Approximately $500,000 has been awarded to date

Since spring 2008, the Lower Manhattan Development Corporation (LMDC) has continued to distribute $5 million in grants to small businesses adversely affected by public construction downtown. The “Small Firm Assistance Program” was developed in cooperation with the city Department of Small Business Services and Economic Development Corporation.

The grant program compensates small firms for revenues lost during street closures related to publicly-funded projects south of Canal Street, started after July 1st, 2007. Eligible businesses must be at street level and have fewer than 50 employees.

The program has distributed approximately $500,000 in grants of up to $25,000. The Alliance for Downtown New York, which manages the Downtown-Lower Manhattan Business Improvement District (BID), provided initial marketing and technical support to eligible businesses.  LMDC has expanded this effort. 

“Our goal is to put money into the hands of small businesses in Lower Manhattan,” said LMDC spokesman Michael Murphy. “We have given out a half-million dollars already, and are working to distribute even more. Business owners who may be eligible should not hesitate to contact us -- we will walk them through the entire application process.”

The $5 million grant program is one of the LMDC’s key initiatives to help revitalize Lower Manhattan. The LMDC has already allocated hundreds of millions of dollars for community enhancements, parks, and cultural amenities through various projects and programs.

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