NYCEDC grant program helped keep hundreds
of Queens businesses afl oat during pandemic
TIMESLEDGER | QNS.COM | JUNE 18-JUNE 24, 2021 9
BY BILL PARRY
During the height of the
COVID-19 pandemic the NYC
Economic Development Corporation
disbursed more than
$13 million to 746 small businesses
and street vendors. The
Queens Small Business Grant
program was instrumental in
keeping many afloat during
the economic downturn with
90 percent of the grants going
to minority and women-owned
businesses.
“With more than 1,000 applications
submitted and almost
$14 million distributed
across nearly 750 entities in
need of critical funding during
this turbulent time, we
couldn’t be prouder of what the
Queens Small Business Grant
program has achieved this
year,” Queens Borough President
Donovan Richards said.
“We’re talking about keeping
hundreds of Queens residents
employed and ensuring their
families can still put food on
the table. We’re talking about
protecting our small businesses,
of which 90 percent of those
approved are minority and/or
women-owned, in their times
of greatest need.”
Richards thanked the
NYCEDC and their partners for
making the program possible.
Rachel Loeb was appointed
president and CEO of the
NYCEDC in May after serving
as interim leader when
James Patchett stepped down
for a move to the public sector
in March. The Queens Small
Business Grant program remained
strong throughout the
transition.
“Small businesses are the
heart and soul of our communities,
and their resurgence
is key to the city’s long-term
success,” Loeb said. “We’re
thrilled the fund is providing
a critical lifeline for over 740
small businesses, especially in
neighborhoods hardest hit by
COVID-19.”
Loeb and the NYCEDC will
play a key role in the city’s economic
recovery after Mayor
Bill de Blasio announced a
plan to double the city’s $500
million investment in life sciences
to $1 billion to create jobs
and establish New York City as
a global leader in life sciences.
“Building a healthier city
means ensuring the life science
sector is equipped with
the greatest potential for
cutting-edge technologies and
treatments for all New Yorkers,”
Loeb said. “With a diverse
talent pool, a network of
premier academic and medical
institutions, New York City is
positioned to grow as a global
leader in life sciences research
and innovation.”
The tech ecosystem of western
Queens will have a key
role in the city’s network of
life science innovation as the
economy reopens.
“COVID-19 has had devastating
consequences for
Queens and the entire city, but
we can prevent future health
emergencies from having a
similar impact by investing
now in potentially life-saving
research and development,”
Richards said. “We are proud
that Long Island City is leading
in life sciences innovation, and
the investments announced
today will help us go even further
in the areas of pandemic
prevention and preparedness.
This funding shows our city is
committed to the growing life
sciences sector and will not
let the lessons of COVID-19 go
unheeded.”
Reach reporter Bill Parry
by e-mail at bparry@schneps
media.com or by phone at (718)
260–4538.
NYCEDC President and CEO Rachel Loeb
Photo by Ed Reed/Mayoral Photography Offi ce
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