Post-Sandy small business grant program launched

Citi & City of New York support local businesses that sustained physical damage during Hurricane Sandy

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This week Citi joined the New York City Department of Small Business Services and the Mayor's Fund to Advance New York City to announce a $1 million Small Business Assistance Grant program for local businesses that sustained physical damage during Hurricane Sandy. Grants of up to $5,000 will be awarded on a first-come, first-served basis, based on eligibility and need, to impacted businesses for structural repairs, equipment repairs and the purchase of replacement equipment. Citi Community Development is contributing $250,000 toward the program's $1 million endowment, which is also supported by Barclays and UBS.

Citi has a long history of collaboration with the NYC Department of Small Business Services, including building the capacity of the agency's NYC Business Solutions Centers to better serve local small businesses, helping to found the NYC Bank Advisory Council to connect small businesses to capital and other support services, and launching the NYC Small Business Technology Coalition to expand technology use among underserved entrepreneurs and small business owners.

Getting New York City's small businesses up and running as quickly as possible is critical in speeding the widespread and ongoing recovery following Hurricane Sandy. Citi's post-storm response has included customer assistance initiatives, employee volunteer activities, and more than $1.6 million in community support. Our participation in the Small Business Assistance Grant program reinforces these efforts and underscores Citi's commitment to making sure small businesses have the recovery resources and capital they need to succeed.

Read the full press release from the NYC Department of Small Business Services.