Syracuse opens 3 small business loan programs, with focus on new businesses

Small businesses in Syracuse that are still struggling to recover from the pandemic may be able to get some relief through one of the city’s three loan programs. The American Rescue Plan Act’s $ 1 million jar is the city’s largest pandemic relief program for small businesses.

Valley Plaza’s Southside Fitness Center has already taken advantage of this and used the funds to sanitize stations and improve air filtration. But co-owner Kaiya Edwards says they might still need help.

“The pandemic has affected the gym in more ways than you might think. We have lost more than half of our members. So really now we are trying to rebuild.

As a business with less than 10 employees, the fitness center would qualify for a microenterprise forgivable loan of up to $ 5,000. They could also apply for a low interest loan of up to $ 25,000 or up to $ 200,000 for home renovations or improvements. The latter could be in the cards for co-owner Tim Edwards.

“I need to expand and have a bigger place inside this place, so maybe I was looking for some money, you know, to develop that,” Edwards said.

Deputy Business Development Commissioner Eric Ennis said the loan programs are open to those who have received previous assistance, but are particularly targeted at new businesses.

“We expanded that to include new businesses that were able to start after the start of the pandemic. Previous programs, such as the Payment Protection Program or other federal and state level initiatives, have been incredibly, incredibly helpful. However, there were companies that were unable to access these resources. “

The city translated the application documents into Spanish and published a video tutorial with the aim of reaching as many businesses as possible. All information can be found on the Syracuse Economic Development Corporation website. The deadline for applications is Friday December 31st.

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