Seedco Receives $1.5 Million to Expand Lower Manhattan Small Business and Workforce Retention Project

Seedco Receives $1.5 Million to Expand Lower Manhattan Small Business and Workforce Retention Project

Seedco, a national nonprofit community development intermediary, has announced new grants totaling $1.53 million from the American Express Foundation, the Bank One Foundation, the McCormick Tribune Foundation, Warburg Pincus, and the William Randolph Hearst Foundation in support of the expansion of its Lower Manhattan Small Business and Workforce Retention Project. The project to assist small businesses adversely affected by the September 11 terrorist attack on the World Trade Center was put on hold in January while the organization sought additional support.

With the new funding and other recent contributions, Seedco has now raised approximately $17 million for the project. More than $11 million of that amount has already been committed to over 350 businesses, saving almost 2,000 jobs. The additional funds, together with $1.5 million recently received from the PepsiCo Foundation, will enable Seedco and its partner organizations to aid several hundred additional businesses in need of help. To be eligible for grants, loans, employee-retention subsidies, and business support services such as insurance and real estate consultation, businesses must be located on or below Canal Street and intend to stay there, employ fifty or fewer workers, and be able to demonstrate the adverse impact of the events of September 11 on their operations.

"Seedco provides a range of vital services to business owners and workers whose lives were affected by the events of September 11," said Catherine Brown, communities program director for the McCormick Tribune Foundation. "The McCormick Tribune Foundation's Disaster Relief Fund is proud to partner with the agency."