Glens Falls accepting loan applications for startup and ‘young’ businesses | Local

GLENS FALLS — The Greater Glens Falls Local Development Corp. is accepting new applications for the Glens Falls DRIVE initiative — the Downtown Revitalization Initiative Venture Enterprise program — designed to provide limited funding to new startups and “young small businesses.”

The program is focused on for-profit enterprises with 10 full-time or full-time equivalent employees or fewer at time of their application. Business that encourage downtown foot traffic are encouraged to apply. Such businesses include retail stores, restaurants and consumer service businesses, according to a news release from the city of Glens Falls. At least one owner must be actively involved in the daily operations of the business.

Some businesses are not eligible, including bars and taverns, adult entertainment, religious organizations and houses of worship, residential dwellings, speculative real estate development projects and sales, medical practices, taxis and taxi-type services, and not-for-profit organizations and government agencies.

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Eligible applicants need to have been organized and/or begun operations after Jan. 1, 2020. An existing new business is defined as have been operating for 60 months or less and planning a major expansion project, according to city officials. 

Eligible project expenses include equipment, inventory, fixtures and furnishings and new technology hardware or software. Use of DRIVE funds for prospective operating expenses, or to pay debts, lease or mortgage payments, fines, penalties or current and back taxes and any expenses incurred prior to the loan award date is not eligible, a news release states.

Applications are available on the City of Glens Falls website at this link New applications will be accepted until April 8. Funding is limited. For more information, contact the Glens Falls Economic Development Office at 518-761-3833.

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