2012-12-28 / Top Stories

Resources to Aid Business Recovery

Several of FEMA's federal, state, local and private sector partners have programs in place to support New York businesses after Hurricane Sandy:

The U.S. Small Business Administration (SBA) has low-interest loans available for businesses and most private nonprofits for up to $2 million dollars for physical property losses. Small businesses and most private nonprofits can also apply for economic injury loans for up to $2 million. Interested businesses can apply at any of the State/FEMA Disaster Recovery Centers, SBA Business Recovery Centers, online at https://disasterloan.sba.gov/ela or contact the SBA at 800-659-2955.

NYC Economic Development Corporation established a Hurricane Sandy Emergency Loan Fund to support NYC small businesses with their recovery and clean-up efforts. This loan program will provide $10 million in low-interest loans to businesses, ranging from $5,000 - $25,000 for each loan. Funds can be used to replace or repair damaged assets, or to make up for working capital losses incurred due to business interruption. For additional details and information on how to apply, businesses should visit: http://www.nybdc.- com/HurricaneSandySmallBusiness ReliefFund.html

National Grid Hurricane Sandy Relief Program provides grants up to $250,000 to National Grid commercial, industrial or multi-family residential gas customers that were impacted by Hurricane Sandy. Eligible customers can use program funds for energy infrastructure repairs or replacement, rehabilitation of buildings, and costs associated with replacement of machinery or equipment necessary for the operation of the businesses. Funding consideration will be based on documented financial need and impact to the community. To determine eligibility and for additional information, customers should contact National Grid at 855-496-9359.

In early December, Mayor Bloomberg announced the creation of Business Recovery Zones and new initiatives to help small businesses in areas most impacted by Hurricane Sandy. These zones are located throughout the city and include Rockaway. Bloomberg said each area will convene local steering committees of elected officials, community organizations, non-profit organizations, Local Development Corporations, Business Improvement Districts, small business owners, and other community representatives, to help find and implement solutions in each impacted Zone. The Mayor also announced the creation of Recovery Business Acceleration Teams: modeled after the city’s New Business Acceleration Team, which helps businesses open faster by streamlining and expediting city agency processes. Restoration Business Acceleration Teams are expected to help expedite inspections and allow businesses to open their doors faster. Impacted businesses in zones will have access to Restoration Business Acceleration Teams, the City’s Emergency Loan Fund and other small business assistance services available. “Getting small businesses back to work is an important part of our city’s recovery.” Bloomberg said.

More information on these initiatives can be found at http://www.nycedc.- com/about-nycedc

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