Overview
The Partnership Fund for New York City, through its charitable affiliate Civic Capital Corporation, launched the Financial Recovery Fund (FRF) in November of 2001 to aid small businesses in Lower Manhattan affected by the World Trade Center attack. Recoverable grants totaling $11.4 million were distributed to 88 small businesses and to 34 individual seat holders of the New York Board of Trade by early 2003. This report provides an analysis of the impact of the WTC attack on these FRF grantees.
25%
The aggregate employee count of FRF grant recipients declined 25% from September 11, 2001 through June 30, 2003.
37%
of grant recipients were forced to permanently relocate their office space after the attack while 11% required temporary office space.