NYS Governor Eliot Spitzer today joined the Lower Manhattan Development Corporation (LMDC), the New York City Department of Small Business Services and Assembly Speaker Sheldon Silver to announce the Lower Manhattan Small Firm Assistance Program. The $5 million program will provide grants to eligible street level businesses adversely affected by redevelopment construction in Lower Manhattan.

“Small businesses are the backbone of Lower Manhattan and those that chose to remain here during the toughest of times deserve our assistance,” said Governor Eliot Spitzer. “We owe them a debt of gratitude for their commitment to Lower Manhattan in the wake of September 11th. We must help them survive during this period of construction and revitalization. The small businesses of Lower Manhattan are proof of the strength and resiliency of the New York spirit.”

The grant program will compensate small firms for revenues lost during street closures related to publicly-funded construction projects. Eligible businesses will receive grants of up to $25,000 in total compensation. The Alliance for Downtown New York, which manages the Downtown-Lower Manhattan Business Improvement District (BID), will also provide marketing and technical support to eligible businesses.

The $5 million grant program is a critical part of the LMDC’s efforts to revitalize Lower Manhattan. The LMDC has already allocated hundreds of millions of dollars into residential projects, parks, and cultural amenities. These investments will position Lower Manhattan as a thriving 21st Century community and serve as the key economic engine for the nation, and secure its position as the financial capital of the world.

LMDC Chairman Avi Schick said: “The Small Firm Assistance Program will work to support small businesses as we continue the important work of rebuilding and revitalizing Lower Manhattan. These grants will help mitigate the adverse consequences of lost foot traffic for those businesses that have chosen to remain in Lower Manhattan and to invest in this community during the reconstruction. With this program, we take an important step in supporting the small business community that is so vital to the quality of life in this neighborhood.”