This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Sandy One Year Later: A Story of Small-Business Regeneration

Small business owners impacted by Sandy can generally receive up to $150,000 in the form of 1%-interest loans or matching grants of up to $60,000 to use toward working capital and moveable equipment. (Some businesses may be eligible for loans of up to $1 million and grants up to $100,000.) Applications are being accepted through September 2017. (Note: assistance received from other entities, such as insurance, other private grants and state and federal assistance are taken into account when determining the award amount, the department says.)

The program follows the efforts immediately after the storm by the city to reach businesses through a loan and matching grant program funded by the New York City Economic Development Corp., Goldman Sachs (GS) and the New York Bankers Association. Yet those loans maxed out at $25,000 and matching grants were made up to $10,000.

In New York City, "there's been tremendous rebuilding and recovery," says Merideth Weber, press secretary for the New York City Department of Small Business Services. "Not everyone, unfortunately has been able to reopen, but we're definitely seeing places that are actually stronger than before the storm."

Weber also pointed to initiatives the city is supporting to help specific "commercial corridors" under its watch rebuild and improve their business vitality.

Red Hook, Brooklyn, for instance, is looking to broaden its appeal to shoppers, through the utilization of a grant program sponsored by MasterCard (MA), the Department of Small Business Services and the Mayor's Fund to Advance New York City.

Red Hook, which received $40,000 after the storm, has been working with a consulting company as part of the MasterCard grant to help retailers determine where there is a gap in business demand and then attract relevant businesses to the neighborhood, Weber says.

Another area that's rebuilding with a plan is Rockaway, Queens. A $90,000 grant is specifically helping merchants along Beach 116th Street - one of the hardest hit areas from the storm -- start a new merchants' organization, improve safety and sanitation and generally revitalize what was seen as a deteriorated neighborhood.

4 of 7

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,416.85 +225.48 1.31%
S&P 500 2,021.25 +19.09 0.95%
NASDAQ 4,683.4070 +45.4130 0.98%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs