City partners with Community Loan Fund
The partnership will award $300K in small business grants
TROY, N.Y. » Mayor Patrick Madden recently announced the availability of $300,000 in federal grants to assist small businesses in Troy impacted by COVID-19 as part of the Troy Small Business Grant Program.
The program is administered by the Community Loan Fund in partnership with the City of Troy.
Grants ranging from $2,500 to $10,000 are available for small businesses of 20 employees or less who have experienced a revenue loss of at least 25% as a result of COVID. The program will also include specialized trainings to help business owners adapt to COVID. The program will be for businesses located within the City of Troy.
The program is funded through the U.S. Department of Housing and Urban Development (HUD) which has allocated $577,015 to the City of Troy as part of a Community Development Block Grant authorized by the Coronavirus Aid, Relief and Economic Security (CARES) Act of 2020.
The Community Loan Fund is currently accepting applications for the program. The deadline to submit applications will be April 22 at 5 p.m.
“Troy’s diverse mix of restaurants, shops, breweries and boutiques are a big part of what makes our community such a special place,” Madden stated.
“Throughout the COVID-19 pandemic, many struggled financially, resulting in lost income and elimination of local jobs. The Troy Small Business Grant program is an essential piece of our community’s economic recovery, offering a lifeline to struggling small businesses impacted by the pandemic,” Madden explained.
“We’re pleased to partner with the Community Loan Fund to implement this program, and thank our federal representatives for securing the funding to assist small businesses in need,” Madden added.
This represents the fourth COVID grant program the Community Loan Fund has partnered on, and the first with the City of Troy. To date, the Community Loan Fund has helped local organizations and municipalities award $976,000.
“The Community Loan Fund is excited to begin assisting Troy businesses. This grant program will provide a lot of relief for this city, which has seen so much growth in recent years. We are happy to bring our time and expertise to these businesses and help continue the growth of Troy’s vibrant small business community,” Linda MacFarlane, executive director for the Community Loan Fund of the Capital Region, noted.
To apply for the Troy Small Business Grant program, visit https://mycommunityloanfund.org/city-oftroy-small-business-grantprogram/