Microenterprise Grant Program
The purpose of the Microenterprise Grant Program is to provide training and financial assistance to entrepreneurs, start-up businesses, and “relatively new” existing businesses that will create entrepreneurial opportunities or jobs for persons who are low-to-moderate income (LMI). The Program is especially interested in assisting entrepreneurs who are, or businesses that are owned by low-to-moderate income persons.
To Be Eligible for Assistance:
- At the time of application an existing business must have no more than five employees, including the owner(s),
- The project must meet a low-to-moderate income test; that is the business owner(s) must be low-to-moderate in income (based on family size and gross, annual income) or a majority of the jobs to be created must be low-to-moderate income jobs and/or available to low-to-moderate income persons.
- Microenterprise Program participants must be certified as having completed an approved local entrepreneurial assistance or start-up business training program.
- Grantees must provide a minimum of 10% equity to the project. Grant funds cannot account for more than 90% of the project cost, up to the maximum award of $35,000.
The total amount of assistance available per project is $5,000 to $35,000, excluding funds for training. The amount to be provided per project will be determined by the Albany County Business Development Corporation Board.
- High-tech businesses;
- Rural businesses; and
- Essential neighborhood services.
Use of Funds
- Funds can be used to purchase machinery, equipment, furniture and fixtures including, but not limited to: manufacturing, processing or display equipment; computer hardware; office furniture, display fixtures, or other equipment/fixtures that directly support the business activities of the applicant.
- Funds can be used for the purchase of inventory.
- Funds can be used for working capital purposes. The specific use(s) of working capital must be detailed in the microenterprise application for assistance and in any commitment or agreements/documents provided by the County.
- Software that is specifically related to the business activity of the applicant may be purchased under the Microenterprise Program. The County reserves the right to file a UCC lien on the business and its assets.
- Other uses, not specifically noted above, deemed appropriate by the County, and considered eligible after State review, will be considered.
For more information and to request an application please contact:
Mr. Joseph Landy, Director of Commercial Lending
Capital Region Chamber
Tel: (518) 431-1423
Fax: (518) 431-1493