NEW YORK CITY (WABC) -- Mayor Bill de Blasio and NYC Department of Small Business Services Commissioner Jonnel Doris on Wednesday announced three financial assistance programs available for small businesses in low-to-moderate income neighborhoods.
The programs -- the NYC LMI Storefront Loan, the Interest Rate Reduction Grant, and the Strategic Impact COVID-19 Commercial District Support Grant -- will provide critical resources to small businesses to help them build back and grow beyond the coronavirus pandemic.
"Our fight against COVID-19 has been costly for the small businesses that anchor New York City's neighborhoods," de Blasio said. "We're proud to offer real relief to help these business owners keep their teams together and continue serving their communities for years to come."
COVID-19 has disproportionately impacted minority communities, and more than 60,000 businesses in these communities -- restaurants, retail stores, salons, daycares, and more -- have been historically blocked from accessing capital and face a higher risk of closing.