Quantcast

Small businesses affected by water main break in Jackson Heights and Elmhurst are eligible for loans

Photo via Twitter/@NYPD110Pct

A water main break on Jan. 12 resulted in major flooding on the Elmhurst/Jackson Heights border and officials are pledging to provide financial support to businesses that may have been affected.

Around 5:30 a.m. on Jan. 12, a water main ruptured near the intersection of 74th Street and Broadway, causing water to rush down the street and into a local subway station.

Repair crews from the Department of Environmental Protection reportedly shut down the broken main and were able to control the flooding. Homes, streets and businesses near the area had no water service. The flood took place near the Jackson Heights–Roosevelt Avenue/74th Street subway station.

Councilman Daniel Dromm, Asian Americans for Equality (AAFE) and Renaissance Economic Development Corporation announced a new emergency loan program for any small businesses within a certain boundary. The businesses will be eligible for up to $30,000.

Flooding Zone Boundary Area

“These emergency loans are a lifeline to local businesses that were impacted by the recent water main break,” Dromm said. “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.”

AAFE is a housing, social service and community development organization founded in 1974 to advocate for equal rights for Asian Americans.

There is a uniform 2 percent fixed interest rate, a three to six month deferment of interest and principal available and loans can be received in as little as 72 hours after paperwork is filed.

Dromm will hold office hours until 3 p.m. today and from noon to 3 p.m. on Jan. 19. at 37-32 75th St. Services will be available in Chinese, Spanish and Korean.

 

 

 

More from Around New York