New York provides grants for new small businesses

New York State is providing $200 million in grants to small businesses in their early stages of development to help them gain a foothold in the post-pandemic economy.

Governor Kathy Hochul’s office announced that grant funding applications will be open beginning Wednesday.

“This seed funding grant program, the first in the nation, complements $1 billion in flexible funding to support both start-up and established small and micro businesses,” Hochul said. “Businesses in New York were among the hardest hit nationally during the height of the pandemic, but with this funding, we are extending a lifeline to help them continue to grow and operate. Applications open tomorrow, and I encourage all New York business owners to take full advantage and participate in New York’s remarkable recovery.”

The effort builds on an $800 million program to help pandemic business recovery, sending $639 million to more than 35,000 small businesses since its launch.

Economic development officials are expanding this program to include more small businesses by ending the requirement that businesses must post a 25% loss in gross annual revenue. Funding is expected to end for the program by the end of the month.

“The pandemic has had a profound impact on our economy, and our small and micro businesses have been among the hardest hit, especially in New York State,” said Hope Knight, President, CEO and Commissioner of Empire State. Development. “Supporting our state’s small businesses has been a priority of Governor Hochul’s administration and the steps taken to expand eligibility and secure funding have helped countless businesses stay on track. The grant program marks unprecedented support for small businesses in New York State and for our economic success in the future. »

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