The federal government has awarded $1.2 million toward a loan program for Central New York small businesses struggling due to the coronavirus pandemic.
The U.S. Department of Commerce announced today it would invest $19 million in Upstate New York businesses in the western and central regions, as part of the CARES Act stimulus package passed by Congress in response to the pandemic.
Officials set aside $1.2 million of the money for the Central New York Regional Planning and Development Board, which will administer a “revolving loan fund” for small businesses.
CNYRPDB Executive Director David Bottar said the program will target manufacturing and service-related businesses. Retail businesses will generally not be eligible, he said.
The program is aimed at helping companies grow and develop business through the pandemic, Bottar said. It’s different than the Paycheck Protection Program, which sought to as quickly as possible get cash to struggling businesses.
“This is moreso long-term oriented, than short-term emergency funding,” Bottar said.
Businesses in Cayuga, Cortland, Madison, Onondaga and Oswego counties will be eligible to apply.
Bottar said he expects the program to launch in early November. He encouraged interested business owners to check out the board’s website, where more information about applying to the program, and other resources for small businesses will be posted. He said business owners were also welcome to email him at the address listed on the website.
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Small business owners: Have a question or a story to share about how you’re coping through the coronavirus pandemic and subsequent shutdown? We want to hear from you. Contact Back in Business reporter Julie McMahon: Email | Twitter | 315-412-1992