NYC Partnership economic impact analysis update, February 2002

NYC 9/11 Public Portal Document

redeployed and expanded to deliver these services. These ongoing efforts, which should be expanded, include:

> Responding to small business sector's needs for flexible capital financing: Many of the businesses hardest hit have clear short-term capital needs. They are typically undercapitalized and may not survive for even a few months. The Partnership’s program of outreach helps small businesses navigate the maze of private and public loans and other emergency programs.

> Using philanthropic funds for small business support: Because some businesses would not qualify for traditional private sector loans, the Partnership is raising philanthropic money to deploy five-year recoverable grants. In the immediate aftermath of the attack, the New York City Investment Fund allocated $1 million to this effort, and has already raised additional millions from the September 11th Fund and other sources.

> Continuing efforts to support relocation and recovery: Many of the businesses that were located in the World Trade Center now do not have enough customers to support a resumption of operations. For those businesses, the Partnership is working to provide private sector advisors to assist in identifying new locations for operations, and to raise capital to restart their businesses.

(6) Promote the New York Economy

Business leaders need to share responsibility with government to spur the recovery of key sectors of the New York economy. They ought to:

> Set up a public-private alliance to recruit and retain businesses In New York: The Partnership is prepared to create a CEO task force to work with the Governor and the Mayor to encourage fellow business leaders either to move to New York, or to commit to staying here. This group should also work to attract company meetings and conventions to New York. The value of this kind of effort is clearly visible in the decision of the World Economic Forum to move its 2002 meeting to New York.

> Communicate that Manhattan Is “open for business." The Partnership’s national public opinion survey found that many Americans think the damage to New York extends over a very wide area of the city. The Partnership will work with its members to ensure that the nation and world know:

• New York remains the world’s business capital. • Almost all businesses are back in operation.

New York City Partnership and Chamber of Commerce 19

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