Glens Falls Begins Downtown Revitalization Initiative Venture Enterprise (DRIVE) Program
The City of Glens Falls and Greater Glens Falls Local Development Corporation have partnered with the objective to provide competitive loans and support services through the Downtown Revitalization Initiative Enterprise Program also known as DRIVE.
DRIVE is utilizing funds provided by the Downtown Revitalization Initiative (DRI) which to help locally owned startup and young businesses to increase revenue, fill vacant spaces, and provide job opportunities in Downtown Glens Falls. These funds are administered by the NYS Homes and Community Renewal to launch a new small business development program.
Eligible applicants:
- Startup Business – Operating since January 1, 2020
- Existing Business – Operating for 60 months or less AND planning a major expansion project
(Expansion Project = 50% increase in leased/owned space OR at least 2 NEW Full-Time Jobs Created) - All Applicants must be for-profit with a filed DBA, LLC, S-Corp, Partnership, or Corporation
- Maximum of 30 full-time or full-time equivalent (FTE) employees at the time of Application
- Retail, restaurants, office, household goods, and general or specialized consumer services
- At least one Owner must be actively involved in the daily business operations
Use of DRIVE Funding
Possible uses of DRIVE Funding include Interior space fit-up; exterior facade renovations if the building is owned by the Business; equipment; inventory; fixtures and furnishings; technology upgrades; marketing, product distribution, and website development; payroll for new employees (other than the Owner) for up to 12-months after Loan approval.
Download the full report and application here:
DRIVE Program Guidelines and Application Packet