Grants and loans still available for Capital Region businesses as pandemic recovery soldiers


Businesses are still in a recovery mode as the pandemic rages on and cases of the coronavirus continue to surface every day.

Blockages and some strict restrictions may exist in the past, but can be re-enacted if necessary, especially given the recent impact of the omicron variant.

“Business is improving, things are better, but we are still on our guard,” said Michael Lobsinger, director of the Capital Region Manufacturing Expansion Partnership at the Center for Economic Growth (CEG) .

Federal programs such as the Paycheque Protection Program came and went, but as companies try to regain pre-pandemic stability, some government and local help remains available.

Lobsinger said fewer companies have contacted CEG to apply for coronavirus grants, but they are still looking for money to help them implement safeguards and better processes for any event or shutdown at large scale that could reproduce.

Small business lenders such as Pursuit and My Community Loan Fund are go-to options, although there are other ways to channel the money.

Here are some of the loan and grant programs that businesses can turn to for additional financial support.


New York State COVID-19 Small Business Recovery Grant Program

This grant program is open to small or micro-businesses and for-profit cultural and artistic organizations with the option to provide between $ 5,000 and $ 50,000 in reimbursement of expenses accrued during the pandemic closure of March 2020 and April. 2021. To be eligible, companies must meet certain criteria and justify a need for shortfall, lower gross revenue and previous aid accepted between 2019 and 2020.

Capital region advancement fund

The fund is available to both for-profit and non-profit businesses in the Six County area. Eligible people can receive loans ranging from $ 25,000 to $ 500,000. Loans can range from two to 10 years and come with a fixed interest rate of 1.5% and the ability to defer principal payments for the first six months.

New York Global Grants Program

This specific grant program targets small and medium-sized businesses trying to become global entities and create new jobs. It is open to all nonprofit organizations and state enterprises wishing to create or increase global exports.

These export subsidies are provided on a “repayable basis” and recipients can obtain up to $ 25,000. Similar grants of up to $ 100,000 are available for nonprofit organizations that assist export operations and business education to state-owned enterprises.

Empire State Development urges applicants to speak to a representative for advice, as those who do not may experience a significant delay for review and approval.

CEG also promotes a list of financial aid opportunities available, in particular for manufacturers.

The Workforce Development Institute offers grants to companies that need additional staff training and can provide limited equipment funds.

National Grid’s Manufacturing Productivity Program and NYSEG’s Manufacturing Acceleration Program (MAP) are two productivity grants designed to help companies looking to grow or perform market analysis to optimize their space. . Lobsinger said grants can help cover around 40 to 60 percent of a project’s costs. Grants ultimately have a cap but can still provide a “significant amount of money,” he noted.

The Jeff Lawrence Innovation Fund administered by Fuzehub distributes a handful of grants of up to $ 50,000 to the award recipients each year. Round 1 grant applications are now being accepted.

Trade adjustment assistance grants are available for companies that have lost a large volume of business to foreign competition. The Trade Adjustment Assistance program aims to help companies regain a competitive advantage.


Source link

Comments are closed.