Financial assistance during COVID-19 | Downtown Albany

Financial assistance during COVID-19

Financial assistance during COVID-19


Throughout the COVID-19 pandemic, financial assistance in the form of loans and grants have been made available to businesses and non-profit organizations. Below is a list of currently available funding opportunities, and resources that can provide additional information and assistance. 

FUNDING OPPORTUNITIES

Capital Region Advancement Fund
The Capital Region Advancement Fund was created to provide low-interest loans to help area businesses who have been impacted by the COVID-19 pandemic. Businesses that demonstrate negative COVID-related impact such as reduction of revenues, employee layoffs, change in capital expenditures or disruption to expansion/growth plans are encouraged to apply. Funding can be used to retain employees, help cover expenses, support operations and make necessary adjustments toward a sustainable future. Full details here.

SEED Loan Program
The Small Enterprise Economic Development is a character based microloan program that is funding entrepreneurs based off of character of the entrepreneur and capacity of the business. The SEED Loan Fund services the Capital District Region of New York. In order to participate in the program and be eligible for funding, the applicant and/or business must be located in: Albany, Rensselaer, Schenectady, Saratoga, Warren, Washington, Schoharie, Fulton, Montgomery, Columbia or Greene county in New York. Application here.

Eligibility expanded: New York Forward Loan Fund
The New York Forward Loan Fund has expanded eligibility to include small businesses and nonprofits that employ 50 or fewer full time equivalent employees (previously: 20), have gross revenues of less than $5 million per year (previously: $3 million), have not received a US SBA Paycheck Protection Program of greater than $500,000 or an Economic Injury Disaster Loan of greater than $150,000 (previously: had not received loan from either), among other eligibility requirements. Full details here.

Paycheck Protection Program
The Paycheck Protection Program, an SBA loan helping businesses keep their workforce employed has re-opened, with funds now available for first time and second draw loans. Full details here, and if you missed the Small Business Development Center's Second Draw PPP Loans webinar, you can watch it online here.

Shuttered Venue Operations Grant
While the application for the U.S. Small Business Administration's Shuttered Venue Operators Grant has not yet been posted, an overview about the emergency assistance program has been posted online and includes priority group information and allowable use of funds. Once the application has been posted, we will update the information here. Available details here.

Update: Raising the Bar Restaurant Recovery Grant Fund

New York State has received enough applications to utilize the Raising the Bar Restaurant Recovery Grant Fund, and the portal is now closed to new applications. If donations are received to fund the program and the application reopens, we will update the information here. Program details available here.

The Barstool Fund
Barstool Sports created the Barstool Fund to help struggling small businesses, and has raised over $29 million to date. More information on the fund here, and you can apply to receive funds here

ADDITIONAL RESOURCES