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PRESS RELEASE
Friday, December 7, 2001
Mayor's $100 Million Economic Recovery Plan Passed By Senate
The plan is part of the $5.3 billion District budget approved by Congressional leaders.
(Washington, DC) On Friday, December 7, the Senate passed the District's first post-control board budget, a $5.3 billion package with new allocations for education and public safety, and $100 million in emergency economic assistance for District businesses affected by the September 11 attacks ($50 million in loans and $50 million in loan guarantees). Once the budget is signed into law, businesses of any size can apply for up to $5 million in guaranteed low-interest loans.
"Local businesses make up 90 percent of our business sector. They contribute $250 billion a year to our city. They are the foundation of the District's economy, and we're not about to let them falter," commented Mayor Anthony A. Williams, "This money will help District businesses keep workers on so they can provide for their families, keep buying supplies, and keep their businesses strong."
The Senate vote was 79 to 20 in favor of the spending package. House and Senate negotiators approved the District's budget on Tuesday, December 4. The District's budget is expected to be voted on by the full House, and be signed by President Bush, within the next seven days.
For More Information
Part of the Mayor's Ongoing Economic Recovery Initiative
The $100 million is part of the Mayor's larger Economic Recovery Program. On November 7, the Mayor announced $8 million in low-interest loans for area businesses affected by the September 11 attacks. Already, the five participating banks:
- Approved loans totaling $930,000;
- Have pending loan applications totaling $2.3 million; and
- Are awaiting receipt of 54 applications from potential borrowers.
To learn more about the Mayor's Economic Recovery Program, visit http://www.washingtondc.gov/mayor/economic_recovery/index.shtm. | 
