Governor Kathy Hochul announced today that the application portal for the nation’s first Seed Funding Program, created as part of the 2023 Budget, will open on September 14th. Business in the New York state economy still recovering. The program will help small businesses that opened just before or during the COVID-19 pandemic have the funding to continue and grow their businesses.
“This first-of-its-kind seed funding program in the country caps off $1 billion in flexible funding to support both early-stage and established small businesses.” Governor Hochul said. “Businesses in New York have been hit the hardest nationally at the height of the pandemic, and with this funding, we’re extending a lifeline to help them grow and stay operational.” starts tomorrow, I encourage all business owners in New York to make the most of it and contribute to New York’s remarkable recovery.”
The program builds on New York State’s existing $800 million Pandemic Small Business Recovery Grant Program. Since its launch last year, the program has provided more than $639 million to over 35,000 small businesses, with 90% of the funding going to minority- and women-owned businesses. Starting today, Empire State Development will expand program eligibility and remove the requirement that the company show a 25% loss in his annual gross income from 2019 to 2020, allowing more of small businesses have access to finance. This eligibility expansion follows changes to the profitability requirements and earnings thresholds of previous programs. It is intended to serve additional small businesses. The program, which will continue to process applications currently in the pipeline, will close when funding closes on September 30, 2022.
Empire State Development President, CEO and Commissioner Hope Knight said: “The pandemic has had a severe impact on our economy, and small businesses have been hit hardest, especially in New York State. There are, steps taken to expand and gain eligibility.Outdoor funding has helped countless businesses get back on track.$800 million Pandemic Small Business Recovery The grant program and now the new Seed Funding Grant Program represent unprecedented support for New York State’s small businesses and their ongoing economic success.
Seed Funding Program:
The new seed funding program is open to New York small businesses, micro-enterprises, and for-profit independent arts and culture businesses that began operations on or after September 1, 2018 and have been operating for at least six months prior to applying. Designed to help organizations. submitted. Applicants must have annual gross income between $5,000 and $1 million as reflected on their most recent federal business tax return. See here for detailed guidelines.
Awards for eligible companies are based on 2020 or 2021 tax returns. Businesses with gross revenue between $5,000 and $49,999.99 will receive $5,000 per business. Companies with gross revenue between $50,000 and $99,999.99 may be awarded $10,000 per company. Companies with gross revenues between $100,000 and $1 million will receive 10% of gross revenues and subsidies of up to $25,000 per business. An eligible applicant who has not yet filed a federal tax return can receive her $5,000 per business.
Pandemic Small Business Recovery Grant Program:
Businesses that have started, but have not yet completed, the current application for the Pandemic Small Business Recovery Grant Program must submit all required information by 5:00 PM on September 30, 2022. Recognizing the Variety of Challenges Small Business Owners Face, New York State Offers Webinars, Call Centers and Materials in 14 Languages to Ensure Greater Access to This Important Fund To do. Additionally, ESD’s network of partner organizations that provide support services to entrepreneurs and SMEs can help them apply for pandemic relief grants and loans. See here for details.
The successful Pandemic Small Business Recovery Grant Program has a strong track record of ensuring that critical funding is directed to qualified businesses that need it most. Microbusinesses, defined as those with 10 or fewer employees than her, have received more than 98% of the awards. Over 90% of grants were awarded to Minority and Women-Owned Enterprises (MWBEs) and more than 47% of grants went to socially and economically disadvantaged businesses. The average grant amount to date is $17,783.
State Senator Anna M. Kaplan said: “Small businesses have been hit particularly hard during the pandemic, and the $800 million Pandemic Small Business Recovery Grant Program has been a lifeline in turbulent times. It helps to support businesses.We ask qualified small businesses.Micro businesses to take advantage of this important program.”
Rep. Harry Bronson said: “As chairman of the Economic Development Commission, I fought for an inclusive economic recovery plan that would reach out to our families and businesses. Some are still teetering, and these small businesses, especially those in economically disadvantaged neighborhoods and those owned by people of color, have been even more disproportionately impacted by COVID-19. is a priority for us and we look forward to launching our seed funding program now. helps ensure that
MP Al Starp said: “I cannot think of a more difficult time to start a small business than right before the COVID-19 pandemic hit and turned everything upside down. I appreciate her strong leadership on this and I will continue to fight to boost the small businesses that create jobs and make our communities stronger.
A comprehensive list of all ESD’s COVID-19 business assistance programs can be found here.
About Empire State Development
Empire State Development (ESD) is New York’s primary economic development agency (www.esd.ny.gov). The mission of ESD is to promote a vibrant and growing economy, encourage the creation of new jobs and economic opportunities, increase revenues for the state and its local governments, and ensure a stable and diverse local economy. Through loans, grants, tax credits, and other forms of financial assistance, ESD seeks to foster the investment and growth of private enterprises to foster job creation and support prosperous communities throughout New York State. I’m here. ESD is also New York State’s Regional Economic Development Council and the primary governmental agency that oversees the marketing of the state’s iconic tourism brand, I LOVE NY. For more information about Regional Councils and Empire State Development, visit www.regionalcouncils.ny.gov and www.esd.ny.gov.
