Loans Help Shops Recover From Elmhurst Water Main Break Floods

JACKSON HEIGHTS, QUEENS -- The flooding that descended upon areas of Elmhurst and Jackson Heights following a water main break in January could have very well been the last straw for local businesses struggling to make ends meet in the neighborhood.

That's why the Asian Americans for Equality teamed up with NYC Councilman Daniel Dromm (D-Jackson Heights, Elmhurst) to offer low-interest emergency loans for up to $3,000 to small businesses hurt by the water main break. Storeowners affected by the flooding can apply for a loan this week and receive money for repairs as quickly as three days after paperwork is filed.

Dromm said the emergency loans are a "lifeline" to business owners in his district after an 80-year-old water main broke open on 60th Avenue shortly after midnight on Jan. 12, closing down streets and flooding businesses in parts of Elmhurst and Jackson Heights. Flooding and street closures from the break cost business owners thousands of dollars in repairs and lost business revenue.

"Many business owners in my district are recent immigrants struggling to make ends meet," Dromm said. "This financial burden can be quite devastating."

The AAFE will offer the Elmhurst/Jackson Heights Emergency Loan Program to entrepreneurs within the affected area in need of emergency funds to repair their business or just to keep it afloat after the recent loss of business.

"For a small business a flood can mean losing everything," said Doris Koo, interim director of AAFE. "With this new loan program we can give these businesses an immediate helping hand and get them back on their feet."

AAFE is offering the loans at a fixed 2 percent interest rate, to be payed back over a period of of up to five years with deferment available for the first six months. Qualifying businesses must be within the boundary area of the map shown below - specifically between the south side of Roosevelt and the north side of 41st Avenue or from the east side of 73rd Street to the west side of 75th Street.

The organization will hosting dedicated office hours to apply for the loans from noon to 3 p.m. through Friday in Dromm's office at 37-32 75th St. Program services will be available in Chinese, Spanish and Korean.

"In a difficult time like this, many immigrant and minority-owned small business have a hard time finding access to affordable capital and this program offers very low interest rates and provides support to business owners in their native language,” Koo said.

Lead photo via Google Maps.

Caption: This intersection between Roosevelt Avenue and 74th Street was among the areas affected by flooding from the water main break.