Glens Falls offers the Small Business Recovery Fund to keep businesses open
The City of Glens Falls and the Greater Glens Falls Local Development Corporation are in cooperation with the U.S. Department of Housing and Urban Development to bring the Small Business Recovery Fund to our community.
The primary objective of the Small Business Recovery Fund (“SBRF”) is to provide working capital and related financial assistance to existing small businesses suffering impacts from the COVID-19 outbreak within the City of Glens Falls. The goal of the SBRF is to support the financial health of small businesses to enable those businesses to prevent, prepare for, and respond to COVID-19, sustain their business operations during the outbreak, and ultimately grow and expand their business activities when conditions allow in the future.
SBRF assistance will be in the form of a Deferred Loan (between $1,000 and $7,500) to the applicant business.
Priority will be given to ground-floor storefront businesses open to the general public, businesses for whom resources will help them stay in business, and businesses where the owner receives their primary source of income from their business, along with other priorities outlined in the full document.
The Program will support established or new businesses located within the City of Glens Falls with the following limitations:
- 20 or fewer full-time or full-time equivalent (FTE) employees
- Owner(s) must be actively involved in the daily operation of the business
- $2.5 Million or less in annual gross revenue
- In operation since December 1, 2019, or longer
- Lawful business activity as regulated by the State of New York
- Non-profits are NOT currently eligible at this time.
The following types of business costs ARE eligible for SBRF assistance:
- Working capital
- Inventory
- Equipment, machinery, furnishings
- Rent for the principal place of business
- Payroll expenses – (to retain jobs or hire more employees)
- Employee benefits – (i.e. health insurance premiums to keep employees covered)
- Debt payments – (only if the debt was incurred prior to April 1, 2020)
- Moving expenses for business items necessary to sustain business operations within the City or relocate a business to the City
- Marketing, advertising, website, and related business development activities
The following types of business costs ARE NOT eligible for SBRF assistance:
- Renovation of homes, buildings, or commercial spaces
- New construction or building additions
- Acquisition of real property, buildings, and commercial space
- Debt payments if the debt was first incurred after April 1, 2020
- Personal debt (residential mortgages, home equity loans, personal loans)
- Political and/or religious activities or functions
- Any business costs incurred prior to April 1, 2020
- Costs being paid for or subsidized by other COVID-related relief programs or other local, state, or federal public economic development funding sources
For a full listing of details and requirements please refer to the full document and read the application (included in the document) fully before submitting it.