New Mets owner funds $17.5 million Queens business grant program

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Mets owner Steve Cohen donated $17.5 million to boost Queens small businesses. Photo by Doug Letterman/Flickr

Mets owner Steve Cohen donated $17.5 million to boost Queens small businesses. Photo by Doug Letterman/Flickr

By Rachel Vick

Two of Queens’ biggest business owners are ingratiating themselves with their new neighbors by spearheading a $17.5 million small business grant program.

Mets owners Steve and Alexandra Cohen donated the money through their foundation, with individual grants of up to $20,000 set to be distributed to minority-owned mom-and-pop shops around the borough. The money will go to firms in the zip codes hardest-hit by COVID-19 and 30 percent will be set aside for restaurants and street vendors. 

“Small businesses are the lifeblood of our City and COVID has had a devastating impact on them,” said Steve Cohen. “As the owners of the Mets, we are proud to support small business owners during this difficult time, just as they have supported the team and the community over the years.”

“We hope this donation brings them some relief,” he added.

To apply, businesses must be located in a “low-to-middle income” zip code of Queens, or a region hardest-hit by COVID-19. Only retail or personal services firms with 20 or fewer full-time employees and a gross revenue of $1 million or less in 2019 are eligible to apply. Restaurants that earned $3 million or less in gross revenue in 2019 and have no open tax liens or unresolved judgments can also apply.

A total of $15 million will be dispersed with another $2.5 million reserved for future use, the New York City Economic Development Corporation said.

Queens Borough President Donovan Richards praised the contribution to support vendors in need.
“Small businesses are the lifeblood of our communities, and no expense must be spared to prevent even a single closure,” Richards said.
For more information or to apply for funding, businesses can visit the NYCEDC website or reach out to Accompany Capital, Ascendus, BOC Capital, Greater Jamaica Development Corporation, Pursuit, Renaissance EDC, or Queens Chamber of Commerce.