SMALL BUSINESS EMERGENCY LOAN FUND LAUNCHED

Asian Americans for Equality (AAFE) and Renaissance are mobilizing to assist low-income communities across New York City imperiled by the pause in federal food assistance due to the government shutdown. AAFE will supplement its longstanding food pantries with 5 additional food distribution events in Jackson Heights and Flushing, Queens in November and December. Meanwhile, AAFE affiliate, Renaissance Economic Development, has created an Emergency Loan Fund to aid groceries and other small businesses facing economic hardship due to the loss of food stamp sales.

Nearly 2 million New Yorkers receive crucial assistance through the Supplemental Nutrition Assistance Program (SNAP). Benefits stopped on November 1, meaning many vulnerable families and older adults will be unable to put food on the dinner table, creating an unprecedented crisis. Following court rulings, the Administration announced that partial SNAP funds would be made available, but it could take weeks for SNAP benefits to resume.

“This is a crisis with multiple ripple effects,” said AAFE Executive Director Thomas Yu. “So many people in the low-income communities we serve, already struggling to pay their bills, now must worry about where their next meal will be coming from. And mom and pop groceries, largely dependent on customers with SNAP benefits, face potential financial ruin. AAFE has a long history of moving swiftly in times of crisis to deliver comprehensive aid in underserved communities. We’re committed to doing everything we possibly can to minimize the catastrophic impact of this government shutdown.”

The Small Business SNAP/EBT Emergency Loan Fund is designed to help food-based retailers maintain operations and stability during the government shutdown. Low-interest loans (3% fixed interest rate) are available up to $50,000. To be eligible, businesses must be located within the five boroughs of New York City. Applicants must provide a SNAP authorization letter from the U.S. Department of Agriculture. More details are available in the attached multilingual flyers. Renaissance is a licensed Small Business Administration lender and a U.S Treasury-certified Community Development Financial Institution (CDFI). Services are available in English, Chinese, Korean and Spanish.

Contact us for more information: (212) 964-6022