County launches microenterprise grant program to assist low-income entrepreneurs

ALBANY COUNTY—Albany County Executive Dan McCoy announced today, Monday, Aug. 22, that the county has launched a new initiative that will provide training and financial assistance to small businesses, start-ups and entrepreneurial activities for low-to-moderate income county residents.

Albany County will work with the Capital Region Chamber of Commerce to administer the program, which is possible due to the recent award of a $200,000 grant from the NY State Office of Community Renewal. The goal of the Microenterprise Grant Program is to provide direct assistance to start-up and small business entrepreneurs in Albany County. Awards range from a minimum of $5,000 to a maximum of $35,000. There are income limits for the program, which is targeted to low and moderate income business and businesses must have no more than five employees.

Qualified applicants must meet the 2016 federal and state eligibility criteria, attend an Entrepreneurial Assistance Training Program, and must fall within the 2016 federally determined low to moderate income limits. In addition, the business must be located in a non-entitlement area in the county. Eligible communities include the City of Cohoes, the towns of Guilderland, New Scotland, Coeymans, Berne, Knox, Westerlo and Rensselaerville; and the villages of Green Island, Altamont, Voorheesville and Ravena.

Details are as follows.

To Be Eligible for Assistance:

At the time of application an existing business must have no more than five employees, including the owner(s),
The project must meet a low-to-moderate income test; that is the business owner(s) must be low-to-moderate in income (based on family size and gross, annual income) or a majority of the jobs to be created or retained must be low-to-moderate income jobs and/or available to low-to-moderate income persons.
Microenterprise Program participants must be certified as having completed an approved local entrepreneurial assistance or start-up business training program.
Grantees must provide a minimum of 10% equity to the project. Grant funds cannot account for more than 90% of the project cost, up to the maximum award of $35,000.

The total amount of assistance available per project is $5,000 to $35,000, excluding funds for training. The amount to be provided per project will be determined by the Albany County Business Development Corporation Board.

Program Priorities

Veterans;
High-tech businesses;
Rural businesses; and
Essential neighborhood services.

Use of Funds

Funds can be used to purchase machinery, equipment, furniture and fixtures including, but not limited to: manufacturing, processing or display equipment; computer hardware; office furniture, display fixtures, or other equipment/fixtures that directly support the business activities of the applicant.
Funds can be used to acquire real property, or for the purchase of inventory.
Funds can be used for working capital purposes. The specific use(s) of working capital must be detailed in the microenterprise application for assistance and in any commitment or agreements/documents provided by the County.
Software that is specifically related to the business activity of the applicant may be purchased under the Microenterprise Program. The County reserves the right to file a UCC lien on the business and its assets.
Other uses, not specifically noted above, deemed appropriate by the County, and considered eligible after State review, will be considered.