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LMDC initiatives stabilized the commercial sector, preserved and created over 250,000 jobs at over 16,000 firms, and spurred
$1.6 Billion in economic output.
Projects & Programs > Stabilizing BusinessStabilizing Business
The LMDC joined with early efforts by the Empire State Development Corporation and the New York City Economic Development Corporation to stabilize the business community. The efforts resulted in stabilization of the commercial sector, preserved and created over 250,000 jobs at over 16,000 firms, and spurred $1.6 billion in economic and additionally 10,777 jobs.
WTC Business Recovery Grant
The LMDC through the WTC Business Recovery Grant program distributed $150,000,000 to businesses including not-for-profit organizations with fewer than 500 employees, located in Manhattan south of 14th Street, to compensate them for economic losses resulting from the terrorist attack on September 11th. Compensation was calculated based on days of lost gross revenue, with the maximum number of days and amounts determined by business location.
The program was intended to provide compensation for economic losses to affected firms, thereby assisting in the retention of 225,000 jobs at assisted businesses and up to an additional 150,000 jobs at businesses indirectly affected by the activities of assisted businesses
Job Creation and Retention Program
The LMDC through the Job Creation and Retention Program distributed an additional $150,000,000 to business in Lower Manhattan. The WTC Job Creation and Retention program offered grants, loan guarantees and low cost loans to assist firms with 200 or more employees that were displaced from their workspace for at least one month, as well as other affected firms, and firms willing to create new jobs in Lower Manhattan. The program is intended to help retain or create 80,000 jobs at assisted businesses and up to an additional 175,000 jobs at businesses indirectly affected by the activities of assisted businesses
Small Firm Attraction and Retention Grant Program
The LMDC through the Small Firm Attraction & Retention Grant (SFARG) program distributed $29,000,000 to small business that employed fewer than ten people. The program intended to help retain and create 65,000 jobs through the SFARG program at assisted firms. Assisted firms will have an indirect impact upon businesses employing an additional 30,000 individuals.
New York City Economic Development Corporation