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.
Please see our Loan and Grant Program FAQs for more information. When applications are made available, they must be submitted through an NYC Business Solutions Account Manager at one of our centers. For more information, you can also fill out our inquiry form or call 311 and ask for "NYC Business Disaster Recovery Loan."
Please refer to this checklist of documents you will need to prepare for the application, which will be released on May 20.
Access Hurricane Sandy Recovery Services
New York City, including the New York City Department of Small Business Services (SBS) and The New York City Economic Development Corporation (NYEDC) is coordinating a set of services to help New York businesses in recovering from the effects of Hurricane Sandy. Click the link above to access services.