Right in time for the holiday rush, New York City Mayor Michael Bloomberg announced on Small Business Saturday a new $5.5 million grant fund for local businesses still recovering from Sandy-related damages.
"Getting New York City small businesses back on their feet is key to helping our economy recover from Sandy," Bloomberg said in a statement. "The capital provided through this program will help businesses purchase supplies, make repairs, and get back up and running."
The Mayor’s Fund to Advance New York City, a nonprofit group, donated $5 million to the grant program, while investment group Partnership for New York City provided the additional $500,000.
Small businesses that have been crippled or dislocated by Hurricane Sandy for three weeks or more can apply for a portion of the grant, according to The Associated Press. The program will award up to $10,000 per business for repair and other recovery costs, the news wire reported.
Business owners can request the grant by calling 311 or visiting the New York City Business Solutions' website.
This latest fund brings the grand total of business relief loans and grants to over $45 million, according to Bloomberg's office. Along with the City of New York, a bulk of the storm support came from Goldman Sachs and the New York Banker’s Association, the office reported.
"[Small businesses] constitute nearly half of the jobs across America, private sector jobs." Specialty Retail Report CEO Patricia Norins told CBS New York. "And they constitute half of US retail sales so it’s absolutely important that they succeed this holiday season."