News

Issues and events that shape Long Island's economic and legislative landscape.

Tuesday, October 21, 2014

NYS Small Business Recovery Program

We are very pleased to announce that the first storm-impacted businesses have been approved for grants through New York State's Small Business Storm Recovery Program and we are ready to assist your constituents with a streamlined application process so they may quickly receive the grants for which they may be eligible.

Through this program, businesses are eligible for grants of $50,000 or more to help replace physical items such as machinery, moveable equipment, inventory, furniture and fixtures, as well as help with the day to day expenses entrepreneurs need to run their businesses.  Further, the Program is able to provide grants to reimburse businesses that already purchased these physical items to get their business back up and running.  In both cases, the grants would cover "uncompensated costs" above and beyond those covered by insurance proceeds, grant programs and other government
resources.

As a first step, businesses should contact their local Small Business Development Center (SBDC) office, where an SBDC business advisor will provide free assistance with completing the application process.  For a list of SBDC locations in your community, please refer to http://www.nysandyhelp.ny.gov/sites/default/files/documents/businesscenter
locations.pdf
.

New York State representatives are already reaching out to business owners in your community to encourage them to apply for grants and low-interest loans available through this program.  To build on these initial outreach efforts, please forward to your constituents as soon as possible a summary of the available grant and loan programs (see
http://www.nysandyhelp.ny.gov/sites/default/files/documents/smallbusiness-factsheet_rev_4-25-13.pdf), as well as the list of SBDC locations.

Please keep in mind that funds will also be available in the near future for real property repair and rehabilitation; and that application and receipt of funds for any of the above items does not exclude businesses from applying for repair or rehabilitation funding in the future.

We welcome the opportunity to present these materials to your constituents at your convenience, and look forward to continuing to work with you in serving the small business owners in your community.  Should you have any questions, please feel contact Andrew Flamm at aflamm@esd.ny.gov.


Sincerely,

Kenneth Adams
President & CEO, Empire State Development
Commissioner, NYS Department of Economic Development