Albany County NY Treasurer issued the following on Nov. 9
The anticipated formation of the Advance Albany County Alliance, the county’s new Local Development Corporation (LDC), following the County Legislature’s November meeting on Monday evening is resulting in the introduction of two separate pieces of legislative funding for the new entity.
The items being brought forth by the Legislature include $500,000 for startup capital and $300,000 to administer a small business grant and support program which would be administered by the new LDC. Both items will be moved to appropriate committees as they navigate the legislative process.
The $500,000 in startup capital will provide the necessary seed money to help the Advance Albany County Alliance to staff up and hit the ground running as it focuses on streamlining local economic development efforts as well as attracting and maintaining new businesses.
The $300,000 in small business support results from a report and recommendations provided by the Legislature’s COVID-19 Economic Recovery Task Force (CERT). The CERT consists of Legislators Wanda Willingham, Matthew Peter and Jeff Perlee, and was convened in July by Chairman Andrew Joyce to analyze the recovery impact the pandemic has had on small businesses in Albany County. This resolution would allow the County to enter into an agreement with the Advance Albany County Alliance in the amount of $300,000 to administer grants up to $2,500 to small businesses. The money can be used for back rent, two weeks of perishable goods and expenses related to retrofitting the business for COVID-19.
“Now is the time to put politics aside and to work together to create a path forward out of this crisis for Albany County,” Chairman Joyce said. “Small businesses are the backbone of our local economy and I’m so proud of our COVID-19 Economic Recovery Task Force for coming up with a plan to provide support to local businesses as we stand up our economic development arm.”
"The small businesses in Albany County are struggling to survive, especially in the neighborhoods that have been disproportionately affected. These small businesses are essential to our community and local economy. Providing assistance in the form of small grants can go a long way in keeping that business afloat while moving the economy forward,” stated Legislator Willingham, Chair of the Task Force.
“I want to thank the leadership of Chairman Andrew Joyce for creating the COVID-19 Economic Recovery Task Force. It’s been priority one to assist small businesses, especially minority-owned businesses and those left out of the federal loan process. Through these grants we are hoping to assist small businesses through this pandemic,” said Legislator Peter.
The Task Force held meetings with various business owners in multiple industries as well as representatives from local chambers of commerce and downtown improvement districts to get a first-hand account of ongoing issues and needs. The Task Force also issued a survey to small businesses to get an assessment of what businesses are experiencing as they reopen.
According to the report issued by the Task Force in October, small businesses are in need of assistance in the form of small non-repayable grants, as opposed to loans, for business expenses such a rent, utilities, payroll, etc.; continued access to PPE resources; grants to cover the expense of health and safety upgrades to protect employees and the public; clearer guidance regarding the rules for reopening; consulting and technical support for technical upgrades as result of COVID-19; and more coordination to promote buying local, especially among the farming enterprises.
In addition to the grants, the Task Force is recommending the Legislature consider providing a technical support program which would involve spending up to $50,000 with a business consulting firm to provide hands-on assistance to businesses struggling with operational issues. The program would also provide free technical network – a collaboration with BIDS, Chambers of Commerce – that businesses would be able to reference to explain government programs and connect individuals with information that may be hard to navigate.
“Our findings made clear the need for a consolidated business advocate at the County level. Small Businesses from the cities and towns reported that at their time of greatest need they encountered only frustration in their dealings with the State,” Legislator Perlee stated. “We desperately need a “one stop shop” resource, not just for recruiting new business but in helping existing businesses get the help they need when they need it.”
Original source can be found here
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