Forgivable Loans for Glens Falls Businesses

08 Jun Forgivable Loans for Glens Falls Businesses

Posted at 11:45h in Business, Downtown, Glens Falls by

NOTE: This article is now out-of-date. View updated information here.

The Glens Falls Local Development Corporation just announced a Small Business Recovery Fund, which provides forgivable loans (that means free money, with some stipulations) up to $7,500 to small businesses experiencing hardship due to the pandemic.

Priority will be given to ground-floor storefront businesses open to the general public, businesses for whom resources will help them stay in business, and businesses where the owner receives their primary source of income from their business, along with other priorities outlined in the full document.

Here are some bullet points:

  • Up to $7,500
  • Zero interest rate
  • 12-month term
  • 100% FORGIVEN if the business remains open and in operation through July 1, 2021
  • For businesses who have not already received PPP or EIDL money
  • For Glens Falls businesses
  • For small businesses with less than 20 employees
  • Business must be public-facing AND/OR have experienced 10% or more in decline in revenues since March 1, 2020 due to COVID-19
  • Credit report and personal financial guarantee are required, along with possible additional collateral

The program is a collaboration between the City of Glens Falls, the Glens Falls LDC and the US Department Housing Urban Development (HUD) of Glens Falls. It’s not for non-profits unless 51% or more of gross revenues are from earned income. There is much more information to be found on the PDF below.

Click here to download the application and complete information.

For general inquiries, contact Ed Bartholomew at ebartholomew@edcwc.org or (518) 761-6007.

Free Help from Advokate

Additionally, Advokate is partnering with the SBRF to offer in-kind donations to those Glens Falls businesses who were approved for the Small Business Recovery Fund. Read on for more information!

Advokate’s services include:

Advokate wants to lift up Glens Falls and Warren County, and so we are offering in-kind donations to those businesses who are approved for the Small Business Recovery Fund:

  • Receive $1,000 in-kind donation of services on contracts of $6,000 or more
    (Only paying $5,000 for $6,000 worth of services)
  • Receive $750 in-kind donation of services on contracts of $5,000 or more
    (Only paying $4,250 for $5,000 worth of services)
  • Receive $500 in-kind donation of services on contracts of $2,500 or more
    (Only paying $2,000 for $2,500 worth of services)
  • Receive $250 in-kind donation of services on contracts of $1,250 or more
    (Only paying $1,000 for $1,250 worth of services)
  • Receive a Social Media Tuneup for $75 (regularly $150) — 1 hour of work on your social media accounts

This offer expires September 1, 2020 and is just a special offer for those who have received this loan.

If you have received SBRF funding and would like to upgrade your marketing and online presence, please reach out!

Kate Austin-Avon
kate@advokate.net

Kate E. Austin is known for her creative advocacy. She is a regular speaker on branding and social media with educational institutions and Chambers of Commerce. She owns and operates Advokate, LLC. Currently she serves on the boards of the Glens Falls Business Improvement District, is on the World Awareness Children’s Museum’s Advisory Council, and is involved in the Jackson Heights PTA. Originally from Killington, Vermont, she studied art at Hartwick College and earned her Bachelor’s Degree in Visual Art from Empire State College. She is a mother of three.