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NYC Revitalizes Commercial Corridors

March 21, 2017 
By Stephanie West

New York, NY – New York City Department of Small Business Services (SBS) Commissioner Gregg Bishop has announced nearly $9 million in public and private investments to revitalize commercial corridors across the five boroughs.

SBS announced that grants being awarded to eleven community-based organizations (CBOs) in six city neighborhoods. The neighborhoods include East Harlem, Downtown Staten Island, East New York, Downtown Flushing, Inwood, and Jerome Avenue in the Bronx. The grants will be used to address unique local needs in each neighborhood.

Of the nearly $9 million in grant funding, nearly $8.5 million is being awarded with City funds and an additional $525,000 in technical assistance and financial support is being offered today by Citi Community Development and Local Initiatives Support Corporation (LISC). This additional funding will be used for a set of catalytic early action projects focused on physical improvements that spur economic development and attract and retain small businesses. The three recipients of this additional assistance were also announced today.

“Strong neighborhoods are the backbone of our city, and the nearly $9 million in investments announced today will go a long way towards revitalizing key commercial corridors,” said Gregg Bishop, Commissioner of the NYC Department of Small Business Services. “Working with community partners, we are responding to local needs to support small business growth and build more vibrant neighborhoods for all New Yorkers.”

The Neighborhood 360° initiative was launched last year by SBS to identify, develop, and launch commercial revitalization projects in close partnerships with CBOs. The initiative’s grants were available through an application process that was open to all CBOs. Awardees were selected based upon their proposed projects, prior experience with their respective communities, capacity to partner with other organizations, and capacity to oversee new staff. Grant awards were then determined by project scope and scale.

“When our neighborhoods thrive, New York City thrives – and these are exactly the types of investments that are strengthening our communities, including my own district,” said Speaker Melissa Mark-Viverito. “Investment in merchants organizing on 116th Street was a key priority in the East Harlem Neighborhood Plan, and the funding being announced today will help advance that important goal. I am pleased that SBS continues to look for creative ways to revitalize our neighborhoods, and look forward to seeing how these local commercial corridors flourish and benefit our constituents.”


 

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