NYC offers three financial aid programs for small businesses located in certain neighborhoods – Telemundo New York (47)

NEW YORK – Due to the financial crisis left by COVID-19 in New York City, three financial assistance programs were announced on Wednesday to help small businesses located in low to moderate income neighborhoods, (LMI, for their acronym in English).

The three programs will make $ 37 million available to businesses in some of the communities hardest hit by the Covid-19 pandemic. These are the NYC LMI Storefront Loan, the Rate Reduction Grant, and the Strategic Impact COVID-19 Business District Support Grant. -19 Commercial District Support Grant). These programs provide resources to small businesses so they can rise up and grow in times of pandemic.

The announcement was made through a statement by Mayor Bill de Blasio and New York City Small Business Services (SBS) Commissioner Jonnel Doris.

“Our fight against COVID-19 has been costly for small businesses. We are proud to offer real relief to help these business owners keep their teams together and continue to serve their communities for years to come, ”said Mayor Bill de Blasio.

“Now more than ever, African-American, Hispanic, and Asian-owned businesses are struggling for capital. The launch of these programs is a specific focus to provide help in the communities that need it most, ”said Jonnel Doris, Commissioner of the New York City Department of Small Business Services. “The City is committed to ensuring that all small businesses have the resources they need to recover during these extraordinary times.”

The COVID-19 pandemic has disproportionately affected minority communities, the statement said. More than 60,000 businesses in these communities, including restaurants, retail stores, hair salons, day care centers and more, have historically been locked out of capital and face increased risk of closure. That’s why, the report says, they seek to address these problems in neighborhoods with a high percentage of other socioeconomic and health disparities.

But how do the three programs and cohHow to register for one of them?

1. NYC LMI STOREFRONT LOAN: APPLICATION WILL BE AVAILABLE FROM NOVEMBER 30 AT 10:00 AM

This program is an interest-free loan of up to $ 100,000 to help businesses located in low to moderate income neighborhoods (LMIs) to continue or resume their services following the challenges brought by COVID-19.

Business owners who want to apply for this help must:

• Trade one of these codes postcards eligible.
• Have between 2 and 99 total employees at all locations.
• Have been in operation since January 1, 2018 or before.
• Have a positive cash flow in 2019 and be able to demonstrate repayment ability.
• Have no personal or business tax liens or legal judgments in the last three years
• Provide a personal guarantee for the loan. All owners of 20% or more of the business must co-sign the loan and must have an average personal credit score of 625 or higher.

Loan details:

• Loan amount: up to $ 100,000.
• Loan term: 60 months, including no payments for the first six months.
• Interest rate: 0%.
• Prepayment Penalty: None.
• Closing Fee: $ 300 (only if loan is approved).

For more information on the application process for this program, how to apply and if you are eligible visit this page in Spanish.

2. REDUCING BUSINESS DEBT:

Lowering the interest rate will help reduce the interest expense owed on an existing loan with certain Community Development Finance Institutions (CDFIs).

CDFIs focus on serving businesses that cannot easily access capital and creating opportunities that positively impact the communities they serve.

Businesses must have an existing loan with CDFIs and should contact their CDFI to confirm if they are eligible to apply. For company information CDFI participants visit this website.

3. STRATEGIC IMPACT COVID-19 COMMERCIAL DISTRICT SUPPORT GRANT SUPPORT GRANT: THE APP WILL BE AVAILABLE FROM MONDAY, NOVEMBER 30 AT 10:00 AM

The COVID-19 Strategic Impact Business District Support Grant provides funding to Community Development Organizations (CBOs) to implement local COVID-19 recovery support to small businesses. The funds will be used to conduct outreach activities, provide technical assistance to connect small businesses, increase awareness and understanding of new City and State rules and regulations, and strengthen business relationships to foster collaboration and greater organization. local.

$ 700,000 will be available over the next 6 months to local communities. Eligible applicants must serve one or more of the following 39 LMI neighborhoods and communities of color:

• The 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 y 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 development organizations serving a single neighborhood, or serving multiple neighborhoods or within a county, organizations that can provide organizing and technical assistance to organizations serving neighborhoods throughout the city. Organizations interested in applying must visit this website.

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