Loan and Grant Program

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."

Low-interest Loans

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
Fees	None	None
Eligibility Requirements	Located in Zone A or direct impact area Personal guaranty from each owner with 20% or more ownership Avg. credit score of owner(s) must be 650 or greater 2011 taxes have been filed Business/non-profit organization with less than 100 employees	Must apply by Dec. 31, 2012 Located in Zone A or direct impact area Personal guaranty from each owner with 20% or more ownership Avg. credit score of owner(s) must be 650 or greater 2011 taxes have been filed
Matching Grant	Up to an additional $10,000 for businesses that have been displaced from their workplace for three weeks or more	N/A
Contact/Apply	NYC Business Solutions View our FAQs and fill out the application today. Applications must be submitted through an NYC Business Solutions Account Manager at one of our NYC Business Solutions Centers. 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.

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

Fees

None

Eligibility Requirements

Located in Zone A or direct impact area
Personal guaranty from each owner with 20% or more ownership
Avg. credit score of owner(s)
must be 650 or greater
2011 taxes have been filed
Business/non-profit organization
with less than 100 employees

Must apply by Dec. 31, 2012
Located in Zone A or direct impact area
Personal guaranty from each owner with 20% or more ownership
Avg. credit score of owner(s)
must be 650 or greater
2011 taxes have been filed

Matching Grant

Up to an additional $10,000 for businesses that have been displaced from their workplace for three weeks or more

N/A

Contact/Apply

NYC Business Solutions

View our FAQs and fill out the application today. Applications must be submitted through an NYC Business Solutions Account Manager at one of our NYC Business Solutions Centers.

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.