Local businesses hardest hit by Sandy may be eligible for a $25,000 short term loan.
Small businesses hardest hit by Hurricane Sandy will soon be able to get some financial help from New York State.
Gov. Andrew Cuomo announced the establishment of a $10 million small
business emergency loan fund he said will provide immediate financial
assistance for local businesses impacted by Sandy.
Under the fund, businesses will be able to apply for loans of up to $25,000 immediately by going to
www.esd.ny.gov or calling 1-855-NYS-SANDY.
“This loan program will help those businesses who were hit hardest by
the storm get the resources they need to repair immediately, allowing
them to continue to provide jobs to our communities and strength to our
economy,” Cuomo said in a prepared statement.
The New York Business Development Corporation (NYBDC) will manage and
operate the loan program in coordination with Empire State Development
(ESD).
Through the program, small businesses in affected communities will be
eligible to receive loans of up to $25,000 that will be interest and
payment-free for the first six months and then at one percent interest
for the following two years. Eligible businesses can use the funding to
cover the costs of replacement and repairs to facilities or equipment or
as working capital needed to restart or continue business operations.
The emergency loan program is for independently owned and operated
businesses that have less than 100 employees and are located in counties
including Nassau and Suffolk and New York City’s five boroughs that
have been designated as disaster areas.
To be eligible to receive funding through the program, companies must
have filed 2011 business tax returns and have experienced direct damage
or economic hardship as a result of Sandy.
Applications will be available within the week and businesses are
expected to begin receiving funding five to seven days after submitting a
completed application and the required documentation.
This story was written by Greg Sleter. Become a blogger today!
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