Chair Thomas-Henry questions Khan on SBS outreach to Second Avenue Subway-impacted businesses

Thank you, Councilmember Salam.

While we're in Harlem, I have a couple quick questions.

Second Avenue.

Has SPS visited, I mean, I'm sure there's a couple of legacy businesses or just any of the businesses in general that are along Second Avenue where the Second Avenue subway face.

Next phase is happening.

Yes, we've been in that.

Frankly, those businesses are in crisis at the moment.

So are there any resources that you have been able to provide to them to help them weather this storm?

So we at SPS have the services that you're very, very familiar with at this point, Chair Thomas Henry.

So those are the services that we have.

And one service that could be helpful to a business that is seeking some bridge funding to continue operations would be financing assistance.

And we don't connect small businesses in the city to the larger banks.

We connect them to CDFIs, community depository financial institutions.

institutions that provide affordable lending options to small businesses on more affordable terms.

And so we've done outreach in Second Avenue, we've done outreach throughout Harlem, and when we connect New Yorkers to financing assistance, we're looking at more affordable lending options as a tool for them to use to manage their operations.

Well, I will say this, especially because a lot of those are black and brown businesses, they don't traditionally like

lending and would prefer more of a grant or even some just assistance considering that this is a project that is out of their control.

Yes, it is needed.

Other municipalities, when they're developing such large infrastructure projects, put parameters in place where there is financial assistance available to those that are significantly impacted.

Is there anything that the administration has thought of to provide similar assistance?