July 25, 2024

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Glens Falls awards small business financial loans beneath DRI method | Area

2 min read

Business program

Abby’s Cookie Jar will receive $20,000 to invest in tools needed to commence advertising ice product and many baked merchandise as part of a organization begin-up application designed by the city’s Downtown Revitalization Initiative. The metropolis just lately awarded a whole of $235,000 in loans to 8 organizations under the plan. 

GLENS FALLS — The town a short while ago awarded a quantity of deferred loans to business people as component of a business enterprise commence-up system made as section of the Downtown Revitalization Initiative.

Financial loans totaling $235,000 had been awarded to eight corporations as portion of the Glens Falls Business enterprise Downtown Revitalization Initiative Undertaking Company Method, or GF Business enterprise Generate.

The program was established making use of about $600,000 of the city’s $10 million DRI grant awarded by the condition in 2016 to rehab parts of the downtown location around South Avenue.

Funding for the software was presented by the state’s Division of Housing and Local community Renewal.

The software was only open to business people seeking to make a new small business or extend one particular that was started inside of the last five many years in the city’s DRI concentrate on space, which encompasses the South Road corridor and parts of the downtown area.

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Money from the application can be used to protect a wide variety of prices, which includes getting new products, renovations and payroll expenditures for up to 12 months.

If a small business stays open after 5 years, the financial loans switch into forgivable grants.

Candidates had been demanded to go over 20% of the total loan to be qualified.

Funding was awarded based mostly on an applicant’s requirements. The method was administered by the Bigger Glens Falls Local Development Corp.

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