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.
We rely on your support to make local news available to all
Make your contribution now and help Gothamist thrive in 2023. Donate today