The City of Saratoga Springs Office of Community Development has launched a COVID 19 Small Business Grant (SBG) program for local businesses.
SBG, administered locally by the city Office of Community Development, is funded by a U.S. Department of Housing and Urban Development grant through the Coronavirus Aid, Relief and Economic Security (CARES) Act.
All applicants must agree to federal program requirements.
Officials said SBG serves to preserve jobs held by low-income employees who would otherwise be lost due to the economic impacts of the COVID-19 pandemic. The city can provide relief to small businesses through the provision of 25 to 51 grants of $ 5,000-$10,000 in working capital.
Grant funds may be utilized in a variety of creative ways in order to support the small business, generate income, and ultimately preserve the jobs of low income employees, officials said. These uses may include, but are not limited to: payroll, rent or mortgage payments, utilities, purchase/rental of equipment to facilitate the outdoor conduct of business during winter months, purchase and installation of items and equipment that reduce risk of coronavirus transmission.
Low income is defined as adjusted-gross yearly wages of $33,950 or less, as evidenced by the employer’s most recent payroll records.
Applicants must employ less than 50 people and be able to demonstrate extreme financial hardship due to the COVID-19 pandemic. Sufficient documentation must be provided to indicate that the jobs to be retained would be lost without SBG support.
Applications will be accepted through Jan. 4. Completed applications should be submitted via email to the community development planner at lindsey.connors@saratoga-springs.org, with subject title: sbg application.
The SBG application review team is comprised of a sub-committee of the city’s Community Development Citizen Advisory Committee (CDCAC). The review team evaluates grant applications based on predetermined criteria.
The City Council will consider the review team’s recommendation at a regular meeting or any special meeting. Although any personal financial information is kept confidential, the funding requests are considered public information and will be voted on in open, public session. All decisions by the City Council are final.
The application review team assesses grant requests based on the following criteria: credit history, financial stability (prior to pandemic), job retention feasibility, eligible use of grant funds, absence of benefit duplication, and demonstrated ability to adhere to federal employment and program requirements.
Additional criteria as may be identified by the CDCAC or City Council.
A complete list of SBG eligibility requirements can be found at www.saratoga-springs.org/2587/COVID-19-Small-Business-Grant-Program
