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Lower Manhattan Small Business and Workforce Retention Project (Seedco)
by: Staff

Published by:
on: Wednesday, September 25th, 2002

Lower Manhattan Small Business and Workforce Retention Project has received an additional $1.53 million from five corporate sponsors: the American Express Foundation, Bank One Foundation, the McCormick Tribune Foundation, Warburg Pincus, and the William Randolph Hearst Foundation. The program is administered by the Alliance for Downtown New York, Seedco, and Asian Americans for Equality/Henry Street Settlement (AAFE). About 300 small businesses inquired about the funds after Seedco stopped accepting new applications. Those applications will be reviewed in the order in which they were received. The Alliance and AAFE will identify needy businesses in their communities, direct appropriate resources to them, and advocate on their behalf. Seedco will oversee distribution of the loan and grant funds, manage the wage subsidy component, and provide technical assistance.

Three kinds of services are available:
Financial Assistance:
Low-interest loans of up to $100,000 with terms between six months and three years are being offered. Loans can be used for working capital or to bridge the gap before receipt of funding from other sources. Grants of up to $25,000 will be available for one-time costs not covered by insurance policies.

Employment Retention /Wage Subsidies:
Wage subsidies will be used to enable small businesses to continue to meet payroll and retain workers whom otherwise would have to be laid off.

Business Support Services:
Small businesses will be eligible for free technical assistance support provided by Seedco and other pro-bono consultants.

Please note: Small retail or manufacturing businesses on or below Canal Street should disregard the message saying the program is outdated. You may leave your contact information by calling Seedco at (212) 473-0255 extension 378 or Downtown Alliance (212) 835-2771.

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