NYC Department of Health WTC Air Quality Advisory, Oct 2001

NYC 9/11 Public Portal Document

Q&A 10/25/01

8) Brooklyn Economic Development Corporation (BEDC) and Regional Economic Development Assistance Corp (REDAC)

9) Individual and Family Grant Program (IFG)

10) Short-Term Loans and Financing for Non-Profits

Please note, the Manhattan Emergency Business Grants have been saturated and are no longer available.

-> Seedco Grant/Loan Program: Will provide more than $6 million in grants, loans and wage subsidies to small retailers south of Canal Street that were financially hurt by the trade center attack. Grants will be for up to $30,000, loans for up to $100,000 at interest rates of 1 to 3 percent, and there will be wage subsidies to help retailers retain workers making less than $12 an hour. Funders are Seedco, The Ford Foundation, The New York Times 9/11 Neediest Fund, The State Labor Department, and others. Businesses must show that they are viable and can get back on their feet with those resources. Call Seedco at (212) 473-0255 for more information.

-> WTC Relief Info, Office of the New York State Attorney General. Please see http://www.wtcrelief. info/. Business organizations — especially small businesses — may find information here on charities that are helping the business community recover from the World Trade Center disaster. You may browse the listing of charities providing relief or the listing of other organizations compiling information on the relief effort. The Office of the Attorney General is in the process of designing a database through which small businesses will be able to search for charities aimed specifically at providing relief to small businesses.

-> CIty/State Disaster Loans The City is in the process of setting up the WTC Disaster Recovery Loan Program which will provide bridge loans of up to $100,000 within three days of application to businesses and non profits that have suffered economic injury or physical damage. The purpose of these loans is to provide immediate relief to businesses that are waiting for their SBA loans to be processed.

Summary of structure of WTC Recovery Bridge? Loans: Interest rate: Most banks offer 3.5 percent for the first 6 months, some banks offer this Rate for a year. After that the rate charged on the loan rise to prime. Terms of the Loan: Ranges from 1 to 5 years.

Fees: Most banks have eliminated closing and prepayment fees.

Requirements: It seems that most banks do not require that the company be in business for two years. One bank requires a year’s financial statement for loans over $50,000. Currently one bank has a 2-year in business requirement.

Deferred interest: Many banks defer interest payments for the first year.

THIS MAY CHANGE AS THE BANKS COMPETE OR GAIN BETTER COMFORT WITH SBA REQUIREMENTS,

Banks involved in the program will include: JP Morgan Chase 888-842-8786 Fleet 212-703-1504

Last printed 10/25/2001 11:21 AM 12

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