Governor Kathy Hochul right this moment introduced that the functions portal for the first-in-the-nation Seed Funding Grant Program, created as a part of the FY2023 price range, will open on September 14. This system supplies versatile grants to help early stage, micro and small companies in a nonetheless recovering New York State economic system. This system will be sure that small companies that opened shortly earlier than or throughout the COVID-19 pandemic may have the funds to proceed to function and develop.
“This primary-in-the-nation Seed Funding Grant Program rounds out $1 billion in versatile funding to help each early-stage, and established small and micro-businesses,” Governor Hochul stated. “New York companies had been among the many hardest hit nationwide on the peak of the pandemic, however with this funding, we’re extending a lifeline to assist them proceed to develop and function. Functions open tomorrow, and I encourage all New York enterprise homeowners to take full benefit and be part of New York’s outstanding restoration.”
This program builds upon New York State’s present $800 million Pandemic Small Enterprise Restoration Grant Program, which has delivered greater than $639 million to over 35,000 small companies because it launched final yr, with ninety p.c of funding having gone to minority and women-owned companies. Beginning right this moment, Empire State Improvement will develop eligibility for this system, enabling extra small companies to entry funding by eradicating the requirement that companies present a twenty-five p.c loss in annual gross receipts from 2019 to 2020. This enlargement of eligibility comes along with earlier program adjustments to profitability necessities and income thresholds, aimed toward serving extra small companies. This system, which is able to proceed to course of functions at the moment within the pipeline, will shut as funding winds down on September 30, 2022.
Empire State Improvement President, CEO and Commissioner Hope Knight stated, “The pandemic has had profound impacts on our economic system and our small and micro companies had been among the many hardest hit, particularly in New York State. Supporting our State’s small companies has been a precedence of Governor Hochul’s administration and the steps taken to develop eligibility and get funding out the door has helped numerous companies keep on observe. The $800 million Pandemic Small Enterprise Restoration Grant Program and now the brand new Seed Funding Grant Program marks unprecedented help for New York State’s small companies and for our financial success transferring ahead.”
SEED FUNDING GRANT PROGRAM:
The brand new Seed Funding Grant Program is designed to help New York State small companies, micro-businesses and for-profit impartial arts and cultural organizations that began operations on or after September 1, 2018 and have been operational for at the least six months earlier than an utility is submitted. Candidates should have between $5,000 and $1 million in gross receipts per yr as mirrored on their most up-to-date federal enterprise tax return. Extra detailed tips will be discovered here.
Awards for eligible companies are primarily based on their 2020 or 2021 tax returns. Companies with gross receipts starting from $5,000 to $49,999.99 can obtain $5,000 per enterprise. Companies with $50,000 to $99,999.99 in gross receipts could also be awarded $10,000 per enterprise. Companies with $100,000 to $1 million in gross receipts shall be awarded ten p.c of their gross receipts with a most grant quantity of $25,000 per enterprise. Eligible candidates that haven’t but filed a federal tax return can obtain $5,000 per enterprise.
PANDEMIC SMALL BUSINESS RECOVERY GRANT PROGRAM:
Companies which have began however not but accomplished their present utility for the Pandemic Small Enterprise Restoration Grant Program should submit all mandatory data by 5:00 p.m. on September 30, 2022. Recognizing the assorted challenges that small enterprise homeowners face, New York State supplies one-on-one help, webinars, a name middle, and supplies in fourteen languages to make sure better entry to this vital funding. Moreover, ESD’s community of accomplice organizations that supply help companies to entrepreneurs and small companies will assist with pandemic reduction grant and mortgage functions. Extra data will be discovered here.
The profitable Pandemic Small Enterprise Restoration Grant Program has as robust observe document of guaranteeing vital funding goes in the direction of these eligible companies most in want: Micro-businesses, outlined as corporations with ten or fewer staff, have acquired over 98 p.c of the awards. Simply over 90 p.c of the grants have been awarded to minority- and women-owned enterprise enterprises (MWBEs) and over 47 p.c of grant awards went to socially and economically deprived companies. Up to now, the typical grant award is $17,783.
State Senator Anna M. Kaplan stated, “Small Companies had been hit particularly onerous throughout the pandemic and the $800 million Pandemic Small Enterprise Restoration Grant Program has been a lifeline throughout a turbulent time. The brand new Small Enterprise Seed Program will assist help newer companies coping with unexpected bills, and I urge certified small and micro enterprise to reap the benefits of this important program.”
Assemblymember Harry Bronson stated, “As Chair of the Financial Improvement Committee, I fought for an inclusive financial restoration plan that may present our households and enterprise with a serving to hand. Within the wake of the pandemic, small companies have struggled, some have closed, and others are nonetheless teetering between closing and remaining open. These small companies, particularly these in economically deprived communities or these owned by folks of colour, have been much more disproportionately impacted by COVID-19. Aiding these small companies which have been severely impacted by the pandemic is a high precedence for me and I am inspired to see the Seed Funding Grant Program launching now. These investments in our small companies and different industries will assist guarantee an equitable and inclusive financial restoration for all.”
Assemblymember Al Stirpe stated, “I am unable to consider a tougher time to start out a small enterprise than shortly earlier than the COVID-19 pandemic hit and turned all the pieces the other way up. The Seed Funding Grant Program is a crucial lifeline to our native companies and I thank Gov. Hochul for her robust management on this. I will maintain preventing to spice up the small companies that create jobs and make our communities stronger.”
A complete listing of all of ESD’s COVID-19 enterprise help applications will be discovered here.
About Empire State Improvement
Empire State Improvement (ESD) is New York’s chief financial growth company (www.esd.ny.gov). The mission of ESD is to advertise a vigorous and rising economic system, encourage the creation of latest job and financial alternatives, improve revenues to the State and its municipalities, and obtain secure and diversified native economies. By means of the usage of loans, grants, tax credit and different types of monetary help, ESD strives to reinforce personal enterprise funding and progress to spur job creation and help affluent communities throughout New York State. ESD can be the first administrative company overseeing the New York State Regional Financial Improvement Councils and the advertising of “I LOVE NY,” the State’s iconic tourism model. For extra data on Regional Councils and Empire State Improvement, go to www.regionalcouncils.ny.gov and www.esd.ny.gov.
