Seedco, Alliance for Downtown to help small businesses

Real Estate Weekly, Sept 18, 2002

Seedco, a non-profit national intermediary, and the Alliance for Downtown New York, announced last week that they are extending their partnership to assist small service firms affected by the World Trade Center attacks. The program will be the first large-scale, non-profit relief effort targeted at small service businesses located on or below Chambers St. with ten or fewer employees.

The program will target former tenants of the World Trade Center and Frozen Zone service businesses, including small financial firms, medical offices, travel agents, architects, and staffing agencies that are willing to reopen in the Downtown area.

Other service businesses located on or below Chambers St. will also be eligible.

This new initiative is a part of the overall Lower Manhattan Small Business and Workforce Retention Project.

The program was created in partnership with the Downtown Alliance in the immediate aftermath of the Sept. 11. LMSB&WRP has already served nearly 500 small retailers and manufacturers in Lower Manhattan.

"This initiative is a part our overall commitment to businesses in Lower Manhattan -- particularly those most directly affected by September 11th," said Carl Weisbrod, president of the Downtown Alliance.

Seedco and the Downtown Alliance are now able to expand their coverage to these small non-retail businesses due to a recent infusion of $12.3 million in new funding from the September 11th Fund, a project of United Way of New York City and The New York Community Trust.

The Fund has so far spent $34 million helping small businesses and nonprofits directly affected by the tragedy.

The Fund's latest grant brings the total funding of the LMSB&WRP to $29 million. Approximately 85% has been raised from private donations.

"We are estimating that we will be able to provide resources to between 400 and 600 micro service businesses with this new infusion of the September 11th Fund and other private resources," said William Grinker, Seedco's president and CEO.

Thus far Seedco has committed more than $15 million to help sustain small business in Lower Manhattan. Awards average approximately $32,000 per business.

"Our work with small retailers and manufacturers is teaching us that the combined impact of complementary forms of assistance tailored to the needs of a particular business, significantly improves the likelihood of long-term sustainability," Grinker noted.