City finance document, September 2001

NYC 9/11 Public Portal Document

FINANCIAL ASSISTANCE, continued 3. Federal Emergency Management Agency (FEMA) Assistance • For businesses, FEMA also offers disaster unemployment assistance for those out of work as a result of the disaster, including self-employed persons and others not normally eligible for unemployment. Please caU (800) 462-9029.

4. The World Trade Center Small Business Recovery Fund, Inc.

• A New York State Small Business Development Center revolving Ioan program for businesses impacted by the September 11* tragedy. For information, please contact the NYS Small Business Development Center Line at (800) 732-7232.

• The fund will be implemented in two phases.

Phase I will provide immediate access to directly impacted small businesses for up to $5,000 in subordinate funding. These funds will be interest-free and principal-deferred for the first six months of the three-year term. Fixed-rate interest of 3% will be charged for the balance of the term.

Phase II provides intermediate access to directly and indirectly impacted small businesses of up to $25,000 in funding. These funds will be made available, in partnership with financial institutions whenever possible, cind will receive "fast track" underwriting or credit scoring. The fund will seek to subsidize participating lenders or participate in loans to achieve a 3.5% interest rate on fund- sponsored loans for a term of up to 7 years.

5. New York City Lower Manhattan Business Retention Grants • The New York City Lower Manhattan Business Retention Grants Program, administered by the New York City Economic Development Corporation, provides grants up to $10,000 to displaced companies with 50 workers or less . To be eligible, companies must apply for disaster assistance loans from the U.S. Small Business Administration or a participating lender under the WTC Disaster Recovery Bridge Lotm Program.

Non-retail companies that were located in the "Frozen Zone" area of Lower Manhattan as of September 11,2001 will be eligible. The "Frozen Zone" is the area surrounding the World Trade Center to which access was still restricted as of October 11,2001.

• Grant funds may be used to reopen businesses or defray the costs of relocating from the World Trade Center area to elsewhere in New York City.

• The SBA and participating WTC Disaster Recover Bridge Loan lenders will work with EDC to identify eligible recipients. EDC will notify eligible recipients. For questions about the grant program, call 866- 227-0458 or e-mail <[email protected]>. Please put WTC Grants in the subject line.

6. The World Trade Center Retail Recovery Grant Program • Administered by the Empire State Development Corporation, applications are due on December 6, 2001 for grants of up to S10,000. Initially, small and medium sized retail businesses located in 1. The Liberty Zone (the area south of Canal Street and the Manhattan Bridge Approach) or 2. The Resurgence Zone (the area north of the Liberty Zone, south of Clarkson & Houston Streets) are eligible for the program.

• For additional information, please refer to www.nylovessmallbiz.com call 1-800-ILOVENY, or visit the ESDC walk-in center at 199 Church Street.

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