City, state release WTC Business Assistance Report

Real Estate Weekly, July 24, 2002

Deputy Mayor for Economic Development and Rebuilding Daniel L. Doctoroff and Empire State Development Corporation chairman Charles A. Gargano announced the launch of the World Trade Center Business Assistance Report.

Produced by the New York City Economic Development Corporation and the Empire State Development Corporation, the periodic newsletter is designed to provide information about the progress of the World Trade Center business assistance programs. The newsletter will also. describe any new modifications to the assistance programs, publicize upcoming workshops and seminars for small businesses, as well as post progress on the businesses that have benefited from the cash grants. The report will be distributed to elected officials, business associations, and made available through the EDC and ESD websites.

"The World Trade Center Business Assistance Report will help keep elected officials and our constituents informed about our progress in helping businesses recover from the events of Sept. 11," Doctoroff said.

The World Trade Center Business Assistance Report augments the city and state's ongoing outreach campaign -- "Operation GO!" -- to encourage the businesses affected by Sept. 11 to take advantage of the grant programs. This enhanced outreach effort began earlier this month with a canvassing campaign by over 100 city and state volunteers targeting small businesses below 14th Street. By focusing on targeted canvassing, outreach through community groups and business associations, as well as direct mailings and advertising, the city and state have been able to inform business owners about the types of available assistance and the benefits of the grants during the rebuilding process.

The new report also coincides with the launch of an advertising campaign designed to increase awareness of the WTC Business Recovery Grant Program and the Small Firm Attraction and Retention Grant Program, as well as encourage businesses to visit the business rebuilding walk-in centers. Advertisements will run in newspapers, including Lower Manhattan and Chinese-language publications, and on radio stations.

The World Trade Center Business Assistance grant programs for small businesses include the WTC Business Recovery Grant (BRG) and the Small Firm Attraction and Retention Grant (SFARG). The BRG Program is designed to provide businesses with economic compensation due to losses from Sept. 11. The program provides grants to businesses with fewer than 500 employees, based on the amount of economic loss and location within four zones, all below 14th Street. Businesses can receive up to $300,000 in grants. To date, over 7,600 businesses have been approved for grants totaling more than $214 million.

The SFARG Program focuses on businesses employing fewer than 200 employees. Grants are awarded to companies that sign or renew leases for a term of five or more years south of Canal Street, and are based on the current number of employees, future job creation and geographic location. Firms can receive up to $3,500 or $5,000 per employee, depending on location. Each grant will be paid in two equal installments, the first upon approval and the second 18 months later. To date, over 120 applications have been approved for grants totaling more than $7.5 million.

City and State officials also encouraged business owners needing grant information, applications, or technical assistance to visit the EDC and ESDC-run walk-in centers. The City's World Trade Center Business Rebuilding Center is located at 140 William St., (212) 406-9310. The State's World Trade Center Business Recovery Center is located at 2 Rector St., (800) ILOVENY. Both centers are open Monday, Tuesday, Thursday, and Friday from 9am to 5pm, and on Wednesdays from 9am to 8pm. The WTC Business Assistance Report is available through EDC's website, www.newyorkbiz.com, and ESDC's website, www.nylovesbiz.com.