Record-breaking storm surges from Hurricane Sandy hit Lower Manhattan and the coastal areas of Staten Island, Queens, and Brooklyn, damaging transportation, energy distribution, and telecommunications infrastructure. The damage led to sustained disruptions to businesses and their employees. In total the National Hurricane Center estimates that Hurricane Sandy inflicted over $50 billion in economic damage across the region.
In the immediate aftermath of the storm, the City partnered with community groups, businesses, and elected officials to provide programs and services to make working capital available to impacted businesses. It also developed programs to improve the resiliency of businesses to withstand future emergencies.
You can read more about the City's business programs by viewing the pages below or through our CDBG-DR Action Plan plan.
Business Loan and Grant Program: Provides financial assistance in the form of loans and/or grants for working capital, and the replacement of inventory and moveable equipment to small businesses impacted by Hurricane Sandy, as a supplement to other available disaster recovery financing where unmet needs still exist.
RISE: NYC: The Resiliency Innovations for a Stronger Economy (RISE:NYC) program helps small businesses adapt to and mitigate the impacts of climate change through the use of innovative technologies. The competition funds projects at Sandy-impacted small businesses to prepare their buildings, energy systems, and telecom networks for extreme weather.
Business PREP: The Business Preparedness and Resiliency Program (Business PREP) helps small businesses prepare for emergencies and enhance the resiliency of their operations, assets, and physical space in the event of a disaster or business interruption. Small business owners impacted by Hurricane Sandy are eligible for an on-site risk assessment and can also qualify for a grant for up to $3,000 to buy items or equipment that will improve their disaster resiliency.