Albany County Executive Daniel P. McCoy and the Albany County Legislature officially announced the opening of the application process for the Small Business Grant Program. These funds, with $950,000 in total available, will support small businesses that experienced negative economic impacts due to the COVID-19 pandemic. Grants of up to $25,000 for each awardee may be used towards technical assistance, counseling, or other services to support business planning or to cover operating costs such as rent, payroll, benefits, and utilities.

Applications will be considered on a host of grading criteria. Those include the level of financial impact due to the COVID pandemic, whether a business has already received COVID-related government support, the location of business within an economically disadvantaged neighborhood, and MWBE or veteran-owned status, among other factors.

“Even though the pandemic is behind us, the economic aftermath continues to affect small businesses across Albany County, many of which took on debt to stay afloat. These grants will provide much-needed relief, helping businesses cover outstanding expenses, invest in growth, and secure long-term stability. Small businesses are the foundation of our economy, and I will continue to ensure they receive the resources they need to fully recover and prosper into the future,” said Albany County Executive Daniel P. McCoy.

“Our goal is to provide at least some certainty for small business owners in uncertain times. The dedication of time and resources required to launch and maintain a small business is exhausting enough without erratic behavior threatening vital grant programs. We highly encourage our local business owners to tell us for what they need so we can mobilize assets that are we have allocated for them. Our small businesses make our communities more vibrant, active, and dynamic, all while stimulating the local economy,” said Albany County Legislature Chairwoman Joanne Cunningham.

“There are over 9,000 small businesses that are the backbone of Albany County’s economy and I highly encourage all of them – especially those in historically underserved and marginalized communities – to take full advantage of this opportunity. We need active participation now because there are efforts to reverse, renege, or rescind funding that rightfully belongs to the people through laws signed four years ago. Small businesses give our communities personalities. They make our neighborhoods unique and I know we have plenty of breweries, barber shops, bakeries, bookstores, and boutiques that can benefit from this,” said Albany County Deputy Chairwoman Wanda Willingham.

To be eligible businesses must meet the following criteria:

• Must be an existing for-profit business located in the County of Albany, NY.
• Demonstrate that they were in operation prior to March 1, 2020 and continue to be in operation upon submission of this application
• Have no more than 100 employees (includes full time AND part time)
• At least one (1) full-time equivalent employee (including the business owner)
• Small businesses are those as defined by the Small Business Act (which includes, among other requirements, that the business is independently owned and operated and is not dominant in its field of operation)
• Demonstrate a sustainability plan for maintaining the business
• Be current on all taxes and fees owed to Albany County and all of its municipalities
• Must be in good standing with the County and Federal governments

The following businesses are ineligible:

• Businesses not currently in operation as of the date of the application submission
• Businesses which commenced operations after March 1, 2020
• Businesses that have already received any ARPA funds from Albany County
• Banks and/or financial institutions
• Franchises or chain businesses
• Businesses temporarily or permanently closed due to illegal activity
• Businesses engaged in illegal activity
• Nonprofit organizations, churches, etc.
• Businesses not in good standing with the County or Federal governments

Albany County’s Small Business Grant Program will be administered by the Community Loan Fund of the Capital Region. Applications are due by April 7, 2025 at the latest. It is preferred that applications are submitted online at the link here, but physical applications can also be submitted in person at 255 Orange St., Suite 103, Albany, NY 12210.  Applicants can confirm eligibility and learn more about the program by calling (518) 436-8586 or via email at info@mycommunityloanfund.org.

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