AAFE-affiliate Renaissance Economic Development Corporation (REDC) has launched a recovery loan program in response to last week’s explosion and fire in the East Village. The disaster, which reduced three buildings to rubble, is expected to impact the local business community after emergency services cordoned off multiple blocks near the blast site. In a bid to support these businesses, REDC is offering loans of up to $50,000, at a fixed rate of 2% interest, to all businesses located in the area demonstrating an economic loss due to the explosion.
East Village Explosion Recovery Loan Program
Eligible businesses will meet the following conditions:
1. Located between 5th Street and 9th Street, and 1st Avenue and 4th Avenue, Manhattan.
2. Impacted by the traffic restrictions imposed after the East Village explosion,
and the economic loss can be demonstrated.
1. Uniform 2% interest rate
2. Loan amounts of up to $50,000.00
3. If borrower prefers, 3-6 month deferments of interest and principle
4. Terms of up to five years, including the deferment period
Documentation and Processing
We will provide loans on an expedited, limited-documentation basis. The following documents
1. Completed loan application;
2. Business registration or certification;
3. Owner’s personal photo identification;
4. Owner’s personal credit report;
5. Most recent Corporation/Sales tax return;
6. Lease and/or old lease verifying the original business location.
Loan proceeds must be used as 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 for the Fire Recovery Loan Program is July 31, 2015.
In addition to funding, Renaissance will also provide free technical assistance to all business owners seeking to make insurance claims.
* Renaissance does not provide financing to independent professional service providers or businesses involved with pornography, gambling, firearms or alcohol (for dining establishments, alcohol must account for no more than 50% of the business’ total income).
Fernando Aguilar, email@example.com, 212-299-0514