You are reading

Businesses Destroyed in Flushing Blaze Last Week Can Tap Into Newly-Established Emergency Loan Fund

A large fire tore through a Flushing mall early Thursday that houses 30 kiosks (Photo FDNY)

An emergency loan fund has been established to help businesses impacted by a large fire, pictured, at 40-10 Main St. Thursday (Photo: FDNY)

March 23, 2022 By Michael Dorgan

Two non-profits with a large presence in Flushing have come together to support more than 30 businesses that were destroyed by a large fire on Main Street last week.

Asian Americans for Equality (AAFE) and the Renaissance Economic Development Corp. (REDC), two Manhattan-based organizations with offices in Flushing, have established a $1 million loan fund to help business owners recover from the blaze that tore through a mall last Thursday.

The businesses were gutted by the five-alarm fire at 40-10 Main St. which burned for hours and caused the mall’s ceiling to collapse. The FDNY has not revealed what caused the fire.

The fund, called the Flushing Downtown Fire Emergency Loan Program, was announced Monday and makes up to $50,000 available to each business impacted by the fire. The program aims to help owners relocate and reopen their businesses as soon as possible.

“Our staff is standing by… to begin working with small business owners and we will be here every day until each and every small business in need of assistance receives it,” said Jessie Lee, the managing director of REDC. The non-profit provides low-interest loans, grants and training to immigrant small business owners.

The REDC is partnering with the AAFE to oversee the emergency loan program. The AAFE provides affordable housing for Asian Americans and various disadvantaged communities as well as low-interest loans to immigrant entrepreneurs.

An aerial view of the damage caused by the fire (Photo via Queens Council Member Sandra Ung Twitter page  @CMSandraUng)

The emergency loans come with a 2 percent fixed interest rate with terms of up to five years available. Surrounding businesses that were closed or disrupted by road closures due to the fire can also access the funds.

Queens Council Member Sandra Ung, who was at the scene of the fire throughout the day last Thursday, welcomed news about the emergency loan program.

“This was a truly devastating event and we are going to have to utilize all the resources at our disposal… to help these small businesses recover,’ Ung said.

“The Flushing Downtown Fire Emergency Loan Program is an important part of that recovery.”

Business owners interested in applying for a loan from the program can click here.

A view of the exterior damage caused by the fire (Photo via Queens Council Member Sandra Ung Twitter page  @CMSandraUng)

email the author: news@queenspost.com
No comments yet

Leave a Comment
Reply to this Comment

All comments are subject to moderation before being posted.


The reCAPTCHA verification period has expired. Please reload the page.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Recent News

Long Islander gets 3-9 years for stealing homes across Queens belonging to elderly or disabled owners: AG

New York Attorney General Letitia James and Queens District Attorney Melinda Katz announced that a Long Island man was sentenced to three to nine years in prison Friday for leading a deed theft ring that resulted in five homes being stolen from vulnerable Queens residents and saw them earn more $1 million in ill-gotten gains.

Marcus Wilcher, 48, of Carll Drive in Bay Shore, pleaded guilty in May to grand larceny in the second degree in Queens Supreme Court for his role in leading the crew following an investigation by the Attorney General’s office.