NYC BUSINESS SOLUTIONS - Hurricane Sandy Emergency Small Business Recovery Loan Fund

 

    Loan amounts range: $5,000 to $25,000

    Uses of Loan Funds:
    Repair and replacement of equipment
    Working Capital

    Eligibility:
    Must have suffered a discernible impact from Hurricane Sandy
    Must be located in Zone A or can demonstrate a material loss due
    to flooding and/or power outages
    Must be in business a year
    Average Credit Score - at least 650

    Loan Terms:
    Security Interest in business assets subject to existing liens
    Personal Guaranty of owners

    Repayment Terms:
    Interest of 1%
    No interest or principal payments for 6 months
    24 amortization after first 6 months

    NYC Matching Grant Program - up to $10,000

    Business must be located in NYC
    Business must have fewer than 100 employees
    Business must have filed 2011 business tax returns
    Business must have experienced direct damage through flooding or
    power outages as a result of Hurricane Sandy
    Business must have applied and been approved for a NYC 
    Emergency Loan
    Business must have been displaced from their primary place of 
    business for a minimum of three (3) weeks

    Please contact a NYC Business Solutions Account Manager to start
    your application:

    Robert Mathieu 
    (718- 285-8400)
    rmathieu@sbs.nyc.gov

    Mary Ellen Smyth 
    718) 285-8407)
    masmyth@sbs.nyc.gov 

    Lorraine Frazier
    (718) 285-8406)
    lofrazier@sbs.nyc.gov