The deadline for all new applications to be submitted and all in progress application to confirm their continued interest for the NY Rising Small Business Program was May 1, 2015. If you have questions regarding your application, please contact your nearest Small Business Development Center.
All currently active applications must provide all application documents (as outlined on the Applicant Document Checklist) to their SBDC no later than July 1, 2015 in order to continue to pursue assistance.
Rendering grants of $50,000 or more, the Small Business Recovery Program provides support to independently-owned and operated small businesses that suffered loss as a result of Superstorm Sandy, Hurricane Irene or Tropical Storm Lee. Grants may cover eligible, unmet rehabilitation, repair, replacement and mitigation needs as a result of an eligible storm after accounting for all Federal, State, local and/or private sources of disaster-related assistance, including, but not limited to, flood insurance proceeds. The grant program is administered by the State in partnership with intermediaries.
As of March 2015, the program has awarded more than $30 million to more than 750 impacted businesses.
Have unmet, eligible, rehabilitation, repair, replacement and mitigation needs as a result of an eligible storm after accounting for all other Federal, State, local and/or private sources of disaster-related assistance, including, but not limited to, flood insurance proceeds.
All applicant businesses must be defined as a small business by the U.S. Small Business Administration (SBA).
To read more about this program, click here.
The NYS Small Business Storm Recovery Program offers two types of assistance; small business grants and small business loans. A business owner may apply to receive both grant and loan assistance. Grant assistance of up to $50,000 per business is available with select businesses possibly eligible for a grant maximum of $250,000. Loan assistance is capped at $1,000,000.
Basic eligibility guidelines include:
Full eligibility will be determined by working with an SBDC Business Advisor.
All assistance is limited to activities that are a direct result of either Superstorm Sandy, Hurricane Irene or Tropical Storm Lee. Assistance funds may only be used for expenses that qualify as an “Unmet Need” (see next question for definition). Eligible activities include repair, replacement, or reimbursement of machinery, equipment, furniture, fixtures, supplies and inventory. All activities must be verified for eligibility by a Small Business Development Center (“SBDC”) Business Advisor.
Unmet need is damage and/or loss suffered from Superstorm Sandy, Hurricane Irene or Tropical Storm Lee that was not covered by any other benefit such as (but not limited to) SBA loans, Empire State Development (ESD)/New York Business Development Corporation loans, private insurance payments, or grants from any public or private source.