Syracuse Economic Development Corporation will accept applications on a rolling basis until
funds are exhausted
Informational webinar on the lending programs will be held Monday, December 12 at noon
Syracuse, N.Y. – Syracuse Mayor Ben Walsh announced the launch of the second round of the Syracuse Economic Development Corporation (SEDCO) Lending Assistance Program, funded by the City’s allocation from the American Rescue Plan Act (ARPA). Applications will be accepted on a rolling basis until the $1.5 million in funding is exhausted.
The goal of these funds is to enable Syracuse businesses to continue to operate and assist with pursuing new investment opportunities to adapt to the changing economic landscape. The program is designed to promote local economic recovery, encourage consumer confidence, and access local products and services provided by City businesses. The first round of funding was announced late 2021.
“These programs have already helped to promote the recovery of our local economy and I am excited that we are able to offer a second round of funding,” said Mayor Walsh. “SEDCO has provided our small businesses with vital support especially as we continue to build back from COVID-19, and I am pleased that the lending programs can continue supporting businesses and organizations across Syracuse.”
The City of Syracuse will present a virtual, informational webinar to provide an overview of the lending programs on December 12 at 12:00 p.m., hosted by the Onondaga Community College SBDC. The webinar will cover how to apply and how the program works, will aid with the application process, and give interested applicants the opportunity to ask questions. Those interested can register for the webinar on Eventbrite.
SEDCO has three funds optimized to provide financial support to small businesses and eligible not for profit organizations to address the economic hardship experienced by the Syracuse community:
- Businesses with ten or fewer employees that are located in an industry or location that has experienced economic hardship are eligible for the Micro-Enterprise Fund with a maximum loan size of $5,000.
- Businesses with fifty or fewer employees that have experienced a decline in sales and/or are located in an ARPA eligible census tract are qualified for the Small Business Assistance Fund with a maximum loan size of $25,000.
- Businesses, nonprofit organizations, or development entities with fifty or fewer employees that are creating capital investment resulting in renovation or other physical real estate improvements are eligible for the Community Impact Fund with a maximum loan size of $200,000.
In order to seek funding through SEDCO, applicants must complete a three-step process. Only fully completed applications with all supporting documentation will be considered. Separate SEDCO ARPA Applications for each of the three different funds are available online at the SEDCO Website. Once completed, the application and supporting materials should be sent by email (preferred method) or by mail to Syracuse Economic Development Corporation, 201 East Washington Street, Suite, 612, Syracuse, 13202. Questions regarding this program should be directed to SEDCO at business@syrgov.net.
