SCHENECTADY — Schenectady is offering $200,000 in grant funding to small businesses in the city with a new round of Community Development Block Grant CARES Act (CDBG-CV) funding, which began accepting applications this week.
The Schenectady City Council greenlit a measure during its Feb. 27 meeting to allow Schenectady Mayor Gary McCarthy to enter into an agreement with the Community Loan Fund of the Capital Region Inc. for the monies for the Small Business Assistance Program.
The initiative is designed to help small businesses in the city with additional funding to help them overcome the hurdles the pandemic posed for many local businesses.
“The COVID-19 pandemic and subsequent economic shutdown has devastated communities across the country,” McCarthy said. “As we move away from the pandemic, businesses are still feeling the residual effects. This program is designed to support local small businesses impacted by the pandemic. I would like to thank the Community Loan Fund and our dedicated staff for their efforts to coordinate this critical relief funding.”
Since 2020, Schenectady has provided over 64 local businesses with CDBG grants.
The application period for the latest round of funding began on Monday and will last until June 1, with a cap of $15,000 per applicant.
New applicants will receive first priority, with applications available at cityofschenectady.com and in person at Schenectady City Hall.
The nonprofit Community Loan Fund of the Capital Region will administer the grants and provide technical assistance training, workshops and seminars to the recipients. Applications will be reviewed on a rolling basis.
“The Community Loan Fund is pleased to assist the City of Schenectady as it pertains to distributing COVID-19 relief funds to small businesses in need,” Linda MacFarlane, executive director of Community Loan Fund, noted in a statement. “The ongoing challenges for local entrepreneurs post-Covid can be detrimental not only to their small business but the community at large. It is through programs like these with the City of Schenectady that will ensure the success of local small businesses for years to come.”
To be eligible for the grants, businesses must be located in Schenectady, must employ 10 people or less and have suffered a 25% loss in revenue since the start of the pandemic. The program will also prioritize businesses owned by people of color, immigrants, and women.
Contact Ted Remsnyder at [email protected]. Follow him on Twitter at @TedRemsnyder.