New York City Launches $100M Small Business Resilience Grant for Hard-Hit Sectors and Low to Moderate Income Communities
Mayor Bill de Blasio and NYC Department of Small Business Services (SBS) Commissioner Jonnel Doris today announced the $100 million NYC Small Business Resilience Grant to provide immediate funding to small businesses in the arts, entertainment, recreation, accommodation, and food sectors and in low to moderate income (LMI) communities to help them recover from the pandemic.
“Small businesses served New Yorkers tirelessly throughout the pandemic—they are the backbone of our economy and the heart of New York City,” said Mayor Bill de Blasio. “This historic investment will ensure the hardest-hit small businesses have the support needed to emerge stronger from the pandemic and help build a recovery for all of us.”
The grant is the latest critical component of the City’s response to the needs of small businesses during the pandemic. Today SBS also released the report, Supporting NYC Small Business Recovery and Growth describing the agency’s rapid response and mobilization during the pandemic to create a Small Business Recovery Plan, focused on promoting equitable economic growth, lowering operating costs, cutting red tape, and helping businesses to increase revenue through innovation. In the execution of this plan, SBS helped businesses to stay resilient by providing over 337,000 services to small businesses, including, handling more than 75,000 calls to its hotline, visiting over 175 commercial corridors, and hosting 865 webinars to some 56,800 attendees. Since March 2020, SBS has also helped more than 10,000 businesses connect to $623 million in local, state, federal, and private funding to weather the crisis and build back stronger.
The NYC Small Business Resilience Grant builds on this financial support through a program intentionally designed to reach the communities and sectors hardest hit by COVID. SBS is partnering with the Asian American Federation, Brooklyn Chamber of Commerce, Bronx Chamber of Commerce, Business Outreach Center Network/BOC Capital Corp., Carver Community Development Corporation, LISC, Manhattan Chamber of Commerce, NYS Latino Restaurant & Nightlife Association, Queens Chamber of Commerce, Renaissance Economic Development Corporation, Staten Island Chamber of Commerce, and the United Way of New York City to reach small business owners across neighborhoods and communities in NYC’s five boroughs.
“The City is committed to a fair, just, and inclusive recovery for all,” said J. Phillip Thompson, Deputy Mayor for Strategic Policy Initiatives and Co-Chair of the Task Force on Racial Inclusion and Equity. “It was imperative that we offer another round of relief to small businesses, so they can continue to serve their communities for years to come.
Small businesses must be in the arts, entertainment, recreation, accommodation, and food sectors or located in an LMI neighborhood as defined by census tract data. Eligible businesses can apply to receive a $10,000 grant. The grant can be used for payroll and benefits, mortgage, rent, utilities, and other operating costs.
Businesses who would like to apply for the grant must:
- Have been in operation before October 1, 2019
- Demonstrate revenue loss between 2019 and 2020
- Not have received a federal grant from the Shuttered Venues Operators Grant program or the Restaurant Revitalization Fund.
Businesses can learn more about the NYC Small Business Resilience Grant at covidresilience.nyc. Grant applications open today, December 8, 2021.
“To ensure an equitable recovery for New York City, we must provide more relief and support for our small businesses, which were hit hard and are still experiencing hardships,” said Council Member Adrienne Adams. “The NYC Small Business Resilience Grant will go a long way, particularly in underserved communities, as we rebound from the devastating impacts of the pandemic. I encourage all businesses that quality to apply for this grant.”
