The new round of funding comes from contributions made by companies that include Barclays, Citi and UBS who collectively contributed $750,000 toward the grant program. The corporate donations to the Mayor's Fund makes it possible to help local small business get back on their feet. The grant money can be used to replace equipment or make repairs.
The Small Business Assistance grants will be awarded to small businesses located in evacuation zones A or B. The businesses must have fewer than 100 employees and yearly revenues under $10 million. The grants will be awarded on a first-come-first-served basis.
In addition to grants, small business owners may apply for loans through the City's Emergency Loan Fund and receive up to $25,000. The loans help small business by charging no interest for the first six months, and then only one percent interest for the next 24 months. The loans are made possible through cooperation from the New York City Economic Development Corporation, Goldman Sachs, and the New York Banker's Association.
For more information, visit http://www.nyc.gov/html/sbs/nycbiz/html/home/home.shtml
