LMDC Expands Small Business Assistance Program
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The Lower Manhattan Development Corporation announced Wednesday the expansion and extension of its Small Firm Assistance Program, which aims to provide relief to small businesses still being affected by the post September 11th rebuilding efforts. NY1's Rebecca Spitz filed the following report.Open for more than 50 years, business used to be booming at Tropp Printing. That is, until September 11, 2001 and what came next. The endless street construction in the neighborhood means profits are off -- way off.
"I would say because of this construction directly, 40, 50 percent," said Tropp Printing owner Bill Tropp.
Due to the economic impact, the Lower Manhattan Development Corporation is expanding its Small Firm Assistance Program. The initiative was launched in 2007 in partnership with the city to help small businesses that are struggling to stay afloat.
"The good news when you see all the construction going on is that Manhattan is being rebuilt. But the difficulty that poses for small businesses is it creates a great difficulty for their customers to get here," said LMDC Chairman Avi Schick.
Schick says the LMDC is raising the limit on the amount of grant money from $25,000 to $35,000 per business. It's also putting another $1 million into the program, bringing the total to $6 million.
"Retaining and attracting small businesses is clearly a key to what we have to do to continue this vibrant 24-hour community that we have so greatly become," said Assembly Speaker Sheldon Silver.
The LMDC says it's also changing the rules so that where only street level businesses were eligible, now those on higher floors can qualify too.
"This is an example, locally, of an innovative, targeted program that actually has an effect, that for a lot of businesses is the difference between success and failure, between existing and shutting their doors," said State Senator Daniel Squadron.
The program is so new that a lot of people NY1 spoke with Wednesday say they didn't even know about it, but will welcome the help.
Small business owner Mike Rouach says the ongoing construction forces his customers to the other side of the street, and has resulted in decreased profits.
"It's excellent news, it's going to help a lot. I think it was good thinking whoever thought of it," Rouach said.
The LMDC says the program -- which was scheduled to end this year -- will now be extended until December 31, 2015.