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

The Financial Recovery Fund offers recoverable grants ranging from $25,000 to $250,000. The fund will also provide strategic assistance, such as business mentors, to its grantees.

Businesses that meet the following eligibility requirements can apply for a recoverable grant:
� Located on Chambers Street or below before 9/11/01.
� Employed between 4 and 100 employees (except retailers and restaurants, needing 50 to 100 employees).
� Retail businesses must be greater than 50 employees. Non-retailers such as some personal services are defined as such if they do not quality as a retailer by Downtown Alliance or Seedco programs. An attorney is a professional service (non-retailer), whether or not she/he has a storefront.
� Have been in business for at least six months prior to 9/11/01.
� Are current on taxes.

Terms of the recoverable grants are:
� 0 percent interest rate.
� No collateral requirements.
� Funds may not be used to repay debt existing prior to 9/11/01.
� Viable before and after 9/11/01.

The intent of a recoverable grant is to provide interim financing to a company while its business returns to sustainable levels. If a company is able to repay the grant, this would enable other businesses to receive similar financing.

To apply, call (212) 493-7760. Callers will be screened in the callback process and eligible businesses will be sent application by mail or fax, or given a password to access the application online.

See this story as where it was originally posted on the web:
www.nycif.org/recoveryfund