This column brings you the latest from Albany, City Hall and relevant organizations that affect small businesses in New York City during the pandemic and beyond. We will update you frequently, and will also bring you news from the street describing the impact of government and organizational policies.
More money for small businesses: Will it help?
NEW YORK CITY (November 26, 2020) – Mayor Bill de Blasio announced yesterday three new financial assistance programs for small businessis in low-to-moderate income (LMI) neighborhoods: The NYC LMI Storefront Loan, Interest Rate Reduction Grant, and Strategic Impact COVID-19 Commercial District Support Grant.
NYC LMI Storefront Loan
This $35 million loan vehicle supports storefront businesses with at least two but fewer than 100 employees who are located in LMI neighborhoods.
These businesses can apply for a zero-interest loan up to $100K. The loan can be used to help businesses restart or continue operations after experiencing challenges from COVID-19.
To apply for the loan, your business must:
• Be a storefront business located within an LMI zip code
• Have business operations since or before January 1, 2018
• Employ between two and 99 employees
Learn more about the NYC LMI Storefront Loan and eligibility criteria at nyc.gov/storefrontloan. Applications open on November 30.
The Interest Rate Reduction Grant
This grant can help reduce the interest owed on an existing loan with select Community Development Financial Institutions (CDFI). The NYC Department of Small Business Services has partnered with 11 CDFIs that work primarily with Asian, Black, Latinx, and immigrant business owners.
The grant can free up cash flow for businesses. The money can be repurposed to help restart or maintain operations. Businesses must have an existing loan with CDFIs and should contact their CDFI to confirm if they are eligible to apply. The list of participating CDFIs is available at www.nyc.gov/cdfigrant.
Strategic Impact COVID-19 Commercial District Support Grant
This grant provides funding to community-based development organizations (CBDOs) to implement local COVID-19 recovery support to small businesses. The funds will be used to conduct outreach, provide technical assistance to connect small businesses, increase awareness and comprehension of new city and state rules and regulations, and strengthen merchant relationships to foster collaboration and increased local organizing.
$700,000 will be available over the next six months to local communities. Eligible applicants must serve one or more of the following 39 LMI neighborhoods and communities of color:
• Bronx: Crotona, East Tremont, Highbridge, Hunts Point, Jerome Park, Longwood, Melrose, Morris Heights, Morrisania, Mott Haven, Soundview, Soundview Bruckner, Van Cortlandt Park
• Brooklyn: Bedford-Stuyvesant, Brighton Beach, Brownsville, Bushwick, Canarsie, East Flatbush, East New York, Starrett City, Sunset Park, and Coney Island
• Manhattan: Central Harlem, Chinatown, East Harlem, Hamilton Heights, Inwood, Lower East Side, Morningside Heights, Washington Heights
• Queens: Briarwood, Corona, Jamaica, Queensbridge, Rockaways
• Staten Island: St. George, Stapleton
Eligible applicants include nonprofit community-based development organizations that serve a single-neighborhood, CBDOs that serve multiple neighborhoods or a borough, and organizations that can provide organizing and technical assistance to neighborhood-serving organizations across the city. Organizations interested in applying should visit www.nyc.gov/strategicimpactgrant.
Is your business located in a Covid-19 micro-cluster/focus zone ? Click here and enter your address to find out: https://covidhotspotlookup.health.ny.gov/#/home
Requirements for each zone are available here: https://www1.nyc.gov/assets/doh/downloads/pdf/covid/covid-19-localized-restrictions.pdf
Stay tuned, or tell us your story by sending an email to marilynn@hotindienews.com.
Photo by Sharon McCutcheon/Unsplash
