Harlem Businesses Offered Loans

Earlier this year the Zoning and Franchises Subcommittee voted 10 to 1 on a proposal that would create a loan program for displaced small businesses. Now NY1 is reporting that the Upper Manhattan Empowerment Zone Development Company is offering $750,000 in loans to the dozens of "businesses being uprooted by a controversial rezoning plan." The businesses being forced off of 125th Street can now apply for the no-interest loans. According to locals there are around 70 establishments being displaced; if they relocate "within 10 blocks north or south between Fifth Avenue and Fredrick Douglas Boulevard" they can receive a loan up to $50,000, and by staying put for two years the loan will be forgiven.