State Disaster Emergency Grant / Loan program
The City of Yonkers Industrial Development Agency is dedicated to helping our City’s businesses succeed and thrive during the most difficult times. New York State has created a new state disaster emergency loan program which aims to support the short-term viability of both small businesses and not-for-profit corporations, with fewer than 51 employees, by allowing the Yonkers Industrial Development Agency (“YIDA”) to:
- Provide grants of up to $10,000 to be used for the purchase of personal protective equipment (PPE) and/or installations to prevent the spread of COVID-19; and
- Make loans of up to $25,000 to businesses negatively impacted by COVID-19.
What are the eligibility requirements?
- The business must have been a financially viable entity prior to March 7, 2020
- The business must conduct business in the City of Yonkers
- The business must have 50 or fewer employees, including owner(s); and
- The business must have been negatively impacted by COVID-19
What do I need to apply?
You will need to complete the online application below and submit the following supporting documentation:
- 2019 business tax returns (or most recent year filed)
- 2019 personal tax returns (or most recent year filed)
- Business Financial Statements as of 12/31/19
- Income and expense statements for past 12 months
- EIN verification letter
- Copy of Driver’s License or State issued identification
YIDA may provide grants to small businesses and not-for-profit corporations in an amount not to exceed $10,000, The proceeds of which must be used for the purpose of acquiring personal protective equipment or installing equipment necessary to prevent the spread of COVID-19.
Please note that applying for either program does not guarantee that you will receive a grant or loan.
When reviewing an application the following shall be considered regarding the applicant: (1) its creditworthiness prior to March 7, 2020; (2) the negative impact the shutdown has had on its operations and finances; (3) how it plans to use the funds; (4) ties to the applicable community and the applicant’s impact on the area served by YIDA; (5) assurance that efforts will be made to retain jobs during the time at which Executive Order 202 of 2020 remains in effect; and (6) other sources of funding available. Please note that eligible entities in a “highly distressed area”, as that term is defined in Section 854 (18) of the General Municipal Law, shall receive priority funding.