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Q&A on job resources and utilities, Oct 2001

Machine-extracted title · confidence 90%

Daily Q&A document listing job fair details for WTC victims and updates on Verizon services following the attacks.

NYC-WTC_000142343–000142362

Folder label: “DEP 59.17 Junction Blvd, 11th FL

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NYC 9/11 Public Portal Document

Q&A 10/16/01

7) FINANCIAL ASSISTANCE

Q: Is there financial assistance available for affected businesses?

A: Several entities are handling the financial assistance related to the recovery:

1) Citv/State Disaster Loans (the WTC Disaster Recovery Loan Program - more details provided below).

2) The U.S. Small Business Administration (SBAl offers a disaster loan program, and has representatives taking business information and distributing applications at 110 Maiden Lane (between Pearl and Water) and 633 3”* Avenue (between 40* and 41“). The SBA (1-800- 659-2955) has information on their website at www.sba.gov/disaster/newvorkfires.html about financial assistance for disaster recovery. (More details on services below.)

3) The Federal Emergency Management Agency (FEMA1 (1-800-462-9029) has a number of loans and services (More details on services below.)

4) The New York City Investment Fund wiU be posting information on its website about private sector sources at www.nvcif.org. 5) 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 firom 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:

Last printed 10/16,209! 6:44 13

NYC-WTC_000142355

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NYC-WTC_000142355Source: NYC Law Department, mirrored locally

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