The U.S. Department of Housing and Urban Development (HUD) and the City of New York are providing small businesses with disaster recovery loans. According to a press release, the city, through federal Community Development Block Grants, will by distributing $293 million in loans for the purposes of business recovery.
Small businesses that experienced damage as a result of Superstorm Sandy and can demonstrate that you can repay the loan, will be eligible for up to $150,000 in loans. They will have a one percent interest rate and must be repaid in five to seven years. Businesses who get their loans approved also are eligible for a matching grant up to $60,000.
The program will be administered by the New York City Department of Small Business Services and the New York Business Development Corporation.
Here is a list of relevant links that will help you apply for the loan and give you more information on the program.
Please see the NYC Hurricane Sandy Loan & Grant Program Core application. Once complete, please contact an account manager at one of the local NYC Business Solutions centers to submit your application. For more information, please see our Loan and Grant Program FAQs and Document Checklist.
For more information about this important loan and grant resource, follow the link below:
And a consolidated list of resources available to businesses is always located here:
A new program for residents affected by Sandy will launch next month. We’ll have details then.