the New York Business Development Corporation and was developed in collaboration with the City’s Economic Development Corporation and Department of Small Business Services. The matching grants are designed to provide additional financial assistance for local businesses already seeking low-interest loans through the City’s existing Emergency Loan Fund. The Mayor also announced today that in addition to the $10 million Emergency Loan Fund launched by the City and Goldman Sachs immediately following the storm, an additional $5 million has been committed to the loan fund by a consortium of New York financial institutions through the New York Bankers Association, bringing the total amount of loans, grants, and other financial assistance available to businesses most affected to more than $45 million.
“Getting New York City small businesses back on their feet is key to helping our economy recover from Sandy,” said Mayor Bloomberg. “The capital provided through this program will help businesses purchase supplies, make repairs, and get back up and running.”
“The Bloomberg Administration is committed to helping small businesses impacted by the storm reopen, put New Yorkers back to work, and provide critical services for impacted communities as quickly as possible,” Deputy Mayor Robert K. Steel said. “Getting these businesses up and running again after Sandy is critical to the City’s overall recovery, and with this expanded toolkit of loans, grants and other savings programs, we will be able to help even more businesses get back in business sooner.”
All businesses in need of assistance due to Hurricane Sandy should contact NYC Business Solutions by filling out a Contact an Account Manager form at www.nyc.gov/nycbusiness, calling 311 and asking for “NYC Business Solutions” or visiting one of the City’s Restoration Centers.