Appropriated by HUD to the Empire State Development Corp., the funds will be distributed in conjunction with the new York City Economic Development Corporation. The grant, news of which first surfaced in November, is expected to assist roughly 20,000 businesses impacted by the attacks.

"This program will help struggling businesses meet the real challenges they face since Sept. 11, but there is no government substitute for the thousands of workers, visitors and tourists that made Lower Manhattan so vital and vibrant," said New York Governor George Pataki at today's ceremony, held Downtown at the Marriott Hotel. "Thanks to the leadership of President Bush and Secretary Martinez, and their ongoing commitment to NewYork, this expedited and unprecedented $700 million grant will be the foundation on which many of Lower Manhattan's small businesses build their future as we rebuild our city and state."