COLONIE — The town’s Industrial Development Agency is offering grants of up to $10,000 to small businesses to help pay for Person Protective Equipment necessary to navigate the COVID-19 pandemic.
In July, the state changed the laws governing IDAs allowing them to establish the grant program. Businesses with 50 employees or less and non-profits located in town can apply for the grants through the Planning and Economic Development Department.
“We have heard firsthand about the impact COVID-19 is having on our local small businesses and community organizations,” said Town Supervisor Paula Mahan. “This new initiative continues to demonstrate our town’s strong commitment to our business community and their continued success in Colonie.”
The IDA Board authorized its executive director, Sean Maguire, head of the town PEDD, to administer the program as authorized by state law. The grants can be used to purchase PPE like masks or gloves and/or help pay for installation of fixtures needed to help prevent the spread of COVID-19.
Up to $10,000 is available per eligible small business, which cannot have received assistance from other sources for these added expenses.
“The Colonie IDA has a long history of supporting business in Colonie by reducing the cost of capital, low-interest loans, and advocacy,” said IDA Chairman John Kearney. “We’re pleased to be in a position to reinvest project fees into our small businesses and expand our reach to assist non-profits and help them outlast this challenging time.”
Maguire said he hopes to approve the first round of grants in September.
For more information about the program, please contact the Town of Colonie IDA at (518) 783-2741 or email [email protected] to receive updates on the application process.