Mohawk Valley EDGE to Administer $200,000 Microenterprise Grant Program; $750,000 in Cares Act Funding
County Executive Anthony J. Picente Jr. announced today that Oneida County will be making $200,000 in microenterprise grants and $750,000 in Cares Act grants available through Mohawk Valley EDGE to area small businesses and start-ups.
“These two programs will provide a huge benefit to the county’s business sector,” Picente said. “I look forward to partnering with EDGE to assist those who are looking to strengthen, expand or create new businesses and owners recovering from the ravages of the COVID-19 pandemic. We must employ everything at our disposal to solidify our local economy.”
Utilizing a grant secured from the New York State Department of Homes and Community Renewal, Oneida County will have EDGE deliver the microenterprise grant program to assist small existing companies or start-up companies to provide new job opportunities, keep existing jobs and ultimately broaden the tax base of Oneida County.
Microenterprise grants ranging from $5,000 to $35,000 will be available for businesses involved in the manufacturing, warehousing and distribution, agri-business, high-tech, research and development and traditional and innovative small business sectors.
Businesses must employ five or fewer employees at time of application, including the business owner(s), and be located within Oneida County, but outside of the CDBG entitlement cities of Utica and Rome.
EDGE will also deliver for Oneida County a $750,000 CARES Act COVID-19 Small Business Grant Program. This program is designed to provide substantive reimbursement for eligible 2020-2021 COVID-related operating costs, as well as provide gap financing for future COVID-related recovery and resiliency projects. Any resiliency project must result in the retention and/or creation of low- and moderate-income jobs.
Funding for this program is through a grant to Oneida County from the New York State Department of Homes and Community Renewal. These funds may be combined with traditional commercial financing as well as other economic development loan, grant or lease programs administered by EDGE but must be completed within one year. Businesses must employ 25 or fewer full time equivalent employees for this grant and be located within Oneida County, but outside of the CDBG entitlement cities of Utica and Rome.
Grant dollars can be used for capital assets such as real estate, buildings, machinery and equipment or working capital.
“EDGE is committed to helping businesses in our community recover from the COVID-19 pandemic,” said Steven J. DiMeo, President of Mohawk Valley EDGE. “We will be working with applicants, coordinating the review committee and monitoring the progress of each business receiving grant dollars to maximize the impact of these investments.”
Interested applicants for either program must first complete an online qualification survey located on the EDGE website at www.mvedge.org. Qualified applicants will then receive their full application from EDGE. Applications will be reviewed/funded on a first-come, first-served basis until all funds are used.