SEDCO Opens Applications for COVID-19 Emergency Relief Loan Program for Small Businesses

Applications available at http://www.syrgov.net/SEDCO

The Syracuse Economic Development Corporation (SEDCO) has opened applications for the COVID-19 Emergency Relief Program for small businesses in the City of Syracuse that have been impacted by the Coronavirus pandemic. Syracuse Mayor Ben Walsh announced last week that SEDCO established a $500,000 fund to provide zero-percent interest, 180-day emergency loans to small businesses in the City. Applications are available at http://www.syrgov.net/SEDCO.

The Emergency Relief Program will offer up to $25,000 loans to small business applicants in order to address the financial impact caused by the Coronavirus (COVID-19). The average loan size is anticipated to be around $10,000.

SEDCO is a non-profit, local economic development organization staffed by the City of Syracuse Department of Neighborhood and Business Development. This new loan program will provide business owners in need of a short-term, immediate solution for working capital.

Small businesses are experiencing immediate and extreme negative consequences due to the reduction in public access, foot traffic, and the limits on public gatherings and on-site work. The emergency loan program will be available to small businesses to cover ongoing expenses, help prevent staff reductions, offset losses, and help companies sponsor sick pay for workers as necessary.

“The hardships being experienced by small businesses and their employees are crippling. They will have both short and long-term impacts, and we need to act now to help,” said Syracuse Mayor Ben Walsh. “SEDCO is a valuable, flexible, and fast-moving tool we can deploy to help small businesses, the backbone of our economy, make it through this difficult time.”

Applicants can submit the application electronically via email at business@syrgov.net or by mail to: SEDCO, 201 East Washington Street, Syracuse, NY 13202. If absolutely necessary, individuals can submit applications in-person at the Central Permit Office, located at the same address above. This will require scheduling a time to drop off the application and materials by calling 315-448-8600.

The SEDCO program will be structured to provide loans in an efficient and timely manner given the circumstances of COVID-19. The selection process will include a review of the application by a loan committee, and applicants will be informed of a loan decision for funding within seven (7) days after the submission date.