JCRP grants aim to help spur and retain jobs downtown

Lower Manhattan financial services firms have a new incentive to spur growth and retain jobs. Through the WTC Job Creation and Retention Program (JCRP), established in 2002, $30 million more is now available to financial companies committed to downtown. The expanded program encourages small-business growth, with qualifying companies receiving up to $4,000 in grants for each new they job create. Recipient firms commit to maintaining the newly created jobs for at least 10 years.

The JCRP is funded by the U.S. Department of Housing and Urban Development and administered by the city Economic Development Corporation (EDC) and Empire State Development Corporation. The program already has distributed grants totaling $256 million to 70 companies in Lower Manhattan -- reinforcing the area as the heart of New York’s financial services industry. It has created and retained nearly 68,000 jobs downtown.

“The current economic downturn has struck at the heart of the financial service sector in Lower Manhattan, and this program seeks to restore and strengthen the financial services ‘eco-system’ by encouraging businesses to grow,” said EDC President Seth Pinsky. “We are now actively working with other firms to encourage them to expand their operations in Lower Manhattan.”