ITHACA, N.Y. (WSYR-TV) — The Ithaca/Tompkins County COVID-19 Small Business Resilience Fund (SBRF) has pledged $390,000 in forgivable micro-loans to support small businesses in Tompkins County impacted by COVID-19.
The SBRF is a collaboration of local economic development agencies and community partners, including the Tompkins County Development Corporation, the Ithaca Urban Renewal Agency, Cornell University, the City of Ithaca, Tompkins County Area Development, the Tompkins Chamber of Commerce, the Downtown Ithaca Alliance, and the Tompkins County Workforce Investment Board.
Cornell University is contributing $100,000 to the Small Business Resilience Fund.
“Ithaca is one of the best small cities in America, in part because of its beauty, diversity, and strong community spirit,” said Cornell University President Martha E. Pollack. “Our small businesses are the backbone of our local life, drawing people to Ithaca from around the region, and serving as employers and economic drivers, as well as contributors to the common good. Cornell University is pleased to support the Small Business Resilience Fund and we stand united with all who are working to help to address our community’s pressing needs in this challenging time.”
The SBRF will provide forgivable loans up to $5,000 for working capital to micro-enterprises and small businesses. Loans will carry a zero-interest rate, an 18-month term and will be forgiven for businesses open and in operation on December 1, 2020 that have complied with program rules.
Alternatives Federal Credit Union will manage the application process and distribute approved loans within three days. A loan review committee composed of local economic development professionals will review applications for eligibility.
Applications will be accepted on a rolling basis beginning Wednesday, April 15. Applications will be reviewed and processed until funds are exhausted.
- Principal place of business must be located within Tompkins County.
- Business must have been in operation on or prior to February 15, 2020.
- Businesses must have 25 or fewer employees.
- Business must have $2.5 million or less in annual gross revenues.
- Business must meetone of the following criteria:
- Business is public-facing (e.g. retail, coffee shop, food service) and is directly impacted by new public health requirements related to the COVID-19 pandemic.
- Business has experienced 25% or more decline in revenues since March 1, 2020 due to the COVID-19 pandemic.
The fund is open to businesses throughout Tompkins County. Interested businesses can visit the City of Ithaca’s Website for COVID-19 Business Resources or bit.ly.coicovid to download the full program guidelines and information about how to apply.