Emergency Loans for Small Businesses

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PROGRAM OVERVIEW
In response to Hurricane Sandy, Goldman Sachs is partnering with the New York City Department of Small Business Services and the New York City Economic Development Corporation to provide $10 million in emergency loans to help small business owners impacted by the storm. The loans will be administered by New York Business Development Corporation, a New York State non-bank small business lender. The funds will be focused on impacted areas in New York City, including evacuation areas and businesses impacted by flooding or power outages.

ELIGIBILITY
Loan funds will be targeted to independently owned and operated businesses in New York City and non-profit organizations that:

  • Are located in New York City
  • Have fewer than 100 employees
  • Filed 2011 tax returns
  • Have experienced direct damage through flooding or power outages as a result of Hurricane Sandy


TERMS
The loans funded through the Emergency Loan Fund will have the following terms:

  • Loans will be used for working capital, repairs, and / or replacement of equipment
  • $5,000 - $25,000
  • 30 Month Terms
       — No payments required for the first six months
       — 1.0% interest rate on a monthly amortization schedule for the following twenty four months


HOW TO APPLY
For more information about the Emergency Loan Fund please go to www.nyc.gov/nycbusiness, call 311 and ask for “NYC Business Emergency Loan” or visit an NYC Business Solutions Center, where an Account Manager will assist you to complete the loan application and review documents prior to submission to the lender.  Here are the locations of NYC Business Solutions Centers in the five boroughs:

      Bronx Center
      400 East Fordham Road, 7th Fl. (entrance on Webster Avenue)
      Bronx, NY 10458
      Phone: 718.960.7910

      Brooklyn Center
      9 Bond Street, 5th Floor, Brooklyn, NY 11201
      Phone: 347.296.8021

      Lower Manhattan Center
      79 John Street, New York, NY 10038
      Phone: 212.618.8914

      Queens Center
      168-25 Jamaica Avenue, 2nd floor, Jamaica, NY 11432
      Phone: 718.577.2148

      Staten Island Center
      120 Stuyvesant Place, 3rd Floor, Staten Island, NY 10301
      Phone: 718.285.8400

      Upper Manhattan Center
      215 West 125th Street , 6th Floor, New York, NY 10027
      Phone: 917.493.7243

      Washington Heights Center
      560 W 181st Street, 2nd Floor, New York, NY 10033
      Phone: 212.928.3400
 

To learn about additional services available to businesses impacted by Hurricane Sandy, please visit the following website: www.nyc.gov/nycbusiness.

For more information about the Emergency Loan Fund, download the FAQ from www.nyc.gov.

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