$250k Business Stabilization Grant fund announced

$250k Business Stabilization Grant fund announced


The Downtown Albany Business Improvement District (BID) has announced $250,000 in grants available to brick and mortar businesses within the District to support re-opening and repairing following significant economic impact related to COVID-19 and vandalization during recent demonstrations. The Business Stablization Grant was established to augment many local, state, and federal resources available to support small businesses, with applications being accepted until all funds have been expended. 
 
For the restaurants, retailers, and personal care businesses in Downtown, the grants are aimed at helping to lessen the impact of closures due to the pandemic, and to restore facades damaged following demonstrations on May 30, 2020. The Grant, a pool of $250,000 from non-assessment revenue raised through ad sales and sponsorships over the course of several years, will provide funds of up to $3,000 to small businesses and non-profit organizations.

Coming in the form of one-time forgivable loans, funds will be awarded based on a combination of factors including program eligibility, program priorities, availability of funds, and number of employees. Eligible uses for funds awarded include technology upgrades; implementation of delivery services, contactless payment, or online sales; new marketing strategies; PPE; replacement of perishable goods; interior fit up to meet New York State reopening guidelines; and repairs caused by vandalism. 
 
Full guidelines and the application for the Downtown Albany BID’s Business Stabilization Grant can be viewed at downtownalbany.org/grants. The full press release can be read here.