Governor Cuomo focused on business restoration
November 17, 2012 by Mark
Establishments hardest hit by the storm can look forward to some financial assistance from New York State, going by Governor Andrew Cuomo’s latest announcement.
A $10m emergency loan fund is being established by the state to offer immediate financial assistance for local businesses. Applications for loans to a maximum of $25,000 are now available at www.esd.ny.gov or by calling 1-855-NYS-SANDY.
In his statement, Cuomo said:
“This loan program will help those businesses who were hit hardest by the storm get the resources they need to repair immediately, allowing them to continue to provide jobs to our communities and strength to our economy.”
The loan program is being managed and operated by the New York Business Development Corporation (NYBDC) in conjunction with Empire State Development (ESD).
Whether it’s a Hewlett-based print company or a Lynbrook-based dress shop, businesses of all kind are welcome to apply provided they meet the program eligibility criteria. The stipulations that must be met include being independently owned and operated, having fewer than 100 employees, filing a 2011 business tax return, and suffering damage or economic hardship as a direct result of Sandy.
Loans, once received, will be payment and interest-free for six months. Once the grace period has passed, interest will be kept to one percent for two years. Proceeds can be used to cover the costs of replacement or repair to premises and equipment as well as for working capital needed to initiate or continue operations.
Suffolk and Nassau Counties, along with the five boroughs of New York City that have been declared disaster areas, comprise the district covered by the emergency fund.