SYRACUSE, N.Y. — The Syracuse Economic Development Corporation (SEDCO) on Friday started accepting applications for a minimum of $1 million as part of the first round of new small-business lending programs funded by the American Rescue Plan Act (ARPA).
The funds will support small-business development, assist in the ongoing recovery from the COVID-19 pandemic, and foster new growth.
This is the city’s largest pandemic relief program for small businesses, according to Syracuse Mayor Ben Walsh.
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“Small businesses need more help not only to continue their operations in the face of the pandemic but also to capitalize on growth opportunities. These programs will promote economic recovery and improve access to local products and services,” Walsh said. “SEDCO has provided our small businesses with vital support from the beginning of the pandemic, and I am pleased that we are able to once again deploy its services.”
Walsh made the announcement at Southside Fitness in the Valley Plaza at 4141 S. Salina St. in Syracuse.
Funds available
SEDCO has three funds to provide financial support for small businesses and eligible nonprofit organizations to address the “economic hardship experienced by the Syracuse community.”
Businesses with 10 or fewer employees that are part of an industry or location that has dealt with economic hardship are eligible for the Micro-Enterprise Fund with a maximum loan size of $5,000.
Businesses with 50 or fewer employees that have had a decline in sales and/or are located in an ARPA-eligible census tract are qualified for the Small Business Assistance Fund with a maximum loan size of $25,000.
Businesses, nonprofit organizations, or development entities with 50 or fewer employees that are creating capital investment resulting in renovation or other physical real-estate improvements are eligible for the Community Impact Fund with a maximum loan size of $200,000.
SEDCO will accept applications through Dec. 31 at 12:00 p.m. Details on the program and the application process, including an initial intake questionnaire that must be completed by interested applicants can be found at www.syrgov.net/SEDCO_HOME.aspx.
After an applicant has completed the online SEDCO Funding Intake Questionnaire, spoken with a staff person, and provided all supporting documents, the applicant can submit the information for review by email at business@syrgov.net or by mail to Syracuse Economic Development Corporation, 201 East Washington St., Suite 612, Syracuse, N.Y. 13202, per Walsh’s office.
