FOR IMMEDIATE RELEASE: CITY OF YONKERS AWARDS $415,000 IN GRANTS AND LOANS TO SMALL BUSINESSES IMPACTED BY COVID-19 PANDEMIC.
Yonkers Industrial Development Agency (YIDA) and Yonkers Community Development Block Grants (CDBG) Assist Nearly Three Dozen Local Businesses.
YONKERS, NY – August 25, 2020 – Yonkers Mayor Mike Spano today announced the City has awarded $415,000 in grants and loans to local small businesses through its Yonkers Business Assistance Program. Created to assist Yonkers businesses that have been negatively impacted by the COVID-19 pandemic, the program has already supported up to 34 Yonkers businesses since its launch last month. Additional funding is still available to eligible businesses.
“We are delighted to provide this much-needed financial assistance to the City’s small businesses that are struggling during the pandemic - they are the backbone of our local economy. It is critically important that we continue to assist our small businesses as we reemerge from the economic downturn and put Yonkers back to business,” said Mike Spano, Mayor and Chairman, Yonkers IDA.
The Yonkers Business Assistance Program, funded by the Yonkers Industrial Development Agency (YIDA) and Community Development Block Grants (CDBG), managed by the City’s Planning and Development department, is divided into two categories based on funding and business size. Grants of up to $10,000 are awarded to businesses with five employees or less, and a combination of grants and loans up to $25,000 are awarded to businesses with up to 50 employees.
To date, City of Yonkers’ Planning & Development Department’s Micro-Enterprise Stabilization Fund has granted a total of $200,000 in CDBG funding to local businesses with five employees or less. These businesses include local delis, auto shops, real estate and contracting companies, salons and more. Yonkers’ Micro-Enterprise Stabilization Fund is expected to approve another $80,000 for eight more small businesses in early September.
Yonkers Industrial Development Agency’s (YIDA) Small Business Grant and Loan Stabilization Fund, for businesses with up to 50 employees, has granted $10,000 grants each to nine businesses to be used to purchase Personal Protective Equipment (PPE) such as masks, distanced-work stations and customer protection measures for employees and customers. Five Yonkers small businesses also each received $25,000 interest-free loans from the Yonkers IDA to be used for emergency expenses required to keep their businesses operational as a result of and during the pandemic. Recipients of these grants and loans include local restaurants, auto dealerships, travel agencies, contracting, plumbing and electrical companies.
Yonkers Business Assistance applications and detailed eligibility requirements can be found at www.yonkersny.gov and at www.yonkersida.com
.jpg)
