Masters Hair Salon Receives Retail Incentive Loan
New York, N.Y. – Kenneth J.
Knuckles, President & CEO of the Upper Manhattan Empowerment Zone
Development Corp. (UMEZ) announced that Harlem Masters, a hair care
and beauty establishment, which has served the Harlem community for over 18
years, has received a $43,393.00 loan as part of UMEZ’s 125th
Street Pilot Retail Incentive Program.
Harlem Masters, owned by Timothy Greene,
moved from Fifth Avenue to Adam Clayton Powell, Jr. Boulevard, and the loan is
being used for costs associated with its relocation.
The program was created to assist businesses seeking to expand or relocate to
portions of 125th Street or certain Avenues perpendicular to
portions of 125th Street. The program also assists businesses
that are seeking to take advantage of the re-zoning of the 125th
Street Commercial Corridor. It was announced in August 2008.
The incentives under this pilot program are
offered on a “first come and as funds permit basis” to any eligible small
businesses seeking to participate in the program. All incentives will be
structured as loans, with incremental forgiveness over a two year period,
providing all program requirements are met by the participating business.
AREA Property Partners is supplementing the program by providing
matching grants in amounts up to $50,000.
“A great deal of effort and financial
commitment has been made to ensure that assistance will be available to our
existing local businesses,” said Mr. Knuckles. “Our overall goal is to help
ensure that these businesses not only remain open, but also prosper as we move
forward in the coming years.”
This initiative, also known as the
“Forgiveable Loan” program, complements the New York City Economic
Development Corporation’s Harlem Business Assistance Fund, a grant
program also intended to offset some expenses small businesses may incur in
relocating to 125th Street and its vicinity. The HBAF is financed by
New York City Industrial Development Agency and is being administered by
UMEZ on behalf of the City. The $1 million program reimburses businesses for
broker commissions paid in connection with new leases.
For more information about the 125th Street Pilot Retail Incentive
Program and the Harlem Business Assistance Fund visit UMEZ’s website at www.umez.org.