ROME — Oneida County microenterprise companies that need working capital may be eligible for a grant program that Mohawk Valley EDGE is administering. The organization defines a microenterprise company as one with five or fewer employees. Grant recipients can request funding awards between $5,000 and $35,000 for machinery, equipment, and working capital, according […]
ROME — Oneida County microenterprise companies that need working capital may be eligible for a grant program that Mohawk Valley EDGE is administering.
The organization defines a microenterprise company as one with five or fewer employees.
Grant recipients can request funding awards between $5,000 and $35,000 for machinery, equipment, and working capital, according to a recent news release.
Recipients will need to provide a minimum of 10 percent equity in the project.
Eligible applicants must locate and operate their businesses outside the cities of Utica and Rome and must create at least one new job as a result of grant funding.
Mohawk Valley EDGE refers to Utica and Rome as U.S. Department of Housing and Urban Development (HUD) entitlement cities, so businesses located in those cities aren’t eligible to apply.
The eligibility requirements indicate that “utilization of funds must be eligible pursuant to the guidelines governing the HUD community-development block grant program and as amended,” Mohawk Valley EDGE said.
The New York State Department of Homes and Community Renewal provides the community development block-grant funding for Oneida County, the organization added.
Mohawk Valley EDGE will accept applications on a “rolling basis” and a volunteer committee will review them.
The program will continue until Mohawk Valley EDGE awards all grant dollars, it said.
Interested candidates can visit www.mvedge.org to complete a pre-qualification questionnaire and review the program details.
Applicant eligibility
To be an eligible applicant, a microenterprise owner needs to be registered as a U.S. corporation, partnership, or sole proprietorship; demonstrate the ability to repay if found in default of program objectives; have “good character and reputation;” and be of legal age, Mohawk Valley EDGE said.
Businesses must be involved in sectors that include manufacturing, warehousing and distribution, agri-business, high technology, research and development, and “traditional and innovative” small-business endeavors.
An applicant also needs to work with the SUNY Small Business Development Center (SBDC) for help with business-plan development “and/or a demonstrated track record of success along with an adherence to a business plan,” Mohawk Valley EDGE said.
If the business has been operating for less than 24 months, the grant program requires the owner or principal to participate in the SBDC training course, called “Small Business In Depth.”
The cost of $95 per attendee will be an eligible expense of microenterprise grant funds.
The program will provide grants for any microbusiness activity that supports the program objectives and leads to the creation or retention of jobs for “low or moderate” income people as the New York State Office of Community Renewal guidelines define the status.
The owner must meet the low or moderate income criterion if the company has no plans to hire new or retain existing employees.
The microenterprise must demonstrate a “reasonable likelihood” for long-term viability, based upon issues such as “feasibility, marketability, management, competition, and capitalization,” according to Mohawk Valley EDGE.
