Broome County Gets Grant For Microenterprise Program

By Bryan Mercer

Broome County Gets Grant For Microenterprise Program

August 15, 2011 Updated Aug 15, 2011 at 4:59 PM EDT

Binghamton, NY (WBNG Binghamton) Broome County has been awarded a $200,000 NYS Community Development Block Grant from the New York State Housing Trust Fund Corporation and the New York State Homes & Community Renewal to establish a Microenterprise Program.

• The Broome County Microenterprise Program will stimulate the creation and expansion of microenterprises for the purpose of creating and/or retaining jobs for persons from low- and moderate-income families in Broome County.
• A microenterprise is a commercial enterprise that has five (5) or fewer employees, one (1) or more of which is the principal and owns the enterprise.
• A minimum of 50% of Broome County’s total award will be awarded to start-up businesses.
• The Broome County Microenterprise Program will award grants ranging in size from $5,000 to $35,000 to microenterprises that meet the eligibility requirements.
• Microenterprise must be located within Broome County. Federal regulations exclude the City of Binghamton and Town of Union because they already receive Community Development Block Grant funding.
• Eligible industries: manufacturing (processing, assembling, refining, mining, extracting, farming, etc, or a business engaged in emerging technologies); Industrial/commercial (data management, computer software, agri-business, printing, publishing, research and development, warehousing and distribution); and limited retail.
• Eligible Use of Funds: Machinery and equipment, includes purchase, delivery and installation and related costs; and working capital.
• Any business that submits a grant request will be required to contribute a minimum of 10% owner equity into the project.
• Each microenterprise owner that is awarded a grant must complete an entrepreneurial training class prior to incurring project costs and prior to receiving any CDBG grant funds.
• Microenterprises seeking grant funds will need to submit a grant request/application.
• Each grant application will be reviewed by the Grant Review Committee.
• A Grant Review Committee will review each application for grant worthiness; if the project is financially feasible; and will be looking to leverage funds as much as possible.
• Providing a public funding resource to new & existing microenterprises that are located in the County’s under-served communities.