Resources & Information For Businesses Impacted By COVID-19

With the rapidly changing COVID-19 developments, Support smAlbany is working to assist local businesses and help them access resources to weather this pandemic and prepare to emerge from this event.

Financial Resources

 

We know that the impact right now on businesses and sales is real and significant. Grant money at the moment for businesses is very limited and often available for small geographic areas. We will continue to post grants we find available here for you. Continue to check back to find more.

We recommend you talk to your local lender from your current bank about options for lending. Banks are eager to support their clients right now, and this is likely the quickest way to access capital. Even if you do not need the capital now, it is not a bad idea to secure a line of credit in the event that you may need it in the future. We recommend you talk with an advisor about planning for your cash flow needs and be sure that you’ll be able to afford a loan payment. If you currently have a loan and are concerned about meeting the payment terms and dates please reach out to your bank to discuss options during this unprecedented time.

Grants

 

Grants up to $10,000 from LISC/Verizon: An investment of $2.5 million from Verizon is being administered by the Local Initiatives Support Corporation (LISC) to offer support to small businesses facing immediate financial threat because of the COVID-19 pandemic. LISC will use the funds to provide grants of up to $10,000 to businesses facing immediate financial pressure because of COVID-19. LISC has launched an online process for small businesses to submit applications for grants (Apply here by Saturday, April 4 at 11:59 PM ET). Applications will be reviewed and then entered into a lottery. More information is available here.

For Community Based Organizations: Capital Region Community COVID-19 Response Fund: A coalition of philanthropy, government, and business partners has joined together to create a COVID-19 Response Fund that will rapidly deploy resources to community-based organizations at the frontlines of the coronavirus outbreak in the Greater Capital Region of New York.

Facebook Small Business Grants: Facebook is offering $100 million in cash grants and ad credits for up to 30,000 eligible small businesses in more than 30 countries.

The Creator Fund: ConvertKit has established a $154,000 fund to help creators in need during the COVID-19 pandemic. Be advised, however, that some 6,000 people - and counting - have already applied. Though they are encouraging people to write in, they want to be transparent about their ability to help at this time. 

Yelp, $25 million in relief: Yelp announced funding, primarily focused on supporting independent local restaurant and nightlife businesses, in the form of waived advertising fees, and free advertising, products and services. 

National Grid Foundation: A grant program that existed prior to the COVID-19 crisis. Its major focus ares are education and the environment. 

One Fair Wage Emergency Fund: This fund is being established to help service workers struggling due to the COVID-19 crisis and will be making temporary cash gifts to workers as funding becomes available. Fill out a form on the website, and someone will contact you, though they are urging people to "be patient" as they are "inundated with requests." 

USBG Bartender Emergency Assistance Program: You do NOT need to be a USBG member to apply for a philanthropic grant, but you must be a bartender or the spouse or child of a bartender to qualify. 

Restaurant Workers Community Foundation: RWCF is collecting resources and relief fund information that will help restaurants and workers deal most effectively with the COVID-19 emergency.

Loans & Support 

SBA Loans

SEFCU Programs

Understanding that its members may be adversely impacted by an interruption of income or other circumstances, SEFCU is offering special options for those experiencing challenges due to this crisis.

CAPCOM FCU Programs

CAP COM Federal Credit Union is continuing to monitor developments related to the coronavirus (COVID-19) outbreak. Its primary focus is on the health and well-being of members, employees and local communities. The credit union knows that access to your funds and accounts are critical at this time, and will continue to provide high-quality “service with a smile” as the situation unfolds.

Quickbooks Small Business Relief Initiative: Some QuickBooks customers may be eligible for loans through QuickBooks Capital. Qualifying businesses may receive funding between $5,000 and $100,000, with terms up to 12 months. 

The Opportunity Fund: It specializes in money lending to small businesses owned by women, immigrants and people of color. It's working to support existing and new small business customers who are financially struggling due to the COVID-19 outbreak.

Kabbage's Help Small Business initiative: Allows small businesses to offer online gift certificates and connects them with consumers across the country. 

Kiva, loans for small businesses: Kiva is a non-profit that expands access to capital for entrepreneurs around the world. It provides loans of up to $15,000 with 0 percent interest and a six-month grace period for qualified small businesses.

 

MainVest (The Main Street Initiative): If you have an existing brick & mortar business that has been negatively effected by the COVID-19 outbreak and you launch a capital raise on Mainvest, you may be eligible to receive a $2,000 zero-interest loan immediately. Then through your capital raise, you can receive over $100,000 of investment from your community. 

 

CARES Act
 

The Coronavirus Aid, Relief and Economic Security (CARES) Act was passed and has allocated $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn. 

Local/State/Federal Agencies

 

SBA Economic Injury Disaster Loans

 

A disaster declaration for New York State has been approved, the disaster declaration makes SBA assistance available in the entire state of New York. Eligible small businesses may now apply for SBA Economic Injury Disaster Loans (EIDL) online
at https://disasterloan.sba.gov/ela. 

 

  • A fact sheet with important information about the declaration and EIDL requirements is available here.
     

  • The Albany Small Business Development is offering application assistance and is hosting informational online webinars. You can make an appointment or contact the SBDC for more information here.

 

New York State Small Business Development Centers

 
 

An SBA-funded program that has existed for more than 40 years is here to help. Its services are paid with your tax dollars and offered at no charge to you. They offer one on one online and phone sessions during this time as well as many group webinars. Find SBDC support here

Key Resources, Guidance Issued And Best Practices

 

Industry Specific

Artists

Commercial Property Owners

Construction

Real Estate

Restaurants & Food Establishments

Retail

 
 

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