Category Archives: Business News

The U.S. Small Business Administration’s  (SBA) Upstate New York District Office announced the start of local recruitment for T.H.R.I.V.E. (Train, Hope, Rise, Innovate, Venture, Elevate), a free national training program for small business leaders.

The SBA is currently recruiting small business applicants who have been in business for at least three years; who have annual revenues of at least $250,000; who have at least one employee other than the owner; and who can commit to participating in the six-month program from July 5 to Dec. 16.

“T.H.R.I.V.E. is a unique SBA program that can be instrumental for entrepreneurs aiming to grow or expand their small businesses. Throughout the course, participants will receive core business knowledge, work directly with a business coach, meet with peers and develop a three-year Strategic Growth Plan,” said SBA Upstate New York District Director Bernard J. Paprocki. “We will select 20 participants for the Upstate New York cohort, and I strongly encourage small business owners who are ready for growth to consider applying for this opportunity by the May 31 deadline.”

T.H.R.I.V.E. provides complimentary entrepreneurship education and training for executives of high-performing small businesses. Over six months, the executive entrepreneurship training series includes in-person coaching and virtual, self-paced instruction. Paprocki  said the hybrid program allows participants to work with a network of experienced subject matter experts in core business topics like accounting, business strategy, marketing, and human resources customized for the unique needs of small business owners.

The Capital Region continued to grow through the pandemic, making it one of only two economic development regions in the state to see total population gains between July 1, 2020, and July 1, 2021. 

Even more, the eight-county region had New York’s greatest number of annual net domestic movers during that period, according to a Center for Economic Growth analysis of new U.S. Census Bureau estimates.

CEG said  Saratoga County saw the state’s second biggest gain in annual net domestic movers and also had third largest total population annual gain in state.

Warren County ranked 12th for annual net domestic movers, the agency said.

“We are a million-strong region and getting bigger. The Center for Economic Growth launched our CapNY talent attraction campaign in April 2021,” said CEG President and CEO Mark Eagan. “We sensed that if we could raise awareness about all the opportunities and lifestyle in the Capital Region, then more people would want to come here to work and live. We were onto something, and these Census Bureau population estimates show that. 

“The GoCapNY.com website is attracting much traffic, especially from the New York City and Boston areas, and we will be launching new initiatives to engage and connect with interns this summer.”

The New York State Tourism Return-to-Work Grant Program, created to incentivize employment growth by providing financial assistance to businesses in the tourism industry that suffered economic hardship due to the COVID-19 pandemic, has grants of $5,000 up to $200,000 to incentivize employment growth for businesses in the tourism industry. 

 Qualifying tourism businesses will be eligible for grants of up to $5,000 per net new full-time employee, and $2,500 per net new part-time employee hired. 

To receive a full benefit, employers will have to maintain employment increases over six months. 

Grants will be limited to for-profit or nonprofit businesses servicing the public and engaged in a tourism-related fields including accommodations, arts, entertainment, sightseeing, transportation, tour operators, convention and visitor groups, or other businesses that, in ESD’s sole discretion, qualify as businesses in the tourism industry.

Further, to qualify for grant assistance, all eligible applicants must:

• Increase their average employment between Jan. 1, 2022 and June 30, 2022 by at least 2 net new full-time equivalent jobs;

• Continue to be in operation as of the date of application.

The U.S. Small Business Administration (SBA)  has been directed to provide additional deferment of principal and interest payments for existing COVID Economic Injury Disaster Loan (EIDL) program borrowers.

 The extended deferment period—30 months deferment from inception on all approved COVID EIDL loans—will provide additional flexibility to small business owners impacted by the pandemic, especially those in hard-hit sectors managing disruption with recent variants, as well as recent supply chain and inflation challenges amid a growing economic recovery.

 Since its inception, the COVID EIDL program, a federal disaster relief loan, has allocated more than $351 billion in relief aid to 3.9 million borrowers, including to the smallest of small businesses from historically underserved, disadvantaged communities, according to the SBA.

 “Though our small business owners continue to power a historic economic recovery under the Biden-Harris Administration, we must continue to do everything in our power to meet our small businesses where they are with resources to ensure they can recover and thrive,” said SBA Administrator Isabel Guzman. “This extended principal and interest deferment will provide financial relief to millions of small business owners—particularly those hardest-hit by the pandemic and related marketplace challenges – so they can continue to pivot, adapt, and grow.”

The deferment extension is effective for all COVID-EIDL Loans approved in calendar years 2020, 2021, and 2022. Loans now have a total deferment of 30 months from the date of the Note. Interest will continue to accrue on the loans during the deferment. 

Southbound Saratoga Management Group, LLC will present this summer the Saratoga WIB (Women In Business) Spectacular, a horse show created by women, operated by women, benefitting women’s causes and showcasing women in business. 

The event will be held July 13-17 at White Hollow Farm, 28 Brickhouse Road in Stillwater and is open to all competitors in the equestrian community, spectators and vendors.

“Exhibitors and attendees will be offered multiple opportunities throughout the show and beyond to meet, interact, listen, and learn from many remarkable women, in all types of business, willing to share their story and career paths,” said Adele Einhorn, organizer of the event. “Additionally, there will be educational opportunities to learn from women professionals at the show.

“This event is something that has never been done before. The equestrian community is dominated by women yet operated by men. We intend to break the mold by having women fulfill all positions for the show while showcasing women in business in the equine world and beyond, and women that ride and have full-time careers.”

Proceeds from the event will fund organizations that support women’s health and emphasis will be made to reach young people and minorities who might not otherwise have exposure to the many career opportunities related to the horse business.

“As former mayor of Saratoga Springs, I am thrilled to be a part of the Saratoga Women in Business Spectacular Horse Show,” said Joanne Yepsen of Yepsen & Pikulski who is working to promote the event and recruit participants and sponsors. “The event is not only a venue to showcase the hundreds of women in business, but also spread awareness for the opportunities that exist for women and youth to work in and own businesses that serve the equine and the agriculture industries in New York state. We are proud to produce this event in Saratoga County while providing significant economic benefits to our local region.”