SYRACUSE, N.Y. — Small businesses in the city of Syracuse can again apply for loan funding from Syracuse’s allocation from the American Rescue Plan Act (ARPA).
The office of Syracuse Mayor Ben Walsh has announced the second round of the Syracuse Economic Development Corporation (SEDCO) lending-assistance program. The city will accept applications on a rolling basis until the $1.5 million in funding is exhausted, Walsh’s office said.
The program’s goal is to help Syracuse businesses continue to operate and assist with pursuing new investment opportunities. Syracuse announced the first round of funding in late 2021.
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“These programs have already helped to promote the recovery of our local economy and I am excited that we are able to offer a second round of funding,” Walsh said. “SEDCO has provided our small businesses with vital support especially as we continue to build back from COVID-19, and I am pleased that the lending programs can continue supporting businesses and organizations across Syracuse.”
What’s available
SEDCO has three funds that can provide financial support for small businesses and eligible nonprofit organizations to address any “economic hardship.”
Businesses with 10 or fewer employees that are located in an industry or location that has had economic hardship are eligible for the Micro-Enterprise Fund with a maximum loan size of $5,000.
In addition, 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.
Applying
To seek funding through SEDCO, applicants must complete a three-step process, and SEDCO will only consider “fully completed” applications with all supporting documentation, Walsh’s office said.
Separate SEDCO ARPA applications for each of the three different funds are available online at the SEDCO website.
Once completed, the application and supporting materials should be sent by email (preferred method) or by mail to Syracuse Economic Development Corporation, 201 E. Washington St., Suite 612, Syracuse, N.Y. 13202.
Questions regarding this program should be directed to SEDCO at business@syrgov.net.
