GLENS FALLS, N.Y. (NEWS10) – Glens Falls is now accepting new applications for the Glens Falls Drive Initiative. Applications submitted as part of the Greater Glens Falls Local Development Corporation will assist help make funds available to new start-ups and young small businesses.
To be eligible, applicants must have started business after January 1, 2020, in addition to an existing new business defined as having been operating for 60 months or less and planning a major expansion project. Officials said at least one owner must be actively involved in the business of daily operations.
The Downtown Revitalization Initiative Venture Enterprise program is designed to provide limited funding to for-profit enterprises with 10 full-time or full-time equivalent employees or fewer at the time of their application. The initiative would allow applicants to local businesses that encourage downtown foot traffic Including retail stores, restaurants, and consumer service businesses.
Businesses not eligible include:
- Bars and taverns, adult entertainment.
- Religious organizations, or houses of worship.
- Residential dwellings.
- Speculative real estate development projects and sales.
- Medical practices
- Taxis, or taxi type services.
- Not-for-profit organizations and government agencies.
Officials said ‘Drive’ funds can be used for project expenses which include the purchase of new technology hardware or software, inventory, equipment, in addition to fixtures and furnishings. Expenses incurred prior to the loan award date are not eligible to be used for debts, lease or mortgage payments, fines, penalties, or current and back taxes.
Funding is limited, new applications will be accepted until April 8, 2022. For more information, contact the Glens Falls Economic Development Office at (518) 761-3833.