Companies can get assistance with the Emergency Loan Fund and New York City Matching Grant, The City of New York, Goldman Sachs and the New York Bankers Association are providing $15 billion in emergency loans to help New York City businesses damaged by Hurricane Sandy, NYC Business Solutions and the New York City Development Corporation (NYBDC) will administer the loan program.
If you are a small business in need of an emergency loan to recover from business interruption, you can now access loans of up to $25,000. This loan is intended to serve as a bridge to larger sums of capital and help get businesses back on their feet in the short term. Those business owners that need additional funds are strongly encouraged to review and apply for the U.S. Small Business Administration's Disaster Recovery Loan Program.
Loans are interest free for the first six months and 1% interest for the following 24 months. Businesses that are approved for a loan and have been displaced from their workplace for three weeks or more can also receive up to an additional $10,000 through the NYC Matching Grant.