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.
Both grants and loans require a minimum level of documentation to ensure the business is open and operating (or planning to open in the near future) and has eligible, uncompensated losses. Loans require more rigorous level of documentation and underwriting (which may include information about the business owner’s personal obligations) to assess the business/business owner’s ability to repay the loan.
All loans will have 7-year terms with a fixed interest rate of 2 percent. The terms are not negotiable.
Assistance will be available for construction / reconstruction related activities. In an effort to facilitate funding to business owners and comply with HUD guidelines, activities receiving assistance must be classified to determine the level of required environmental review. All activities are classified as either Exempt or Non-Exempt.
Exempt activities require only a “desk” environmental review (no site visit required), while Non-Exempt activities require a full environmental review with a site visit. As a general guideline, any activity that requires or is dependent upon construction / reconstruction is considered a Non-Exempt activity.
Applications for assistance for Non-exempt activities will begin to be processed in the coming weeks as the policy guidelines and application procedure are finalized. Business Owners with construction / reconstruction related needs are encouraged to apply now.
We recommend that you consult with the IRS or a tax advisor about the tax implications of receiving this grant assistance.
You do not need a representative or an advocate in order to apply for a Preliminary Award (or the broader Small Business Recovery Program) and there is no application fee. Program representatives and Business Advisors at the Small Business Development Centers are available to help you through the process and answer any questions free of charge. Please note that you cannot use grant funding from this program to pay for any application assistance.