The Glens Falls Local Development Corp. has announced a Small Business Recovery Fund (SBRF), that provides forgivable loans of up to $7,500 to those experiencing hardship during the coronavirus pandemic.
\nPriority will be given to ground-floor storefront businesses open to the general public. The funds would be used to help them stay in business. Eligible businesses are those where the owner receives their primary source of income from the business.
\nLoans will carry a zero-interest rate, a 12-month term and be forgiven for businesses that remain open and in operation through July 1, 2021, that have complied with the program rules, according to the SBRF guidelines.
\nThe goal of the fund is to provide emergency relief to help business owners retain their businesses and their employees as a bridge of support before additional state and federal resources become available and the mandated pause on business operations is relaxed.
\nThe program is a result of a collaboration of the U.S. Department Housing Urban Development, City of Glens Falls, and Glens Falls Local Development Corp. The LDC will manage the intake and application process and disburse approved loans within 10 days of execution of agreements.
\nA loan review committee comprised of local economic development professionals will review applications for eligibility and select applications that best meet program criteria and priorities. Funds may be used for the following operating expenses of the business:
\n\u2022 Wages and salaries of employees prospectively.
\n\u2022 Health insurance premiums and costs related to continuation of health care benefits during periods of paid sick, medical or family leave.
\n\u2022 Fixed debts, including mortgage (excluding any prepayment).
\n\u2022 Rent (cannot exceed 50 percent of the loan proceeds).
\n\u2022 Utilities.
\n\u2022 Marketing, promotion, utilization of social media platforms including website development, updates.
\n\u2022 Business debt obligations that were incurred before April 1.
\n\u2022 Accounts payable.
\n\u2022 Inventory.
\n\u2022 Supplies.
\n\u2022 Other necessary and reasonable expenses as specifically approved by the lender.
\nCompleted applications with submittals will be reviewed on a rolling basis until funds are exhausted, according to the guidelines. The initial application period is open through Sept. 30.
\nTo be eligible, the principal place of business must be located within Glens Falls. Business must have been in operation on or prior to Nov. 1, 2019 and must have 20 or fewer full-time employees. A sole proprietor counts as one employee.
\nBusiness must have $2.5 million or less in annual gross revenues and meet one of the following:
\n\u2022 Business is public-facing (e.g. retail, coffee shop, food service, personal service barbershop, hair saloon, bakery, ice cream) and is directly impacted by the COVID-19 pandemic.
\n\u2022 Business has experienced 10 percent or more decline in revenues since March 1 due to the COVID-19 pandemic.
\nA copy of the guideline document can be found at cityofglensfalls.com\/DocumentCenter\/View\/6003\/New-Loan-Forgiveness-Program-for-Small-Businesses-in-Glens-Falls–COVID-Disaster-Relief-Funding-Assistance-from-HUD-GuidelinesApplicationPDF.
\nFor general inquiries, contact Ed Bartholomew at ebartholmew@edcwc.org or (518) 761-6007.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Glens Falls Local Development Corp. has announced a Small Business Recovery Fund (SBRF), that provides forgivable loans of up to $7,500 to those experiencing hardship during the coronavirus pandemic. Priority will be given to ground-floor storefront businesses open to the general public. The funds would be used to help them stay in business. Eligible […]<\/p>\n","protected":false},"author":196,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23],"tags":[],"yoast_head":"\r\n