Columbia Offers Emergency Loans To Harlem Businesses: Report

HARLEM, NY — Columbia University is launching an emergency fund to loan money to Harlem businesses getting back on their feet as New York City begins its economic recovery from the new coronavirus outbreak, according to reports.

The fund, managed by the Columbia-Harlem Small Business Development Center, will offer businesses loans in two tiers, the Daily News first reported. The first tier of loans will result in offers between $500 and $5,000 and the second tier features larger offers between $5,000 and $50,000, according to the report.

The amount businesses will be able to receive will depend on sales figures, the Daily News reported. Funds will be used to help businesses stock up on inventory, rehire furloughed or laid off workers and implement new business strategies that comply with social distancing best practices.

The Columbia-Harlem Small Business Development Center is part of the Morningside Heights ivy league's business school. The organization offers businesses in Harlem and the South Bronx resources such as workshops, networking help, business plan counseling and funding. South Bronx businesses will also be eligible for the emergency fund loans.

New York City entered Phase One of its coronavirus recovery on Monday, which means that industries such as construction and retail are allowed to resume some activities. Retail stores will be limited to curbside pickup, or in-store pickup if curb space is lacking, only. Monday also marks the 100th day since New York City's first confirmed coronavirus case. The city became one of the hardest hit locations in the world with more than 204,000 confirmed cases, 17,169 confirmed deaths and 4,708 probable deaths, according to the latest city data.

Read the full Daily News article here.

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