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City of Lockport Microenterprise Grant Program Still Accepting Applications

by City of Lockport
Wed, Feb 8th 2023 09:15 am

The Greater Lockport Development Corporation (GLDC) is pleased to announce that the City of Lockport has received a $300,000 NYS  Community Development Block Grant to fund a Microenterprise Program. As such, the GLDC  is now accepting applications from eligible new and expanding businesses in the City of  Lockport.  

The City of Lockport’s Microenterprise Program offers grants to assist Microenterprise (defined  as five employees or less) business owners investing in their business in ways that will benefit  individuals with low to moderate income levels. The GLDC will administer the program to assist small businesses in the city in the form of entrepreneurial training and deferred loans to  cover costs associated with starting up or expansion. Eligible costs may include: equipment  purchases, furnishings and fixtures, inventory purchases, working capital, employee training  expenses, professional and financing fees, realty and recording fees, marketing expenses, and/or  any other costs determined by the Microenterprise Review Committee to represent eligible  capital or inventory costs. Build-out or rehabilitation of space is NOT an eligible expense.  

Eligibility Requirements: 

∙ Businesses must have a brick-and-mortar location within the City of Lockport and remain  operating for at least a 2-year period.  

∙ Home-based businesses and not-for-profit organizations are NOT eligible. ∙ Business must be five total employees or less at the time of the application. ∙ Recipients must commit to investing at least 25% of the total project cost in the form of  cash equity. 

∙ Projects funded through this program must benefit low to moderate income individuals.  This means that either the business owner receiving grant funds must be considered low  to moderate income, or the project must create at least one (1) full-time position that will be made available to individuals with low to moderate income. Please ask GLDC staff  about income requirements. 

∙ Recipient must work with the NCCC Small Business Development Center as agreed  upon. 

Program Details: 

∙ Grants range from $5,000 to $20,000, but cannot cover more than 75% of eligible  expenses (i.e. maximum of $15,000 on a $20,000 project). 

∙ This program is 100% reimbursable. If awarded funding, business owners must provide  proof of 100% of purchases upfront.  

∙ Eligible applications will be accepted on a rolling basis, and will be reviewed on a first come, first-serve, basis until the program ends in December 2023, or until funding runs  out. 

∙ A Microenterprise Review Committee will review applications monthly. 

Interested applicants can request more information and an application by emailing Brian Smith at: [email protected], or by visiting our GLDC page.