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Economic and Social Assets

Small- and medium-sized businesses are the backbone of New York City, providing employment and economic activity as well as necessary community services. Protecting inventory and equipment, investing in efforts to maintain heat and power during storm events, and providing data backup investments are just a few of the things that are needed to provide for business resiliency. Furthermore, these investments and planning must occur at a local level, which is why, OneNYC: The Plan for a Strong and Just City’s initiatives are designed to target local and vulnerable communities. Immediately following Sandy, the City distributed $28 million in loan and grant assistance to more than 650 impacted businesses and over $2.8 million in tax exemptions. The City has also implemented the following programs to assist businesses recover and be more resilient to future severe weather events.

  • The Hurricane Sandy Business Loan and Grant program has awarded more than $54 million to 350 businesses.
  • RISE : NYC, a $30 million resiliency technology competition is funding projects that use innovative and cost-effective technology to improve buildings and small business resiliency.
  • Business PREP (Preparedness & Resiliency Program) is assisting small businesses better prepare for emergencies and enhance the resiliency of their operations, assets, and physical space.

The City is working on projects that focus on commercial corridor resiliency, facilitating a robust approach to mitigating climate change risk. The City is investing in commercial corridor enhancements in Coney Island and the Rockaways, including storm water management, streetscape improvements and place-making projects to enhance the local infrastructure to protect and revitalize core commercial areas. The Department of City Planning’s (DCP) Resilient Retail initiative is examining retail communities within the City’s floodplain to identify ways to protect existing buildings and businesses, and ensure that new resilient buildings contribute to an active and dynamic streetscape. DCP is also undertaking the Resilient Industry study to assess the vulnerability of industrial areas to flooding and identify strategies to help businesses, employees, and nearby communities become more resilient to future storms and floods.

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