Published by:
on: Tuesday, July 16th, 2002

The Small Firm Attraction and Retention Grants has been expanded to include firms with less than 10 employees. This grant is administered by the Empire State Development Corporation (ESDC) in coordination with the New York City Economic Development Corporation (EDC) on behalf of the State of New York. This program is funded by an appropriation from the U.S. Department of Housing and Urban Development. The objective of the program is to help retain and create jobs in New York City by assisting businesses that employ 10 to 200 individuals within the eligible areas that renew, extend, or sign new leases downtown.

ESDC/EDC will provide two payments of $1,750 or $2,500 per employee based on the company�s location and a completed application as follows:

1.Businesses operating in the Restricted Zone on 9/11/01 within which all pedestrian traffic was prohibited on 9/19/01 will receive $2,500 per employee upon approval of the application. A second payment of $2,500 per employee will be made 18 months later based on the company�s employment at that time.

In the event that firms located in the Restricted Zone prior to 9/11/01 relocate outside the eligible area but remain within New York City, ESDC/EDC will provide two payments of $1,750 per employee in the same manner as described above.

2.Businesses operating in the eligible area (outside of the Restricted Zone) will receive two payments of $1,750 per employee. The first payment will be made upon approval of the application and a second payment of $1,750 per employee will be made 18 months later based on the company�s employment at that time.

Eligible Companies:
� Small firms that commit to locate South of Canal Street for at least 5 years.
� Small firms that were located in or near the WTC who commit to stay downtown for at least 5 years.
� Small firms that were located in or near the WTC who commit to stay in NYC for at least 5 years.

Eligibility:
� The Company must have a current lease expiring no later than 12/31/04, have been located in the Restricted Zone, which was in operation until 10/23/01, be commencing operations in Lower Manhattan, or be relocating into Lower Manhattan.
� The company must sign a new lease or renew an existing lease for a minimum of five years beyond the current commitment.
� The new lease must be signed not earlier than 9/11/01 and not later than 12/31/04.
� Following signing or renewal of the lease, the company must employ at least 10 employees and not more than 200 employees in an establishment in the eligible area.
� The new lease is for space located within the area on the south side of the line beginning at the intersection of the Hudson River with the Holland Tunnel, and running east to Canal Street, then running along the centerline of Canal Street to the intersection with Rutgers Street and running along the centerline of Rutgers Street to the East River.
� Applications for companies with 10 and 200 employees are available at the Business Recovery Walk-In Centers located at 2 Rector Street or 140 William Street in Lower Manhattan or by accessing www.nylovessmallbiz.com or the web site given below. Questions about the Grant Program or the application process may be e-mailed to [email protected] or directed to the ESDC hotline 800-ILOVENY (800-456-8369) or the EDC hotline 866-227-0458.

Email contact: www.newyorkbiz.com