Small businesses in New York City may be eligible for another $1 million in grants to help recover from Superstorm Sandy.

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The city says that businesses could get grants of up to $5,000 each to make repairs or replace equipment damaged in the Oct. 29 storm. Three banks are contributing the money: Barclays is giving $500,000. Citibank and UBS are each donating $250,000.

The money is in addition to $5.5 million in grants from two nonprofit organizations, the Downtown Alliance and the Partnership for New York City, that were announced Nov. 24.

So far, most of the money available for businesses trying to recover from the storm has come in the form of low-interest loans. However, many business owners have said they do not want to take on additional debt.

 

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