The $1.8 billion in federal funds allow NYC to extend relief to more New Yorkers in need, particularly home owners and small businesses with extensive damages and expenses.
Mayor Bloomberg, U.S. Department of Housing and Urban Development Secretary Shaun Donovan and Senator Charles E. Schumer announced the Federal approval of the City’s plan for $1.77 billion in Hurricane Sandy recovery initiatives. The City submitted its Community Development Block Grant Disaster Recovery Action Plan last month, which outlined its proposal to spend the initial Federal aid allocation on programs for housing recovery, business recovery, infrastructure and resiliency.
With this approval, the Federal funds can be released, allowing the City to launch its initiatives and extend relief to more New Yorkers in need – particularly home owners and small businesses with extensive damages and expenses.
Business Recovery – $293 Million
The business relief programs funded through the City’s Federal aid plan include:
$72 million for business loans and grants;
$90 million for investments in business resiliency;
$90 million for “Game-Changer Investment Competition” to reward innovative ideas for spurring economic development in hard hit areas; and
$41 million for a competition to develop resilient technologies.
The application process for the business loan and grant program will open on Monday, May 20th. Business owners can find out more information about the application and other requirements by calling 311 or visiting www.nyc.gov. The City’s Department of Small Business Services will oversee the loan and grant program. Business owners will work directly with an account manager at the NYC Business Solutions Center to apply for loans of up to $150,000 and matching grants of up to $60,000.
Read the press release: http://bit.ly/16mFxuh