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January 17, 2018, Queens, NY – NYC Council Member Dromm, Asian Americans for Equality (AAFE) and AAFE affiliate Renaissance Economic Development Corporation (REDC) announced they will begin open office hours today at the Councilmember’s District Office to support the small businesses flooded by the water main break on January 12th in the Elmhurst/Jackson Heights section of Queens. Flooding caused extensive damage to many of the small businesses and loss of business to surrounding businesses due to street closures, emergency vehicles and repairs.

 “These emergency loans are a lifeline to local businesses that were impacted by the recent water main break,” said NYC Council Member Daniel Dromm (D-Jackson Heights, Elmhurst).  “Many business owners in my district are recent immigrants struggling to make ends meet.  Store closure, flood damage, and loss of vehicular and foot traffic has resulted in thousands of dollars in repair costs and lost revenue for some businesses.  This tremendous financial burden can be quite devastating.  These low-interest loans will help owners overcome these challenges and get their businesses back into operation.  I am pleased to work alongside AAFE to support Jackson Heights and Elmhurst entrepreneurs in their time of need.”

AAFE and REDC announced a new emergency loan program for the affected small businesses. The Elmhurst/Jackson Heights Emergency Loan Program will be made available for emergency purposes to all small businesses in the boundary area, and up to $30,000.

AAFE Interim Executive Director Doris Koo said, “For a small business a flood can mean losing everything. With this new loan program we can give these businesses an immediate helping hand and get them get back on their feet. This program is important for those businesses that were directly damaged by the flood and also businesses in the immediate area that are adversely impacted. In a difficult time like this, many immigrant and minority-owned small business have a hard time finding access to affordable capital and this program offers very low interest rates and provides support to business owners in their native language.”

Loan details include:

1. Uniform 2% Fixed Interest Rate

2. Loan Amount of up to $30,000

3. 3-6 month deferment of interest and principal available

4. Terms of up to 5 years, including the deferment period

5. Loans can be received in as little as 72 hours after paperwork is filed.

Dedicated office hours will be provided Wednesday-Friday this week from 12-3pm in the councilmember’s office one block away from the affected area, at 37-32 75th St, Jackson Heights, NY 11372.

Program services will be made available in Chinese, Spanish and Korean. The boundary area for the program includes the immediate streets surrounding the flooded area. Specifically bordered by the south side of Roosevelt to the north side of 41st Ave, and the east side of 73rd Street to the west side of 75th Street.

Media availability can be made upon request.

Boundary Area:

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Asian Americans for Equality (AAFE) is a non-profit organization dedicated to enriching the lives of Asian Americans and all of those in need. AAFE was founded in 1974 to advocate for equal rights and over the last four decades has developed into a preeminent housing, social service and community development organization. AAFE and its affiliates are leading organizations for services to immigrant communities by providing access to government support services, business support services, affordable housing advocacy and legal services, workforce development, senior services, pathways to citizenship, English language courses, pathways to homeownership, and educational support services.

                                        

Renaissance Economic Development Corporation is a certified community development financial institution and a Small Business Administration-approved Micro-lender. Renaissance provides direct financing and technical assistance services to entrepreneurs throughout New York City.

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