Updated: May 13, 2020
The launch of a $150,000 small business stabilization fund provided by the KeyBank Business Boost & Build Program powered by JumpStart was announced Friday.
Administered by the Center for Economic Growth, the Capital Region Urban Core MWBE Emergency Relief Fund will support MWBE small business in the Capital Region’s urban cities of Albany, Rensselaer, Schenectady and Troy. This contribution is part of a plan to deploy $500,000 in relief funds to small business communities throughout the state of New York in response to the economic hardship caused by the COVID-19 outbreak.
Many small business owners are finding themselves ineligible or ill positioned to receive federal relief funding. This fund is intended to fill those gaps while also providing wraparound services in the form of technical assistance and one-on-one business consultation. These resources will be provided by the KeyBank Business Boost & Build Collaborative partners, which include Center for Economic Growth (CEG), Univ. of Albany’s SEED program and Pursuit Lending (formerly Excelsior Growth Fund).
Eligible minority and women owned businesses in the Health and Wellness, Service, Hospitality, and Lifestyle industries can receive grants of up to $5,000 per business, while funds last, and ideally prioritized for those who could not get or were not eligible for emergency relief funding through the SBA.
Eligible businesses can apply at https://go.ceg.org/CRUrbanCore/ The application process will close on May 15 at 11:59 p.m.