LMDC aims to rescue businesses suffering from public construction-related losses

The Lower Manhattan Development Corp. is expanding its aid program for small businesses plagued by public construction projects, the agency announced yesterday. According to the Tribeca Trib, the agency has upped the total amount of grant money it is making available to $6 million from $5 million and extended the program by five years, through 2015. Individual businesses can now receive up to $35,000 each through the program, up from $25,000 previously. As The Real Deal reported last month, merchants located along Second Avenue on the Upper East Side say business is down by as much as 40 percent due to subway construction in the area, but unfortunately for them, the LMDC’s program is limited to Lower Manhattan. Businesses with less than 50 employees located below Canal Street are eligible, provided they can prove a loss due to a public construction project within a block of their own address. [Tribeca Trib]

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