LOCKPORT NY, April 26th, 2022 – The City of Lockport, having been awarded supplemental Community Development Block Grant (“CDBG”) funding, charged the Greater Lockport Development Corporation (GLDC) with establishing the “Lockport Small Business Restoration Fund.” This fund will be used to provide grants to eligible small businesses in the City of Lockport to assist such businesses in responding to, and mitigating the impacts of, COVID-19. The deadline for eligible city businesses to submit an application is Friday, May 20th by 4:00 pm.
“The Lockport Small Business Restoration Fund” will provide grant funds to businesses that will be expanding or reestablishing business operations as COVID-related restrictions are reduced or lifted. The Fund will be used to provide grants to eligible businesses that were negatively impacted by COVID-19 in an effort to support customer and staff safety, improve and expand business operations, and improve business resiliency. As such, the GLDC is now accepting applications from eligible businesses with between 6-25 employees, located in the City of Lockport. Program funds may be used towards most business expenses including, but not limited to: financing fixed assets, operating expenses, and permanent working capital. The minimum grant available is $10,000 and the maximum grant available is $50,000.
Eligible uses of grant funds must fall into one of the following categories:
- Expenses related to reopening or altering operations,
- Payroll to bring back staff or increase staff hours,
- Inventory to assist with reopening or altered operations,
- Working capital to assist with cash flow disruptions as a result of the pandemic,
- Equipment or supplies such as PPE to support customer and staff safety,
- New furniture or fixtures to guide social distancing, allow or expand outdoor dining, and safely increase capacity,
- Marketing to announce reopening and/or altered operations.
*Projects involving any construction or physical renovations are NOT eligible for the Lockport Small Business Restoration Fund.
- Businesses must have a brick-and-mortar location within the City of Lockport.
- Home-based businesses and not-for-profit organizations are NOT eligible.
- Business must have between 6-25 employees 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.
- Any business receiving a Lockport Small Business Restoration Fund grant is required to create, restore, or retain at least 1 full-time equivalent job.
- The assisted business must have been negatively impacted by the effects of COVID-19 and must be able to effectively document such an impact by submitting appropriate financial documentation.
- Funds will be provided on a reimbursement basis. Documentation of eligible costs must be provided to the GLDC prior to the disbursement of grant funds.
- Funds are conditioned upon job creation or retention and will not be disbursed until documentation of the required job creation or retention is provided.
- Businesses which will create, restore, or retain 1 full-time equivalent job are eligible to receive up to $35,000.
- Business which will create, restore, or retain 2 or more full-time equivalent jobs are eligible to receive up to $50,000.
- Jobs created, restored, or retained through this program must meet a national low-to-moderate income (LMI) eligibility standard.
- All costs reimbursed with program funds must be incurred no later than ninety (90) days after the effective date of the grant agreement between GLDC and the grantee.
Interested applicants can request more information and/or an application by emailing Michael Zimmerman at The Harrison Studio at: firstname.lastname@example.org with the subject “Lockport Small Business Restoration Fund Application,” or by visiting www.lockportny.gov/gldc/. If your business has between 0 and 5 employees, please contact Heather Peck at the GLDC to discuss their Microenterprise Assistance grant program at: email@example.com.
This program is funded by a grant from the U.S. Department of Housing and Urban Development through the Coronavirus Aid, Relief and Economic Security Act (CARES Act), a public Law making $5 billion in supplemental Community Development Block Grant (CDBG) funding available for Funds to prevent, prepare for, and respond to the coronavirus (CDBG-CV). These funds are available to business owners without regard to race, creed, color, national origin, sex, age, disability, familial status, handicapped or marital status. Funds are provided on a first-come, first-served basis.