Business recovery assistance program for World Trade Center disaster

NYC 9/11 Public Portal Document

Action Plan Categories___________ AUocation* Small Business Assistance__________ $371; 1,000 Job Retention & Attraction Assistance $285,000,000 Business Information______________ $5,000,000 Infrastructure Rebuilding___________ $25,000,000 Administration $14,000,000 TOTAL FUND $700,000,000

*ESD reserves the right to reallocate funds among and within the above categories as needed to respond most effectively to the goals of economic revitalization, job retention and creation in New York City. Additional funding from future federal allocations wiU be required to meet program objectives described below.

Small Business Assistance - total allocation: $371,000,000 J 1. Bridge Loan Program - ESD and EDC each committed funding for loan guarantees for banks and other community-based lenders offering bridge loans to businesses throughout New York City applying for SBA economic injury or physical disaster loans. 2. Lower Manhattan Grant Program — offers grants to small, non-retail businesses located in the restricted area of lower Manhattan, capped at $10,000, and tied to approval of SBA loans. 3. WTC Retail Recovery Grant Program — currently offers three days lost business revenue, capped at $10,000, to retail and personal service firms located in lower Manhattan (south of Houston Street) with fewer than 500 employees on September 11, and continuing in business in New York Upon receipt of federal funds, grant caps will be increased to $100,000 for all eligible firms, except that for firms located in damaged or destroyed buildings, the cap would be $200,000. 4. Non-Retail Recovery Grant Program — will offer three days lost business revenue, capped at $100,000, to any business with fewer than 500 employees, not eligible for the Retail Grant Program, located in lower Manhattan (South of Houston Street) on September 11, and continuing in business in New York. • However, firms located in damaged or destroyed buildings will be eligible for grants of up to $200,000. 5. Business Recovery Loan Fund - will provide funds for loans and loan guarantees to make low-cost financing available through ESD, EDC or private lenders, and may also capitalize micro-loan funds offered by not-for-profit community organizations.

Business Retention and Attraction - total allocation: $285,000,000 • Job Retention and Creation Grant and Loan Program - will offer grants, loan guarantees and low cost loans to assist firms displaced from their workspace for at least one month, and to retain and attract new firms to lower Manhattan. The primary objectives are to retain and create jobs in lower Manhattan, to create demand for available office space, and encourage reconstruction of space that was damaged or destroyed by the attack Assistance will be extended to all firms in damaged or destroyed buildings, and offered to other lower Manhattan firms based upon an assessment of need. Grants will offer increasing incentives to firms making larger workforce commitments, and to those relocating in lower Manhattan. Assisted companies will be required to maintain jobs in New York City for a minimum of five years. Firms making new commitments to locate in lower Manhattan will also be considered for assistance. The program hopes to attract and retain 59,000 workers.

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