NYC 9/11 Public Portal Document
OCT--03-2001 12:49 FAX
DRAFT
To: Charles A Gargano
Robert Harding
From: Kevin S. Corbett
Michael Carey
Dare: October 2, 2001
Subject. New York Revitalization Program
a disaster recovery plan for
The following immediate initiatives should be included in
New
to cover
economic recovery needs resulting from the world Trade Center disaster.
The grant would provide funding for the following initiatives:
• Recovery Loan grotram - £125 million
• Would provide interim financing to firms awaiting SBA loan approval.
• Program would leverage 5625 million in bridge loans to firms effected.
New York City.
• Funding would be divided between New York State and
„
large — 520 billion
• Estimates of uninsured damages as a result of the disaster are very
range.
suffering
• Cash grants of 510,000 to $100,000 to cover uninsured losses at firms
physical damage.
Relocation Assistance for Displaced $us_ uses - 57S0 million
a result of the
• About 1,000 firms employing 100,000 workers were displaced as
disaster.
resulting from the
• Cash grants to businesses to assist in meeting increased space costs
disaster.
spars is essential.
• Ensuring that affected firms are able to meet costs of relocarion
• Jointly administered by New York State and New York City.
• Marketint and T urism —540 million
In addition, the following Federal actions are necessary.
• Liberalization of ent S$A Disaster Related Loan Reouirements
• W Changes needed include:
• Expanded eligibility to include financial services businesses and not for profits,
• Increase loan cap from $1.5 million to $10 million.
• Relax collateral requirements, increase underwr ring flexibility.
• Adjust business size limitations to reflect business profile of impacted area,
• FedenLux.exemDtiOfl and guarantees for reconstruction bonder _ •,
. 1r1t°^l 7
NYC-WTC 000137233
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