ITHACA, N.Y. — Tompkins County will use a $300,000 grant to support microenterprise development in the area.
The New York State Office of Community Renewal’s Community Development Block Grant (CDBG) program is providing the funding, per a Tuesday news release.
The Tompkins Chamber and Tompkins Chamber Foundation staff wrote the grant application over the last year. The program funding will support the establishment of a new microenterprise-grant program, development of an entrepreneurial-education course with partner Tompkins Cortland Community College, and the provision of technical assistance to eligible participants and businesses throughout Tompkins County.
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The program seeks to support startup microenterprises with 50 percent or more of the allocated grant funds and will focus on rural areas in Tompkins County. It’ll also focus on the development of childcare businesses; agricultural and tourism businesses; and minority- and woman- owned businesses. Program objectives include serving low- and moderate-income microenterprise-business owners directly or supporting the creation of new jobs made available to low-moderate income residents of Tompkins County.
Eligible applicants who complete the entrepreneurial-training program; demonstrate viability of their business plan; can demonstrate 10 percent equity commitment; and have a project which can be executed within the next six to 18 months may be eligible for up to 90 percent of their project funds.
Recipients can use the funds for furniture, fixtures, equipment, inventory, or working capital – which are significant needs of nearly all startup and microenterprise businesses.
“I’m excited that the Tompkins Chamber and our Foundation could partner with Tompkins County to develop this new grant and technical assistance program for our county,” Jennifer Tavares, president of the Tompkins Chamber & Tompkins Chamber Foundation, said. “Programs like the these can make a significant impact through education, providing grant funds for the development of rural microenterprises in communities like ours, and helping ensure that new opportunities to own businesses and thrive in our local economy are available to as many residents as possible.”
“Whether you’re starting or growing your small business, we’re inviting you to apply for this funding,” Leslyn Mc-Bean-Clairborne, chairwoman of the Tompkins County Legislature, said. “This is a great program for you if you need the funds to invest in furniture, fixtures, equipment, inventory, or working capital that would take your business to the next level. Tompkins County and the Tompkins Chamber Foundation are committed to supporting a diverse group of small businesses with this program. I know the entire County is excited to see the businesses who take advantage of this program grow and thrive, which translates to a more robust Tompkins County economy.”
The first entrepreneurial training course — a requirement for those seeking to establish a new business or who believe they’ll have an eligible project coming in the next six months — began on Nov. 1 and is being offered through partner Tompkins-Cortland Community College.
The Tompkins Chamber is offering registration for the winter-early spring class, and course participants will receive the tools and technical assistance necessary to plan their projects and develop a completed business plan, the organization said.
