Small Business Vitality Program announces round two grants and technical assistance
ALBANY: Following a successful first round of the ARPA-funded Small Business Vitality Assistance program, the application for the second round is now open. Launched in December 2022, more than $200,000 has already been provided in support of 26 Albany entrepreneurs – 77 percent of which are MWBEs – with the new round of the $750,000 program providing an expanded list of eligible funding opportunities.
Funded through the City of Albany’s $80.7 million American Rescue Plan Act award, and available to businesses and entrepreneurs that are located within Albany’s city limits, the grant is administered through the Central Avenue Business Improvement District, in partnership with the Downtown Albany Business Improvement District, Arbor Hill Development Corporation, Albany Chapter of the NAACP, and Small Business Development Center. Complete program guidelines and intake forms can be found at businessvitalityalbany.org.
Funds distributed through round one of the programs were utilized for costs related to COVID Recovery, Entrepreneur Class/Program Tuition, and Technical Assistance. Learning the needs of businesses from applications and feedback, program partners have expanded the objectives for round two, and the Small Business Vitality Assistance program will now assist in six categories: COVID Recovery, Entrepreneur Class/Program Tuition, Technical Assistance, Marketing, Equipment/Supplies, and small-scale Façade Improvements. Grants of $2,000-$15,000 will be awarded, with individual funding based on the application that meets the basic eligibility requirements, demonstrated need, impact to business growth, business fluency, capacity, and prior support.
More than just a funding opportunity, the Small Business Vitality Assistance program has opened the doors for Albany-based entrepreneurs to learn about year-round business services available to them, thanks to multiple Small Business Resource Open Houses held during round one of the programs. In total, over 250 individuals attended the events which included participation from the Central Avenue and Downtown Albany Business Improvement Districts, Capitalize Albany Corporation, Community Loan Fund of the Capital Region, Small Business Development Center, Capital Region Chamber/Center for Economic Growth, Arbor Hill Development Corporation, SBA, and Pursuit. Free and open to the public, upcoming Small Business Resource Open Houses are being held at the STEAM Garden (279 Central Avenue) on Tuesday, August 15 at 9:00 AM and Noon, and on Thursday, August 17 at 3:00 PM and 6:00 PM.
To be eligible for the Small Business Vitality Assistance program, the business must be located in the City of Albany, have no more than 20 full-time or full-time equivalent employees, be a registered New York State business, be engaged in activities that are legal under New York and federal law, and be in good standing with local, state, and federal taxing and licensing authorities. Ineligible entities include nonprofits, franchises and chains, businesses located outside the City of Albany, businesses with more than 20 full-time or full-time equivalent employees, Restaurant Relief Fund recipients, and those who received the maximum amount of $15,000 through round one of the Small Business Vitality Assistance program; additionally, Small Business Vitality Assistance funding cannot be applied to items previously funded through Capitalize Albany Corporation’s Façade Improvement Grant. A complete list of eligible and ineligible uses can be found at businessvitalityalbany.org; future priorities may evolve as business needs evolve.
Businesses located within a Qualified Census Tract within the City of Albany as identified by the US Dept of Treasury do not need to provide evidence of COVID-related financial hardship to be eligible to receive assistance. Those located outside of a Qualified Census Tract will be required to show one or more of the following to be eligible to receive assistance: decreased revenue or gross receipts, financial insecurity, increased costs, capacity to weather financial hardship, challenges covering payroll, rent or mortgage, or other operating costs.
Interested businesses must complete the online intake form at businessvitalityalbany.org by September 8, 2023. A representative from the SBDC will schedule a meeting with the applicant. To be considered for Small Business Vitality Assistance, all applicants must meet with an SBDC counselor.
Questions should be directed to [email protected].
Mayor Kathy Sheehan said: "From the outset, our administration made it a top priority, alongside the COVID Recovery Task Force, to support the small businesses heavily impacted by the pandemic. We recognized the importance of navigating these challenging times, so we established continuous communication with BIDs and Capitalize Albany Corporation, diligently assessing the challenges our businesses faced on a weekly basis. When the ARPA funding came through, we knew exactly where to turn—the dedicated organizations that had been closely monitoring the situation. Today, I extend my heartfelt congratulations to all the partners involved in the Small Business Vitality Assistance program for the remarkable successes achieved thus far. As we open round two, I am confident that Albany's entrepreneurs will forge ahead, continuing to build back better."
Central Avenue BID Executive Director Anthony Capece said: "We acknowledge the tenacity of Albany's entrepreneurs in navigating the challenges presented by the COVID-19 pandemic. We're pleased to report that the Small Business Vitality Assistance program, empowered by ARPA funding, has effectively supported numerous local businesses in the first phase. These enterprises have been successful in expanding their workforce, enhancing their services, and increasing their professional capabilities. As we embark on the second round of this program, we extend our gratitude to the City of Albany, the ARPA Leadership Team, and program partners. We continue to evolve the grant program as we re-learn the current needs of businesses. To save businesses these days you need to move to help as fast as business needs change, which is fast, very fast these days.”
Downtown Albany BID Executive Director Georgette Steffens said: "The goal of the Small Business Vitality Assistance program has been to foster the prosperity of Albany's entrepreneurs amid the challenges brought on by the COVID-19 pandemic. We take immense pride in the success achieved during the initial phase of this ARPA-funded initiative, through which 250 individuals were connected to the wealth of services Albany offers to support small businesses, and over two dozen individuals were provided with financial assistance to help sustain and grow their business. Albany's business owners are integral pillars of our community, actively contributing to the well-being of their neighbors, family, and acquaintances and through this initiative, recipients have been able to expand their workforce and services and elevate their professional training. As we open the second round of this program, we remain deeply appreciative of support from the City of Albany and the ARPA Leadership Team, as well as our dedicated program partners who tirelessly work with the business owners who play a crucial role in sustaining our community."
Arbor Hill Development Corporation Executive Director/Albany NAACP Economic Development Committee Chair Arlene Way said: “Existing disparities in the economic health of communities of color were revealed and exasperated by COVID-19. The ARPA-funded Small Business Vitality Program offered a lifeline to small and minority-owned businesses, and tangible support to new entrepreneurs through strategic technical assistance and financial support. The process had a dual purpose; to address an immediate need, and to create a path for sustainability and growth. As we transition to round two, we do so armed with lessons learned and gratitude for the continued collaborative support of our partners and Mayor Sheehan's leadership team; and ready for some ‘Good Trouble’”.
Assemblymember John T. McDonald III, RPh said: "The Small Business Vitality Assistance program provides comprehensive support for local small businesses to rebuild and grow after the challenges they have faced in recent years. As a long-time small business owner and as a state legislator who works on the state level to assist our small businesses, I appreciate the efforts of the City of Albany, the BIDs, and all of the partners who have worked to create this program to provide direct assistance. I encourage small business owners to apply for and utilize this important resource."
Assemblymember Patricia Fahy said: "Our entrepreneurs and small business owners are the backbone of Albany's and the Capital Region's economy. These funds will continue the City of Albany's goal to revitalize the cornerstones of our community and assist in the expansion of their workforces and other resources and professional development. I commend the City of Albany, Mayor Sheehan, and the ARPA Leadership Team for their role in continuing to support our aspiring entrepreneurs and business owners."
