WTC Records Folder 0124 Clippings label, Sept 2001

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 _ •,

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NYC-WTC 000137233