SYRACUSE, N.Y. — Small businesses in the city of Syracuse that have been impacted by the coronavirus pandemic can now apply for emergency loans through the city’s COVID-19 emergency relief program.
The Syracuse Economic Development Corporation (SEDCO) created a $500,000 fund to provide zero-percent interest, 180-day emergency loans to small businesses in the city that have fewer than 50 employees, Syracuse Mayor Ben Walsh said.
“The purpose of loan fund is to prevent staff reductions; allow business operations to continue; to offset losses related to the coronavirus … and to help companies sponsor sick pay for workers,” he added. Walsh spoke during a recent coronavirus briefing at the Oncenter.
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The nonprofit SEDCO is a local economic-development organization staffed by the City of Syracuse Department of Neighborhood and Business Development.
The emergency relief program will offer up to $25,000 loans to small-business applicants in order to address the financial impact of the coronavirus, or COVID-19, situation. SEDCO anticipates the average loan size is anticipated to be around $10,000.
The new loan program targets business owners “in need of a short-term, immediate solution for working capital,” per the city’s news release on the program.
In addition to locally available financing from SEDCO, the City of Syracuse is tracking other resources offered to small businesses.
They include the U.S. Small Business Administration (SBA) Economic Injury Disaster Loan program offering up to $2 million to individual businesses. The city is working with partners to enable eligibility access for Onondaga County businesses.
It’s also exploring $100 million in cash grants and ad credits from Facebook for up to 30,000 businesses; and the application for New York State debt suspension through the New York Attorney General’s office.
For those who aren’t able to use these resources, the City of Syracuse and SEDCO are providing the emergency relief program “as a viable alternative,” per the release.
Applications
Those seeking financing can find the SEDCO application online at www.syrgov.net/sedco. They can also submit it electronically via email at business@syrgov.net or by mail to SEDCO; 201 East Washington St., Syracuse, N.Y. 13202. Businesses can also call (315) 448-8600 for more information.
The SEDCO program is structured to provide loans in an “efficient and timely” manner, “given the circumstances of COVID-19.” The selection process will include a loan-committee review of the application. Applicants will be informed of a loan decision within seven days after the submission date, per the city.
“This crisis has been crippling to many of our small businesses who are just struggling to keep their doors open. We’ve all discussed it and we’ve looked at ways in which we can help and we think we’ve found an important way,” Walsh said in his remarks at the briefing.
