City Councilmember Dromm, Renaissance, AAFE Team Up to Help Small Businesses Flooded By Jackson Heights + Elmhurst Water Main Break
New York City Councilmember Daniel Dromm is hosting Renaissance Economic Development Corporation (REDC) in his Queens District Office, where emergency loans will be offered to businesses impacted by the recent water main break in Elmhurst/Jackson Heights. The office hours begin Wednesday, Jan. 17, 2018. The loan program is being offered in partnership with Asian Americans for Equality (AAFE). Renaissance is an AAFE affiliate.
The water main burst on Friday, Jan. 12 at the intersection of 74th Street and Broadway, flooding homes and businesses. Several small shops and restaurants were flooded, and many other local businesses were impacted by street closures and interruptions in water service.
AAFE and Renaissance announced a new emergency loan program to help the small businesses in the area. The Elmhurst/Jackson Heights Emergency Loan Program will be made available for emergency purposes to all small businesses in the boundary area.
Councilmember Dromm said, “These emergency loans are a lifeline to local businesses that were impacted by the recent water main break. Many business owners in my district are recent immigrants struggling to make ends meet. Store closure, flood damage, and loss of vehicular and foot traffic has resulted in thousands of dollars in repair costs and lost revenue for some businesses. This tremendous financial burden can be quite devastating. These low-interest loans will help owners overcome these challenges and get their businesses back into operation. I am pleased to work alongside AAFE to support Jackson Heights and Elmhurst entrepreneurs in their time of need.”
“For a small business,” said AAFE Interim Executive Director Doris Koo, “a flood can mean losing everything. With this new loan program we can give these businesses an immediate helping hand and get them get back on their feet. This program is important for those businesses that were directly damaged by the flood and also businesses in the immediate area that are adversely impacted. In a difficult time like this, many immigrant and minority-owned small business have a hard time finding access to affordable capital and this program offers very low interest rates and provides support to business owners in their native language.”
- Uniform 2% Fixed Interest Rate
- Loan Amount of up to $30,000
- 3-6 month deferment of interest and principal available
- Terms of up to 5 years, including the deferment period
- Loans can be received in as little as 72 hours after paperwork is filed
This week (beginning Wednesday, Jan. 17) office hours will be offered from noon to 3 p.m. at Councilmember Dromm’s district office, located at 37-32 75th St, Jackson Heights, NY 11372 (one block from the scene of the water main break). For more information, call (718) 803-6373.
Services are available in Chinese, Spanish and Korean. The boundary area for the loan program includes the immediate streets surrounding the flooded area (the south side of Roosevelt Avenue to the north side of 41st Ave, and the east side of 73rd Street to the west side of 75th Street.)
We will provide loans on an expedited, limit-documentation basis. The following documents are required.
- Completed loan application
- Business registration or certification
- Owner’s personal photo identification
- Owner’s personal credit report
- Most recent Corporation/Sales tax return
- Lease and/or old lease verifying the original business location
Loans must be used as emergency working capital for the borrower’s legitimate business purposes in New York City. Loan proceeds may not be used for construction projects, including leasehold improvement, or the payment of any tax arrearages, governmental fines or penalties. The deadline for applications is March 31, 2018.
Renaissance Economic Development Corporation is a certified community development financial institution and a Small Business Administration-approved Micro-lender. Renaissance provides direct financing and technical assistance services to entrepreneurs throughout New York City.
(Photo courtesy of the 110th Precinct.)