Small businesses that have been financially hurt by redevelopment projects in Lower Manhattan will be eligible to recoup lost revenues under a new financial assistance program, officials announced today.

The $5 million grant program, announced by Governor Spitzer and other elected officials, has been created to compensate street-level businesses, such as restaurants, delis, and variety stores, for revenues lost during street closures resulting from numerous publicly-funded construction projects in downtown Manhattan, officials said.

“Small businesses are the backbone of Lower Manhattan and those that chose to remain here during the toughest of times deserve our assistance,” Governor Spitzer said. “We must help them survive during this period of construction and revitalization.”

Eligible businesses can receive grants of up $25,000. In order to qualify for the grants, businesses must be located south of Canal Street and employ less than 50 people. Technical assistance and marketing support will also be available to eligible businesses through the Alliance for Downtown New York.

Many businesses in Lower Manhattan have been hamstrung by street closures following the terrorist attacks on September 11, 2001.

“Six and a half years ago, many were saying that this City and its great downtown would never recover from 9/11,” the speaker of the Assembly, Sheldon Silver, said. “Not only is this community rising up all around us, we are providing grants to small firms whose daily commerce is affected by all of the rebuilding.”