Syracuse Economic Development Corporation will accept applications until Dec. 31
Syracuse, N.Y. – Syracuse Mayor Ben Walsh announced the Syracuse Economic Development Corporation (SEDCO) will open applications today for a minimum of $1 million as part of the first round of new small business lending programs funded by the American Rescue Plan Act (ARPA). The funds will support small business development, assist in the ongoing recovery from the COVID-19 pandemic, and foster new growth. The investment is the City’s largest pandemic relief program for small businesses.
“Small businesses need more help not only to continue their operations in the face of the pandemic but also to capitalize on growth opportunities. These programs will promote economic recovery and improve access to local products and services,” said Mayor Walsh. “SEDCO has provided our small businesses with vital support from the beginning of the pandemic, and I am pleased that we are able to once again deploy its services.”
SEDCO has three funds optimized to provide financial support to small businesses and eligible not for profit organizations to address the economic hardship experienced by the Syracuse community:
- Businesses with ten or fewer employees that are located in an industry or location that has experienced economic hardship are eligible for the Micro-Enterprise Fund with a maximum loan size of $5,000.
- Businesses with fifty or fewer employees that have experienced a decline in sales and/or are located in an ARPA eligible census tract are qualified for the Small Business Assistance Fund with a maximum loan size of $25,000. Businesses, nonprofit organizations, or development entities with fifty or fewer employees that are creating capital investment resulting in renovation or other physical real estate improvements are eligible for the Community Impact Fund with a maximum loan size of $200,000.
Applications will be accepted through Friday, December 31 at 12:00 PM, 2021. Details on the program and the application process, including an initial intake questionnaire that must be completed by interested applicants can be found at www.syrgov.net/SEDCO_HOME.aspx. After an applicant has completed the SEDCO Funding Intake Questionnaire online, spoken with a staff person and filled out and completed the application with all supporting documents, the information can be submitted for review by email at email@example.com or by mail to Syracuse Economic Development Corporation, 201 East Washington Street, Suite, 612, Syracuse, 13202.