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Get help with the new loan and grant program. 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 and Document Checklist for CDBG-DR Loan and Grant Applications for more information. When applications are made available, they 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 Disaster Recovery Loan."
Find detailed information on the Small Business Emergency and the Federal Disaster loans available to help your company repair, rebuild and get back to business.
|Emergency Loan Program and Matching Grants||Federal Disaster Loan|
|Qualifying Expenses||Replacement or repair of facilities, lost inventory, equipment and/or the working capital needed to restart/continue operations||Replacement or repair of disaster-related damage of real estate, machinery / equipment, inventory, and other business assets|
|Loan Amount||Up to $25,000||Up to $2 Million|
|Turnaround Time||Receive funds in 5-7 days after |
submission of complete application
|Receive funds in a minimum of 18 days |
after submission of complete application
|Grace Period||No payments for 6 months||Varied|
|Interest Rate||1% from month 7-30||4% interest rate|
|Payback Period||24 months after grace period||Up to 30 years|
|Matching Grant||Up to an additional $10,000 for businesses that have been displaced from their workplace for three weeks or more||N/A|
NYC Business Solutions
For more information fill out our inquiry form or call 311 and ask for "NYC Business Emergency Loan."
US Small Business Administration
View the SBA Business Recovery Center flyer.
Visit one of the SBA Business Recovery Centers in New York.
Apply to SBA online at https://disasterloan.sba.gov/ela.
For additional details call 1-800-659-2955 or visit www.sba.gov/disaster.