New York City, including the New York City Department of Small Business Services (SBS) and The New York City Economic Development Corporation (NYEDC) have coordinated a set of services to help New York City businesses in recovering from the effects of Hurricane Sandy. Below is an outline of available assistance and how you can access them.
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The City of New York and the U.S. Department of Housing and Urban Development are providing small businesses in New York City with disaster recovery loans as part of the $293 million allocated for business recovery through the Community Development Block Grant Disaster Recovery Program. The New York City Department of Small Business Services will be administering the program with assistance from the New York Business Development Corporation (NYBDC). If you are a small business that experienced direct damage as a result of the storm and demonstrate an ability to repay the loan, you can now access up to $150,000 in loan money. Loans will have a 1% interest rate and must be repaid in five to seven years. Businesses approved for the loan are also eligible for a matching grant of up to $60,000.
Complete the NYC Hurricane Sandy Loan & Grant Program Core application then contact an account manager at one of our local NYC Business Solutions centers to submit your application. For more information, please see our Loan and Grant Program FAQs and Document Checklist.
To speak with an account manager please fill out our inquiry form or call 311 and ask for "NYC Business Disaster Recovery Loan."
The City of New York has established the NYC Restoration Business Acceleration Team (RBAT) to assist businesses affected by Hurricane Sandy by coordinating the services, permitting and inspections needed to reopen as soon as possible. RBAT builds upon the expertise of the New Business Acceleration Team (NBAT) which has helped more than 1,400 businesses employing more than 16,000 people open more quickly—in many instances cutting in half the time required to open their doors. To date, RBAT has directly assisted 126 businesses. RBAT client managers serve as a single point-of-contact for impacted businesses, providing necessary information, coordinating scheduling with safety and regulatory agencies, and troubleshooting problems. For further information, visit the RBAT homepage.
To help New York City businesses impacted by Hurricane Sandy, a new local law waives various City fees required for rebuilding, recovery and operation of businesses. A business may apply for a fee waiver by October 31, 2013 and may have fees waived until December 31, 2013. For more information, click here.
The City of New York, Goldman Sachs, and the New York Bankers Association are providing $20 million in emergency loans to help New York City businesses damaged by Hurricane Sandy. NYC Business Solutions and the New York Business Development Corporation (NYBDC) will administer the loan program. If you are a small business in need of an emergency loan to recover from business interruption, you can now access loans of up to $25,000. Loans are interest-free for the first six months and 1% interest for the following 24 months. Businesses that are approved for a loan and have been displaced from their workplace for three weeks or more can also receive up to an additional $10,000 through the NYC Matching Grant.
Please see our Emergency Loan FAQs and NYC Matching Grant FAQs and fill out the application today. Applications must be submitted through an NYC Business Solutions Account Manager at one of the centers listed below. For more information, you can also fill out our inquiry form or call 311 and ask for "NYC Business Emergency Loan."
Businesses and private non-profit organizations of any size may borrow up to $2 million for disaster-related assistance. To learn more about disaster loans provided by the SBA, visit sba.gov/disaster or call the SBA hotline (1-800-659-2955).
Disaster Unemployment Assistance is a Federal program that can provide payments to people who have lost work or income due to Hurricane Sandy. Apply for Disaster Unemployment Assistance today or call 1-888-209-8124 for more information.