March 16 – The Town of Colonie will partner with the Community Loan Fund to award $189,500 in federal grants to small businesses impacted by COVID as part of the Colonie Small Business Low to Moderate Income Job Retention Grant Program.
Grants up to $10,000 will be awarded to small businesses of 10 employees or less who have experienced a revenue loss of at least 25% as a result of COVID. The program will also include specialized trainings to help business owners adapt to COVID. The program will be for businesses located within the Town of Colonie.
“When it comes to the economic impact of COVID-19, small businesses in the town have been hit the hardest. We will continue to support our small businesses to ensure they succeed and can keep their doors open during this pandemic. We are excited to be collaborating with the Community Loan Fund to award these funds to our businesses that are struggling,” says Paula Mahan, Supervisor of the Town of Colonie.
The program is funded through the U.S. Department of Housing and Urban Development (HUD) which has allocated funding to the Town of Colonie as part of a Community Development Block Grant.
The Community Loan Fund will be accepting applications for the program beginning March 16. The deadline to submit applications will be April 2 at 5pm.
“The Community Loan Fund is excited to support Colonie businesses. We know that this pandemic has been particularly hard on small business owners and their employees, especially low- to moderate-income employees. We are grateful to the Town of Colonie for creating this program that promises to support so many important employers,” says Linda MacFarlane, Executive Director for the Community Loan Fund of the Capital Region.
This represents the fourth COVID grant program the Community Loan Fund has partnered on. To date, the Community Loan Fund has helped local organizations and municipalities award $976,000.