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The Cortland County Business Development Corporation (BDC) expects more than 50 small businesses from all over the county will apply to their $600,000 pandemic recovery programs when it’s all said and done.
The first round of the BDC’s funding for programs meant to help businesses recover or gain a foothold after the COVID-19 pandemic has already reached 36 small establishments, according to BDC executive director Garry VanGorder.
The County approved about $600,000 in funding for the BDC’s programs throughout 2021 out of its American Rescue Plan allocation of $9.2 million for economic recovery and development. The stimulus package was approved by President Joe Biden and funds delivered to municipalities, states, counties, and school districts must be allocated before the end of 2024.
“We have 20 more in the queue,” he said. “Those are at various stages of completion. Some businesses have had issues with supply chains and finding contractors. We are working to get those to completion. We are confident we will have all the money out the door by the deadline at the end of 2024.”
Below is a breakdown of the three BDC programs:
Facade Repair and Improvement Program
The Facade Repair and Improvement Program looks to encourage investment by commercial property owners by partially reimbursing up to $10,000 in funds that would go toward signage (50 percent match), and facade and street frontage improvements (75 percent match). Special consideration will be given to historically significant properties in downtown business districts.
Small Business Expansion Assistance Grant Program:
The Small Business Expansion Assistance Grant Program will provide financial assistance to entrepreneurs and existing small businesses that have been putting off capital improvements and expansion due to COVID-19. The BDC will cover 75 percent of the project’s costs up to $10,000. The business owner should be able to shore up the remaining 25 percent, as well as any exceeding costs. These businesses must employ 10 or less people, and should submit plans aimed at growing their revenue and customer base.
Downtown Business Grant Program
The Downtown Business Grant Program would support new businesses locating in the County’s downtown districts with grants of up to $5,000.
In the first phase, the program disbursed $301,148, which translated into $244,164 in private investment, VanGorder said.
Nine of the projects so far are owned by women or members of minority groups, he noted. Eight of these projects are in the city of Cortland, four are in the town of Cortlandville, six in the village of Homer, three in the village of McGraw, two in the town of Virgil, one in the town of Marathon, and another one in Cuyler.
