It is a first in the nation, the Seed Funding Grant Program. Yesterday, Governor Kathy Hochul announced the application portal for the new program is now available.
The new program will provide flexible grants to support early stage, micro and small businesses in the state, which will ensure that small businesses that opened shortly before or during the pandemic will have funds to continue to operate and grow.
“This first-in-the-nation Seed Funding Grant Program rounds out $1 billion in flexible funding to support both early-stage, and established small and micro-businesses,” Governor Hochul said. “New York businesses were among the hardest hit nationwide at the height of the pandemic, but with this funding, we’re extending a lifeline to help them continue to grow and operate. Applications open tomorrow, and I encourage all New York business owners to take full advantage and be a part of New York’s remarkable recovery.”
The new Seed Funding Grant Program is designed to support New York State small businesses, micro-businesses and for-profit independent arts and cultural organizations that started operations on or after September 1, 2018 and have been operational for at least six months before an application is submitted. Applicants must have between $5,000 and $1 million in gross receipts per year as reflected on their most recent federal business tax return.
Awards for eligible businesses are based on their 2020 or 2021 tax returns. Businesses with gross receipts ranging from $5,000 to $49,999.99 can receive $5,000 per business. Businesses with $50,000 to $99,999.99 in gross receipts may be awarded $10,000 per business. Businesses with $100,000 to $1 million in gross receipts will be awarded ten percent of their gross receipts with a maximum grant amount of $25,000 per business. Eligible applicants that have not yet filed a federal tax return can receive $5,000 per business.
Further information on the program is available HERE.