NYC 9/11 Public Portal Document
City of New York
Immediate Initiatives
SBA Loans
Objective:
To support affected businesses by providing expanded eligibility and enhanced benefits
for entities receiving SBA loans.
Outstanding Regulatory/Legislative Concerns:
• Expand borrower eligibility criteria for both Physical Disaster and Economic
Injury loans to include all sectors affected by the attack, including, but not limited
to, firms involved in investment services and not-for-profit entities. We estimate
that there are 26 not-for-profits employing approximately 1,600 workers in the
impacted area.
• Adjust small business definition for employment and revenue criteria to reflect
business profiles in impacted area.
• Increase cap for loan amounts from $1.5 million to $10 million.
• Relax collateral requirements for service businesses and not-for-profit entities.
• Extend window for Physical Disaster and Economic Injury loan applications to
one year.
• Increased underwriting flexibility, where possible, with regard to credit and other
eligibility requirements.
• Provide for expedited review and disbursement of loan proceeds.
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NYC-WTC D00136440
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