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WTC Disaster Recovery Bridge Loans
by: Staff

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

There are WTC Disaster Recovery Bridge Loans for small business and not-for-profit bridge loans. The loan program will fund bridge loans to small businesses and not-for-profit corporations that have suffered economic injury or physical damage as a result of the attack on the World Trade Center. These bridge loans will be available while these organizations´┐Ż applications for Small Business Administration (SBA) Disaster Loans are pending. These loans tend to be low interest, with fees often waived and deferred interest payments sometimes available for the first year. Deadlines are coordinated with the extended SBA deadline of September 30th. Under this program, participation banks will seek to fund WTC Disaster Recovery Bridge Loans within a few days of application.

WTC Disaster Recovery Bridge Loans may be used for business-related purposes including working capital, real estate, machinery and equipment and physical rehabilitation. Most businesses may qualify for up to $100,000. Banks are permitted to determine actual loan amounts using their own application forms and more relaxed lending criteria. Should a borrower not quality for SBA assistance, banks may restructure the Bridge Loans as term loans.
Those who are eligible are New York City-based commercial, industrial, retail enterprises and not-for-profit corporations that have been affected by the WTC disaster and are applying for Disaster Loans from the Small Business Administration.

Please contact one of the participating banks below for more information:
The Bank of New York (800) 621-3443
Chase Bank (888) 842-8786
Community Capital Bank (718) 802-1212
Fleet (212) 703-1504
HSBC Bank USA (800) 975-HSBC (4722)

The WTC Disaster Recovery Bridge Loan Program is made possibly by a guarantee fund of $50 million, funded equality by the City of New York and New York State.



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