Microenterprise Business Grant Program announced in Oneida County
Posted: March 25, 2010
Mohawk Valley EDGE will administer a new grant program to assist small existing companies or start-up companies to provide new job opportunities, keep existing jobs and ultimately broaden the tax base of Oneida County.
Utilizing a $200,000 grant from the New York State Office of Community Renewal, Oneida County has entrusted Mohawk Valley EDGE to oversee the program and assemble a review committee to evaluate each application.
“It is one of EDGE’s goals to assist local businesses, so administering this program was a natural partnership” said Oneida County Executive Anthony J. Picente, Jr. “EDGE has vast experience in being an administrator of loan and grant funds from federal, state, and county sources since its inception in 1995.”
“EDGE is committed to working with applicants, coordinating the review committee and monitoring the progress of each business receiving grant dollars. We only wish the pool of money could be larger in order to assist more small local businesses” said Steve DiMeo, President, Mohawk Valley EDGE.
To be eligible to apply:
- Microenterprise business participants must be or will become a commercial enterprise with five or less employees, including in the five the owner of the business. Applicants for financing under this program shall be a registered United States corporation or partnership or sole proprietorship, demonstrate the ability to repay if found in default of program objectives, and possess good character and reputation and be of legal age.
- Businesses must be involved in the following sectors: manufacturing, warehousing and distribution, agri-business, high technology, research and development and traditional and innovative small business endeavors. Retail projects will be considered if the business is part of a Main Street Revitalization Initiative in a town or village’s main street corridor.
- Business must be located within the County of Oneida. Businesses located in the HUD entitlement cities of Utica and Rome are not eligible to apply.
- Participation with SUNY Small Business Development Center (SBDC) to assist with business plan development and/or a demonstrated track record of success along with an adherence to a business plan. If business has been operating for less than 24 months, owner/principal is required to participate in SBDC training course, Small Business In Depth. The cost of $95.00 per attendee will be an eligible expense of microenterprise grant funds.
- Grant assistance may be provided for any microbusiness activity that supports the program objectives and result in either the creation or retention of jobs which are held by or made available to low or moderate income persons as defined by New York State Office of Community Renewal guidelines. If there will be no hiring of new or retention of existing employees, the owner must meet low or moderate income criterion.
- Microenterprise must demonstrate a reasonable likelihood for long-term viability based upon issues such as feasibility, marketability, management, competition, and capitalization.
- Grants can be used for capital assets (such as machinery and equipment) and working capital.
- Utilization of funds must be eligible pursuant to the guidelines governing the HUD Community Development Block Grant program and as amended. The use of the funds must meet the requirements set forth in 24 CFR 570.482(e) and Appendix A to Part 570.
Visit www.mvedge.org to complete a pre-qualification questionnaire and download the program details. Applications are accepted on a rolling basis and reviewed quarterly by a volunteer committee. Grants can be requested between a minimum of $5,000 and a maximum of $35,000. Grant recipients will need to provide a minimum of 10% equity in the project or in the case of retail projects, a minimum of 35% equity will be required. The program will continue until all grant dollars have been expended.
Applications are available by calling Jim Castilla at Mohawk Valley EDGE, 338-0393.
Contact: Mary Rizzo (EDGE), 338-0393