Courtesy CNBC
When he thinks of the Glens Falls Business DRIVE initiative, Mayor Dan Hall of Glens Falls said he pictures something like the reality show “Cleveland Hustles” with LeBron James. In that show, which ran eight episodes in 2016 according to Wikipedia, entrepreneurs competed not only for seed money but access to mentors in the Cleveland area as they worked to start a business in the Gordon Square Arts District.
That show and the Glens Falls initiative have similarities. Using $280,000 from the New York State Homes and Community Renewal program, the city will award loans, competitively, to small, for-profit businesses in the revitalization area near the corner of South and Elm streets. Businesses in downtown and along the arterial streets, such as Broad and Warren streets, also may apply.
“We just want to get them [new and young businesses] some seed money to get them going,” Hall said in an interview. “That’s what we’re going to try to do.” DRIVE stands for Downtown Revitalization Initiative Venture Enterprise Program.
New and young businesses may compete for a loan, based either on the entrepreneur’s plans to start a new business or expand an existing one. The actual review process is still being developed, wrote Jim Thatcher in an email. Thatcher, of C.T. Male, a local engineering firm, has been working on this project with the Greater Glens Falls Local Development Corporation. He said it likely would include a selection committee and some sort of presentation from the applicant. Loans might apply to renovations or fit-ups on the space, expansions, salaries for full-time employees, and other uses, especially in vacant or underused space, a press release says.
Loans might apply to renovations or fit-ups on the space, expansions, salaries for full-time employees, and other uses, especially in vacant or underused space. Also, the city wants business plans that provide goods and services not currently offered and that benefit residents and visitors, the release says.
And the city will help with business planning.
“There are resources available now for mentorship and help with business and expansion plans,” Thatcher wrote. He said the business owners may get help from the Small Business Development Centers across the State and SUNY Adirondack’s non-credit “Startup ADK” course. More details are forthcoming.
Both Thatcher and Hall said that the city may use New York State’s SCORE program a volunteer mentorship program started during the coronavirus pandemic.
The loans are deferred--that is no payments--and may be forgiven after five years if the company meets certain requirements, the press release said.
Drawing from the "Fund for Downtown Revitalization," the $280,000 is drawn from a pool of $600,000 which also covers financial help to nonprofits, building owners and others, according to a city document that outlines the full Downtown Revitalization Initiative.
Thus far, Hall said he knew of a couple interested businesses, but the program was only announced on Friday.
GF DRIVE Applications will be available as of January 25, 2021 through an email request to Ms. Collins, at acollins@cityofglensfalls.com.
Project Proposals must be submitted to the City by 4:00 p.m., March 12, 2021 to be considered for the first round of funding.