GLENS FALLS, N.Y. (NEWS10) – The city’s downtown has done progressively better for business development over the last decade or more, and city officials are looking to keep that growth cultivated.
The Retail and Small Business Development Competition is a chance for eligible businesses to vie for a slice of $280,000 in funds designated for local business growth by the Greater Glens Falls LDC. The competition is part of the Glens Falls Downtown Revitalization Initiative Fund for Downtown Revitalization.
According to the minutes of the LDC’s Thursday, Feb. 13 meeting, eligible recipients will be comprised of: A new business looking to start in the area with one or more employees; an existing small business within the area employing no more than three people; or a business with no more than five employees outside the city but prepared to relocate into the city.
Restaurants and taverns are not eligible, due to other funding avenues already open to those business types. Adult entertainment, religious groups, single-family dwellings, municipalities and government entities are also ineligible.
Businesses can choose how much funding to request when they apply, up to a maximum of $40,000 for small retail businesses and $30,000 for other businesses. The money will come in the form of a declining balance loan, meaning that principal cost and interest will be forgiven for each year within the 5-year loan term that the beneficiary is working within criteria set by the LDC.
Funding can be used for setting up a business space, purchasing equipment, payroll, capital, marketing and lease payments within the 5-year period. Use of funds to pay outstanding loans, fines, penalties or back taxes, or to deal with costs from before being granted the award is not allowed.
Interested business owners can apply to Warren County EDC in person or by mail at 333 Glen St., Room 101, Glens Falls, NY 12801; or can be emailed directly to Economic Development Director Ed Bartholomew at email@example.com. Applications must include a business plan, amount of funds requested and description of the project.
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