COLONIE, N.Y. (NEWS10) – The Town of Colonie will partner with the Community Loan Fund (CLF) to award $159,500 in federal grants to small businesses impacted by COVID, according to a release. The funds come as part of the Colonie Small Business Low to Moderate Income Job Retention Grant Program. To date, the Community Loan Fund has helped local municipalities award more than $975,000 in grant funding from the CARES ACT to support small businesses.

Grants up to $15,000 will be awarded to small businesses of 50 employees or less who have experienced a revenue loss of at least 15% due to COVID. The program will also include specialized training to help business owners adapt to COVID. The program will be for businesses located within the Town of Colonie.

“I am pleased to engage in our second round of grant awards pursuant to our Small Business Job Retention Grant Program. It is great again to collaborate with the Community Loan Fund to award these federally funded grants to deliver assistance to those businesses still struggling in the aftermath of the pandemic,” said Peter Crummey, Supervisor of the Town of Colonie.

The program is funded through the U.S. Department of Housing and Urban Development (HUD) which has allocated funding to the Town of Colonie as part of a Community Development Block Grant. The Community Loan Fund will be accepting applications program starting on August 15, with a deadline for submissions set for September 5 at 5 p.m.

“The Community Loan Fund is excited to support Colonie businesses. We know that this pandemic has been particularly hard on small business owners and their employees, especially low-to-moderate-income employees. We are grateful to the Town of Colonie for creating this program that promises to support so many important employers,” said Linda MacFarlane, Executive Director for the Community Loan Fund of the Capital Region.