As the City of New Rochelle continues to reopen, the City announced today its new program Rebound New Rochelle (Rebound NR), a partnership with the New Rochelle Chamber of Commerce, New Rochelle Business Improvement District, the Business Council of Westchester and the private sector, to help local businesses and residents impacted by the pandemic succeed in the new economic climate.
Funding for the program was made possible with the generous support of the private sector, including the City’s master developer for Downtown New Rochelle RXR Realty. The City is also leveraging federal grant dollars received through the U.S. Dept. of Housing and Urban Development (HUD) to bring the program total to over $1.8 million.
"By providing meaningful assistance to businesses and individuals, we can accelerate our local recovery and position our entire City for success in a post-COVID environment. The Rebound program reflects New Rochelle’s strong commitment to inclusive, equitable prosperity from which all of us can benefit," said New Rochelle Mayor Noam Bramson.
“As the public health crisis begins to subside, a crippling economic crisis is on the rise. Until there is a vaccine, we must find ways to co-exist with the coronavirus while moving forward thoughtfully and safely, particularly for our small businesses, the backbone of New Rochelle’s economy,” said Scott Rechler, Chairman and CEO of RXR.
The City’s diverse business community is comprised of multiple sectors of industry, including retail, restaurants, finance, medical, arts and entertainment and more, that could potentially benefit from funding and business assistance as they navigate the impacts of the pandemic and move forward.
Starting today, businesses interested in receiving a grant can apply through the City’s new online portal, www.ideallynewrochelle.com/rebound to determine eligibility. The portal is available in English and Spanish. Applicants will then be directed to complete a full application and upon review by a newly appointed selection committee comprised of the City and business community, funds will be distributed accordingly that can be used for rent, staffing, working capital or other critical needs. Additionally, business guidance to help drive success and manage those funds efficiently will be available through the RXR Realty Volunteer Portal and through The Acceleration Project (TAP).
Businesses and microenterprises interested in the program must demonstrate a financial need, be willing to share financials, be in good standing with the City and have a physical location in New Rochelle. The City of New Rochelle is also in the process of selecting a Minority Business Liaison to enable minority business owners, who may have been left out of the federal CARE programs, to navigate the resources available to help their business be more successful.
Rebound New Rochelle will also provide Tenant Based Rental Assistance (TBRA) for families who have been hit hard by the COVID-19 outbreak. That assistance includes providing temporary rental assistance to those with household incomes, prior to the COVID-19 Pandemic, of less than 50 percent of the Area Median Income (as determined by HUD and adjusted for family size) who have been laid off or furloughed from their job, and are unable to pay their rent as a result of the ongoing public health crisis. Interested households can learn more and apply through the Rebound New Rochelle portal.
“The City of New Rochelle is committed to the economic security of our diverse business community and our residents who were and continue to be significantly impacted by the public health crisis. We hope Rebound New Rochelle will serve as another lifeline to help advance our community’s recovery in the months ahead,” said New Rochelle City Manager Charles B. Strome III.
“We understand the significant financial challenges businesses and residents are facing, and our City has responded with strength and solidarity in creative collaborations to help the business community and our residents recover. We created Rebound New Rochelle to extend a critical lifeline to help our community rebound and succeed, and we are sincerely grateful to all of our private partners who continue to step up at such a critical time,” said Luiz Aragon, City of New Rochelle Commissioner of Development.
“As our Downtown businesses continue on their financial path out of this pandemic, Rebound New Rochelle will be an important program in aiding in their recovery,“ said Marc Jerome, Chairman of the New Rochelle Downtown Business Improvement District (NRBID).
“As a business owner, I know New Rochelle’s small businesses are suffering economic distress on two fronts: first being closed during these past months of the pandemic and second facing the added expenses of PPE’s and other required safety equipment just to reopen at reduced capacities. Rebound New Rochelle is a much needed and innovative example of a public-private partnership working together to help businesses survive,” said Rob Hayes, President of the New Rochelle Chamber of Commerce and owner of The Beechmont Tavern.
“As the public health crisis begins to subside, a crippling economic crisis is on the rise. Until there is a vaccine, we must find ways to co-exist with the coronavirus while moving forward thoughtfully and safely, particularly our small businesses, the backbone of New Rochelle’s economy,” said Scott Rechler, Chairman and CEO of RXR.
“The Rebound New Rochelle Initiative is another example of the innovative, collaborative and practical approach of the City of New Rochelle to be on the cutting edge of service to the City’s business community and is a model for public-private partnerships. The Business Council of Westchester is pleased to be a partner and looks forward to being an active participant in this important program,” said Marsha Gordon, President & CEO of the Business Council of Westchester.
“We are excited to re-engage with New Rochelle to support their businesses as they re-emerge in this next normal. We will offer customized 6-session boot camps over 10 weeks, in which two consultants will partner with each business owner to determine how to identify and address their immediate challenges and position them for growth and deliver a short-term plan for stability and success”, said Jane Veron, CEO of The Acceleration Project (TAP).
The City is also working with its private partners and the business community to identify additional support for the program. More information on overall qualifications can be found on the Ideally New Rochelle website at: www.ideallynewrochelle.com/rebound. For more information on the City of New Rochelle, please visit www.ideallynewrochelle.com.