With funds from the American Rescue Plan Act, Mayor Walsh announces million dollar loan programs to help small businesses in the city of Syracuse – Our Town

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The Syracuse Economic Development Corporation will accept applications until December 31

Syracuse, New York State – Syracuse Mayor Ben Walsh announced that the Syracuse Economic Development Corporation (SEDCO) will open applications today for a minimum of $ 1 million under the first round of new funded small business loan programs by the American Rescue Plan Act (ARPA). The funds will support the development of small businesses, contribute to the recovery underway from the COVID-19 pandemic and foster new growth. The investment is the city’s largest pandemic relief program for small businesses.

“Small businesses need more help not only to continue to operate in the face of the pandemic, but also to capitalize on growth opportunities. These programs will promote economic recovery and improve access to local products and services, ”said Mayor Walsh. “SEDCO has provided our small businesses with vital support since the onset of the pandemic, and I am pleased that we are able to deploy its services again. “

SEDCO has three funds optimized to provide financial support to small businesses and eligible non-profit organizations to address the economic hardships faced by the community of Syracuse:

  • Businesses with ten or fewer employees that are located in an industry or location that has experienced economic difficulties are eligible for the Micro-Business Fund with a maximum loan of $ 5,000.
  • Businesses with fifty employees or less that have experienced a decline in sales and / or are located in an ARPA-eligible census tract are eligible for the Small Business Assistance Fund with a maximum loan of $ 25,000. Businesses, non-profit organizations or development entities with fifty or fewer employees that create capital investments resulting in renovations or other physical property improvements are eligible for the Community Impact Fund with a maximum loan of 200,000. $.

Applications will be accepted until Friday, December 31 at 12 noon, 2021. Details on the program and the application process, including an initial admission questionnaire that must be completed by interested applicants, are available at www.syrgov.net / SEDCO_HOME. aspx. Once an applicant has completed the online SEDCO Funding Admission Questionnaire, spoken with a staff member, and completed and completed the application with all supporting documents, the information can be submitted for review via email to business @ syrgov.net or by mail to Syracuse Economic Development Corporation, 201 East Washington Street, Suite, 612, Syracuse, 13202.


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