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NYC 9/11 Public Portal Document

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October 23. 2001

Aid Program Set Up to Help Small Stores By JOSEPH P. FRIED

s amuel's Hats, two blocks from the World Trade Center, was among the many small shops The $6 million is to come from Seedco itself ($2.5 million), the Ford Foundation ($1 million), The New York Times 9/11 Neediest Fund ($500,000) and dealt a severe blow by the center's destruction. more expected grants, said Cart Weisbrod, The store, at 74 Nassau Street, was closed for two president of the Alliance for Downtown New York, weeks after the terrorist attack Sept. 11. While the the business improvement district for most of the damage at Samuel's was small compared with area south of Chambers Street. His group will help other losses, it was large for this business; up to carry out ths program, along with civic groups in $25,000 in merchandise was ruined. TriBeCa, Chinatown and the Lower East Side. There was no phone service for the first two weeks The State Labor Department will provide an that the shop was reopened, making it impossible unspecified amount for the wage subsidies, he to take credit cards and aggravating the losses said. from reduced customer traffic, said the owner, The new program is "the first significant opportunity Samuel Castro. And even with phones, business is to provide actual sizable grants, in addition to still off by about 30 percent, ha said. loans, to retailers who have been directly affected So it is not surprising that Mr. Castro expected to by the World Trade Center attack," Mr. Weisbrod be among the first to apply today for a new said. He said there had been some programs program that-will provide more than $6 million in providing small grants to retailers, well below the grants, loans and wage subsidies to small retailers $30,000 maximum under the new program. south of Canal Street that were financially hurt by In addition, he said, the loans will be available the trade center attack, and that find that other aid more quickly and on more favorable terms than programs do not meet their needs. loans available from the Federal Small Business The program will be managed by Seedco, a Administration. Manhattan community development organization William J. Grinker, Seedco's president, said that to that will work with various community groups. It will receive aid, a business has to show "that it's a distribute grants up to $30,000, make loans up to viable business that can get back on its feet with $100,000 at interest rates of 1 to 3 percent, and those resources." His group said those Interested provide wage subsidies to help retailers retain in applying should call Seedco at (212) 473-0255. workers making less than $12 an hour. Mr. Castro, the hat merchant, said he planned to ask up to $25,000 in a grant or a loan.

Alliance for Downtown NY/Seedco Hotliiyjs? 212^5-2771.

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