Small Business Grants and Loans

Funding Sources
Posted on: March 20, 2020 - 10:40am

The Town of Glenville is working to connect small business owners to opportunities that will offset losses suffered during mandatory closures. Several federally backed opportunities have come through the Small Business Administration (SBA). Qualifying small business may be eligible for either the Payroll Protection Program which requires 75% be used for payroll expenses or the Economic Injury Disaster Loan where funds can be used for rent and other business expenses.

Please note that SBA loans often require collateral, including either real property or equipment. In addition, applicants must have an acceptable credit history and the ability to repay the loan. Loan amounts are determined by these factors as well as the size of the business and the loss created by the COVID-19. Chambers of Commerce and regional SBA offices are available to guide small business owners, as are Town of Glenville staff. Contact mcherubino@townofglenville.org for more information or visit the SBA website https://disasterloan.sba.gov/ela/

Town Officials have been researching other opportunities for small businesses. Several grants are offered to small businesses. Consider application to the following:

1. LISC offers grants of up to $10,000 with a second round opening up May 14th. Login at https://www.lisc.org/covid-19/small-business-assistance/small-business-r... to apply.

2. Hello Alice offers grants of $10,000 to businesses impacted by COVID-19. Apply at https://www.covid19businesscenter.com/. 

3. USDA offers a number of loans and grants to rural businesses. See the full list at https://www.rd.usda.gov/programs-services/all-programs.

4. The upcoming round of new applications accepted to the Economic Injury Disaster Loan program from the Small Business Administration are solely for agricultural businesses. For more information go to http://www.sba.gov/Disaster.

5. Community Loan Fund is offering grants and loans to small businesses. CLF is a nonprofit lender that assists startups and small businesses with loans and training. In response to the pandemic, CLF created an emergency grant. Applications are submitted through https://mycommunityloanfund.org/covid-emergency-grants.

6. Artists whose sole support is from arts are eligible for several grant opportunities. Apply at https://www.artistrelief.org/ for a $5,000 grant. Additional opportunities are available through https://www.arts.gov/covid-19-resources-for-artists-and-arts-organizations.

7. Center of Economic Growth is administering Keybank funds available to minority and women owned businesses impacted by COVID-19. Apply for a $5,000 grant at https://go.ceg.org/CRUrbanCore/. 

Please reach out to this office at 518-688-1218 or mcherubino@townofglenville.org with any questions or concerns.