Mayor Giuliani announces expansion of grant program

Real Estate Weekly, Dec 26, 2001

Mayor Rudolph W. Giuliani announced recently the expansion of the Lower Manhattan Grant Program to help small businesses affected by the attacks on the World Trade Center on Sept. 11. Under new guidelines for the program, which has been initially funded with $5 million, grants will be available to non-retail businesses and not-for-profits located in Lower Manhattan south of Houston St.

"I am pleased that we are able to expand this important grant program to benefit more businesses in Lower Manhattan and help them move forward with the business of getting back in operation," said Giuliani. "Since the program was established in November, we have been able to assist many small companies, and expanding the area for the grant program will enable us to help even more."

Administered by the New York City Economic Development Corporation, the program provides grants of up to $10,000 to companies with 50 workers or less that apply for disaster assistance loans. Companies that were displaced from the World Trade Center buildings are eligible for grants without applying for loans. Grant funds may be used to reopen businesses or defray the costs of relocating from the World Trade Center area to elsewhere in New York City.

The Lower Manhattan Grant Program complements the $250 million WTC Disaster Recovery Loan program established previously by the City, State, and local banks. It also supplements the $20 million grant program for affected retailers administered by the Empire State Development Corporation.

"Small businesses play a crucial role in the Lower Manhattan business community," said EDC president, Michael G. Carey. "We must not overlook the small companies and not-for-profits that contribute so much to the New York City economy."