SCHENECTADY – On Monday, April 10, 2023, the latest round of CDBG-CV Economic Recovery funding will be made available for small businesses located in the City of Schenectady. Since 2020, the City of Schenectady has supported over 64 local small businesses with grants. The City Council authorized Mayor Gary McCarthy to enter into an agreement with the Community Loan Fund of the Capital Region, Inc. for $200,000 of CDBG-CV funds.
“The COVID-19 pandemic and subsequent economic shutdown has devastated communities across the country,” Mayor Gary McCarthy said. “As we move away from the pandemic, businesses are still feeling the residual effects. This program is designed to support local small businesses impacted by the pandemic. I would like to thank the Community Loan Fund and our dedicated staff for their efforts to coordinate this critical relief funding.”
$200,000 is available for funding with a cap of $15,000 per applicant. The deadline to apply is June 1, 2023. New applicants will get priority in consideration. Applicants can apply at https://www.cityofschenectady.com/FormCenter/Development-15/Schenectady-Economic-Recovery-Program-fo-71 , hard copies are also available at City Hall.
The Community Loan Fund of the Capital Region will administer $200,000 in CDBG-CV funds to award small business grants and provide technical assistance training, workshops, virtual seminars, financial and soft skill development to local businesses. Applications will be reviewed on a rolling basis for maximum flexibility.
“The Community Loan Fund is pleased to assist the City of Schenectady as it pertains to distributing COVID-19 relief funds to small businesses in need. The ongoing challenges for local entrepreneurs post-covid can be detrimental not only to their small business but the community at large. It is through programs like these with the City of Schenectady that will ensure the success of local small businesses for years to come!” Linda MacFarlane, Executive Director of Community Loan Fund of the Capital Region, Inc.
For additional information on the program or questions related to the application process, businesses may contact the Department of Development, by email at email@example.com or by phone at (518) 382-5199 ext. 5347.