The program will be administered by the Advanced Albany County Alliance LDC through a partnership with the Community Loan Fund, which will help manage the application process. The grant fund totals $500,000. Beginning January 4, small businesses can begin applying for the grants to help recover from the impacts of COVID-19. The deadline to apply is January 19, 2021 at 5 p.m.
What can the grant funds be used for?
Businesses may apply for up to $5,000 to assist in paying up to two months of back rent, up to two weeks of perishable goods, and/or expenses related to retrofitting the business for COVID-19 such as personal protective equipment, contactless purchasing, online ordering services, and more. Deadline to apply is by 5pm on January 19, 2021.
Who is eligible?
To be eligible, applicants must be a sales-tax-generating for-profit business, with no more than 50 employees and located within Albany County. The business must also show that its revenue has decreased by at least 25 percent due to COVID-19 and how the current COVID-19 economic conditions make the grant request necessary to support the ongoing operations of the business.
The program will be administered by the Advanced Albany County Alliance LDC through a partnership with the Community Loan Fund, which will help manage the application process. The applications will be ranked by priority and then scored to determine recipients. The first awards are expected to be distributed in February.