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

Grants and loans still available to Capital Region businesses as pandemic recovery soldiers on
Written by Publishing Team

Businesses are still in recovery with the outbreak of the epidemic and the continuing emergence of cases of coronavirus every day.

Lockdowns and some strict restrictions may have been present in the past but can be activated again if needed, especially given the recent effect of the omicron variant.

“Business is getting better, things are going better, but we’re still on standby,” said Michael Lupsinger, director of the Manufacturing Expansions Partnership at the Center for Economic Growth (CEG) Capital Region.

Federal programs like the Paycheck Protection Program have come and gone, but as companies try to restore stability before the pandemic, some state and local assistance remains available.

Lobsinger said fewer companies have reached out to CEG to request coronavirus grants, but they are still looking for money to help them implement safeguards and processes better prepared for any large-scale events or shutdowns that might happen again.

Small business lenders like Pursuit and My Community Loan Fund are preferred options, although there are other ways to funnel money from them.

Here are some loan and grant programs companies can look to for additional financial support.

New York State COVID-19 Pandemic Small Business Recovery Scholarship Program

This scholarship program is open to small and micro businesses and for-profit cultural and artistic organizations with the opportunity to provide anywhere from $5,000 to $50,000 in compensation for expenses accrued during the pandemic shutdown in March 2020 and April 2021. To be eligible, businesses must meet certain criteria and demonstrate the need to lose Revenues, reduced gross receipts and prior aid accepted between 2019 and 2020.

Capital District Advancement Fund

The fund is available to for-profit and non-profit corporations in the six-district area. Qualifiers can get loans for anywhere from $25,000 to $500,000. Loans can range from two to 10 years and are granted at a fixed interest rate of 1.5 percent and the ability to defer principal payments for the first six months.

Global New York Grant Fund

This specific grant program is aimed at small and medium-sized businesses that are trying to become global entities and generate new jobs. It is open to all non-profit organizations and corporations in the state that wish to create or increase global exports.

These export scholarships are awarded on a “repayable basis” and recipients can receive up to $25,000. Similar grants of up to $100,000 are available to nonprofit organizations that assist with export operations and trade education for state corporations.

Empire State Development urges applicants to speak with a representative for guidance because those who do not do so may encounter significant delays in review and approval.

CEG also promotes a range of financial assistance opportunities available specifically to manufacturers.

The Workforce Development Institute offers grants to companies that need additional personnel training and can save some limited equipment money.

The National Grid Manufacturing Productivity Program and the NYSEG Manufacturing Accelerator Program (MAP) are productivity grants to help companies looking to expand or conduct market analysis to improve their space. Lopsinger said the grants could help cover about 40 to 60 percent of the project’s costs. He noted that grants ultimately have a cap but can still save a “significant amount of money”.

The Jeff Lawrence Innovation Fund managed by Fuzehub offers a handful of grants of up to $50,000 to awardees each year. Grant applications from the first round are now accepted.

Trade Adjustment Assistance grants are available to companies that have lost a significant amount of business to outside competition. The Trade Adjustment Assistance Program looks to help companies regain their competitive advantage.

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