Empire State Development Grant and Loan Opportunities

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A number of funding opportunities have been announced over the past few weeks that can help organizations in the short-term with access to working capital or with capital projects and infrastructure improvements. Below is a summary of some funding programs available. The ESD has highlighted those that are time sensitive or have an approaching deadline, below.

In particular – if you are aware of eligible restaurants that could make use of the “Raising the NYS Bar Restaurant Recovery Fund” (see below), please encourage them to apply as soon as possible starting on Monday, January 11th, 2020.

Working Capital Programs

  • Raising the NYS Bar Restaurant Recovery Fund

    • Offers ​approximately $3 million in reimbursement grants for up to $5,000 to eligible businesses.

    • The program is intended to support full-service restaurants during the winter months when outdoor dining is limited and as restaurants adjust to New York State’s COVID-19 safety restrictions and new mandates.

    • Restaurants can apply starting Monday, January 11, 2021 and we strongly encourage eligible businesses to apply as soon as possible next week as funding is limited. See full details here.

  • New York Forward Loan Fund (NYFLF)

    • NYFLF targets the state’s small businesses with 20 or fewer full-time equivalent (FTE) employees, nonprofits and small residential landlords that have seen a loss of rental income.

    • NYFLF is providing working capital loans so that small businesses, nonprofits and small landlords have access to credit as they reopen.

    • These loans are available to small businesses, and nonprofits that did not receive a U.S. Small Business Administration Paycheck Protection Program of greater than $50,000 or an Economic Injury Disaster Loan (EIDL) for COVID-19 of any amount, except for EIDL advance grant of up to $10,000, and small residential landlords.

    • The loans are not forgivable in part or whole. The loans will need to be paid back over a 5-year term with interest.

    • Learn more and complete a pre-application online HERE.

  • Central Hudson’s Back to Business funding program

    • Central Hudson has committed up to $1 million in economic development support to provide local small businesses with grants to help pay down new working capital loans taken with participating local banks.

  • U.S. Small Business Administration (SBA) Coronavirus Relief Options

    • Paycheck Protection Program (PPP)

      • The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.

      • SBA will forgive loans if all employee retention criteria are met, and the funds are used for eligible expenses.

      • PPP will re-open the week of January 11 for new borrowers and certain existing PPP borrowers. See the SBA announcement here.

      • An overview for organizations that have not yet received a PPP loan and are looking to apply can be found here.

      • An overview for second draw PPP can be found here.

    • Economic Injury Disaster Loan (EIDL)

      • This loan provides economic relief to small businesses and nonprofit organizations that are currently experiencing a temporary loss of revenue.

      • Funds can be used for working capital and normal operating expenses.

      • SBA is currently accepting new Economic Injury Disaster Loan (EIDL) applications from all qualified small businesses, including agricultural businesses, and private nonprofit organizations.

      • More details on eligibility and terms can be found here.

    • SBA Express Bridge Loans

      • Enables small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly.

      • Allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly.

      • These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing and can be a term loans or used to bridge the gap while applying for a direct SBA Economic Injury Disaster loan.

CSCC