NYC Hurricane Sandy Grant Program
THE HURRICANE SANDY SMALL BUSINESS EMERGENCY GRANT FUND
Shortly after Hurricane Sandy had spent its fury, NYBDC, NYBA, the City of New York, the State of New York and Goldman Sachs set to work to develop and fund small business emergency loan programs to serve the immediate needs of impacted small businesses. Ultimately, 33 NYBA members (including NYBDC) committed $17.7 million to capitalize a $15 million loan fund in NYC along with The New York City Economic Development Corporation and Goldman Sachs and a $10 million dollar loan fund for NYS (businesses located outside NYC) along with the State of New York. The participation by NYC and NYS provide a buffer against loss. In total, $14.9 million was drawn from the NYBA member commitments.
- NYBA led the way to solicit participation by its member banks and recognized the need to get funds to small businesses as soon as possible;
- NYBDC (representing the participating NYBA members) negotiated agreements with all of the participating banks (as well as NYC, NYS and Goldman Sachs), structured a loan program, application process and delivery system that worked to put money in the hands of small businesses expeditiously and appropriately;
- The NYBDC partnership (banks working collaboratively to support small businesses) worked and worked well.
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