In response to the COVID-19 pandemic, the U.S. Department of Housing and Urban Development (HUD) provided the City of Schenectady with Community Development Block Grant (CDBG-CV) stimulus funding under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to prevent, prepare, and respond to the impact of the COVID-19 pandemic.
The City of Schenectady and the Community Loan Fund of the Capital Region announced a Small Business Assistance Program to award $250,000 in grants and technical assistance to local small businesses impacted by the COVID-19 pandemic. The program will offer small business grants up to $10,000 to help businesses adapt to the challenges of pandemic.
Applications will be reviewed on a rolling basis for maximum flexibility. To be eligible for the grants, businesses must be located in the City of Schenectady, must employ 10 people or less, and have suffered a 25% loss in revenue since COVID. The program will also prioritize businesses owned by people of color, immigrants, and women, which have weaker access to banking systems and financial support and also businesses that have not received support from federal programs such as the Small Business Administration’s Economic Injury Disaster Loan or the Paycheck Protection Program.
For additional information on the program or questions related to the application process, businesses may contact Sylvia Jimison, Department of Development, by email at email@example.com or by phone at (518) 382-5199 ext. 5388.