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Empire State Today

Sunday, May 12, 2024

NYCRUNS director Lastoe: Long-term, low-interest loan would help

Ncruns

NYCRUNS Event | NYCRUNS Facebook

NYCRUNS Event | NYCRUNS Facebook

Steve Lastoe likes to keep people on the run.

Right now, however, he is at a dead stop.

Lastoe, founder and race director of NYCRUNS, said the COVID-19 crisis has forced him to cancel or postpone all events.


Steve Lastoe | Facebook

“My entire industry is shut down. I had to lay off most of my full-time employees and all of my part-time employees are not working,” Lastoe told Empire State Today. “I was saddled with a ton of debt.” 

NYCRUNS organizes more than two dozen running events in New York City and New Jersey, with between 1,500-15,000 runners entering.

Its flagship events are the Brooklyn Marathon & Half Marathon, first held in 2011, and the Newport Half Marathon. 

But it’s more than just people hitting the street.

“Our post-race festivals feature fresh New York bagels (with a shmear of course — this is New York), fresh fruit, and a great DJ,” according to the NYCRUNS website. “Our events are fun, vibrant, not overcrowded, and all about showing you a great time. Our goal is to give athletes the chance to win their race by providing them with the best possible experience from the time they register until the moment they see their free finisher photos. Simply put, week in and week out, our goal is to put on the best races in New York City.”

 Lastoe said business was brisk until the pandemic.

“We were killing it — 50 percent growth for the first two months of 2020,” he said.

The stoppage has impacted more than 30 employees, he said. Runners were notified in April that the pandemic would alter race schedules.

“At this time, NYCRUNS has rescheduled our NYCRUNS Queens Half Marathon & 5K for 11/21/20 and rescheduled the NYCRUNS Summer Loving 5K & 10K for 8/8/20. We have also canceled the NYCRUNS Prospect Park 5K & 10K and the Empire State Building Run-Up,” the NYCRUNS website stated.

The organization was uncertain what its next step would be, runners were told.

“Like many of you, we’re concerned about our future events, races you’re training for or plan to train for. It’s possible some of them will not happen,” the message stated. “While we remain optimistic, we’ve decided to amend our industry standard no-refunds policy in the best interest of all of us — and to provide you with some additional assurance.

“While we still won’t be able to issue blanket refunds, we can assure you that your race entry will be honored. If NYCRUNS is forced to cancel or reschedule a race due to this crisis, you will automatically be entered into the same event next year or the rescheduled event. You may also be given the option of switching into a virtual race.”

It also offered the NYCRUNS membership program for $50 annually.

“In the event you defer a race or we cancel one, you get the full amount of your registration credited to your account in the form of race credit. Race credit is good for any NYCRUNS race and lasts for one year. Membership comes with additional benefits including discounts on races.”

Lastoe said he would welcome federal assistance, such as Small Business Administration packages that not only help pay employees but allow businesses to position themselves for growth. The Economic Injury Disaster Loan (EIDL) program will not offer assistance.

“For instance, it might make sense for us to invest in running retail in the second half, because we have the time now,” he said. “EIDL does not allow for new ventures or extensions of current ventures. Ultimately though, I think considering the scope of this — access to capital with long-term low-interest rates.”

While the road ahead is unclear, Lastoe told runners he is certain they will move forward at some point.

“We will win this race together,” he said.

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