BINGHAMTON, N.Y. — The Agency, in partnership with Broome County, has launched the Broome County COVID Recovery Fund (CRF) to assist small businesses impacted by the COVID-19 pandemic.
It comes as county officials acknowledge that many of the financial strains of the pandemic continue to impact the business community.
The goal of the program is to provide small businesses that have 25 or fewer employees and have been adversely affected by the pandemic with a one-time grant of up to $50,000. Recipients can use the money for activities that prevent, prepare for, and respond to the pandemic. This can include furniture and fixtures, machinery and equipment, working capital, marketing, payroll, personal protective equipment, rent/mortgage, utilities, e-commerce technical assistance, and training. Businesses must note that any costs for which they have previously received funding for by other public or private sources are not eligible.
The CRF will prioritize business that employ low- to moderate-income persons, minority and women-owned enterprises, veteran-owned businesses, and businesses located outside of the Community Development Block Grant entitlement areas in the city of Binghamton and town of Union.
“This partnership with the county is one of the most critical projects The Agency has worked on in recent years,” Stacey Duncan, CEO of the Leadership Alliance strategic partnership between The Agency and the Greater Binghamton Chamber of Commerce, said in a release. “The immediate and long-term impacts of the COVID-19 pandemic are still evolving, and programs that started at the beginning of the pandemic cannot be expected to keep businesses afloat any longer. This funding provided by the county will allow The Agency to provide more immediate capital to businesses now when they need it the most.”
Broome County Executive Jason Garnar noted that the grant program will help businesses with the unexpected costs incurred over the past two years. “When faced with unprecedented challenges due to COVID-19, our business community stepped up to continue serving the people of Broome County. We are committed to doing everything we can to directly support our businesses as they continue to recover from the pandemic.”
The fund acts as a reimbursement grant where businesses must first either spend the funds and then ask for reimbursement or send invoices directly to The Agency for costs incurred. Applicants must also submit supporting documentation.
Program guidelines and operating criteria are available online at www.theagency-ny.com.
Funds for the program come from a $1 million Community Development Block Grant (CDBG) awarded to Broome County as part of the Coronavirus Aid, Relief, and Economic Security Act (CARES). Broome County partnered with The Agency to administer the new program.