NYS Establishes Small Biz Emergency Fund

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.

Nancy November 15, 2012 at 09:21 AM
That's all good and fine they are offering help, but what will the interest rate be when the 6 months is up....would be nice if they let these people know before they even think about going through all the paperwork...also it should be like 2%....don't you think they have suffered enough.
Cassy Mills December 18, 2012 at 09:50 AM
This is really some good news. I have definitely heard that people are getting helped out, but this is for the very first time I see that small businesses are being taken care of as well. This is fair. We must support our small businesses because they have been going through some seriously rough times. I know that is pretty difficult for a small business owner to take out a loan (unfortunately it is more complicated than with no fax cash online at http://bit.ly/N1y0Iqfor example). Hopefully everything is going to work out and one day will be the same and even better


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