SYRACUSE, N.Y. — Interested Syracuse small businesses have until Dec. 31 at 12 p.m. to apply for loans as part of the first round of new small-business lending programs funded by the American Rescue Plan Act (ARPA). The Syracuse Economic Development Corporation (SEDCO) on Dec. 3 started accepting applications for the $1 million that’s available […]
SYRACUSE, N.Y. — Interested Syracuse small businesses have until Dec. 31 at 12 p.m. to apply for loans as part of the first round of new small-business lending programs funded by the American Rescue Plan Act (ARPA).
The Syracuse Economic Development Corporation (SEDCO) on Dec. 3 started accepting applications for the $1 million that’s available for those loans through three programs.
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. The funds are designed to support both small businesses as well as eligible nonprofit organizations, he added.
“We’ve tried very hard since the beginning of the pandemic to make sure that we’re getting resources into the hands of local businesses and specifically small businesses to make sure that they can weather this storm during the pandemic and be in a position to be successful and to grow as we come out of the pandemic,” says Walsh.
He made the announcement at Southside Fitness in the Valley Plaza at 4141 S. Salina St. in Syracuse.
“We structured these programs in a way that we believe is going best position our small-business community to both weather the continued storm of the pandemic, the economic challenges, but also [to] look ahead, look to the future, and certainly look to the City as an ally in how we expand and grow our businesses,” says Eric Ennis, deputy commissioner of business development with the City of 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.
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 Corp., 201 East Washington St., Suite 612, Syracuse, N.Y. 13202, per Walsh’s office.