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City-wide Emergency Loan Programs
Asian Americans for Equality, Inc
AAFE Community Development Fund (AAFE CDF) and Renaissance Economic Development Corporation (Renaissance) are offering a city-wide emergency loan program to help homeowners and small businesses recover from the devastation caused by Hurricane Sandy.
"Hurricane Sandy has left a path of destruction in our beloved city. Asian Americans for Equality (AAFE) is committed to providing assistance to homeowners and small businesses impacted by the storm and is offering two emergency loan funds," said Christopher Kui, Executive Director of AAFE. "We are committed to supporting recovery efforts and our efforts will provide emergency loan funds quickly to impacted homeowners and small businesses. We want everyone across the city impacted to know we are here to help."
Summary of the Emergency Loan Funds:
Small Business Loan: To provide emergency working capital to assist small businesses affected by Hurricane Sandy in the five boroughs of New York City. For-profit business entities only. Not available to non-profits or religious or political organizations.
- Size of business: Employs fewer than 50 individuals worldwide
- Geographic Boundaries: Maintains a place of business and is conducting business operations in the 5 boroughs of New York City.
- Maximum Amount: $30,000
- Interest Rate: 4% Fixed, 3% Fixed for businesses located south of 40th Street in Manhattan
- Term: Up to 36 months amortization
- Deferments: Up to 3 months
- Fee: Waiver of $100 Admin Fee for all loans; Waiver of UCC & lien search fee for all loans $15,000 or less.
- Expiration: December 15, 2012
- Bring the following to expedite the process:
- Owner's ID
- Certificate of Incorporation or Filing Receipt
- Commercial Lease
- Most Current Business Tax Return
- Bank Statement of August or September 2012
Emergency Home Loan: To assist NYC homeowners who have been affected by the recent Hurricane Sandy
- Eligible items to be repaired through this loan include:
- Replace/ repair damaged roof
- Replace/ repair damaged window/entry door
- Boiler replacement / repair facade
- Other repair items will be assessed on a case-by-case basis
· Loan Range: $5,000-$20,000
· Terms: 1 to 5 years. No prepayment penalty
· Interest Rate: 4% Annum; 3% Annum for seniors over 62 years and disabled; 3% Annum if repairs are conducted by certified green specialist
· Credit: 620+ · Income Limit: None
· Property Eligibility: 1-4 family homes
· Location Limits: 5 boroughs of New York City
· Required Documents:
- Complete loan application
- ID (government issued with photos)
- Proof of ownership (Deed) - Proof of damage(s) (before pictures)
· Expiration Date: December 15, 2012
To apply or ask questions about the loans, homeowners and small businesses should set-up an appointment or walk-in at one of our storefront offices between Monday-Friday, 9am-5pm:
- Chinatown Office: 111 Division Street, New York, NY 10002, 212-979-8988
- Queens Office: 133-04 39th Avenue, Flushing, NY 11354, 718-961-0888
- Brooklyn Office: 4721 8th Avenue, Brooklyn, NY 11220, 718-686-8223