(BINGHAMTON, N.Y.) — Mayor Richard C. David on Wednesday announced an emergency small business loan program available to Binghamton companies impacted by coronavirus (COVID-19).
Working through the Binghamton Local Development Corporation (BLDC), the City of Binghamton has established a $350,000 fund to provide up to $15,000 in zero-interest, 12-month deferred repayment loans to local businesses with fewer than 50 employees. To qualify, businesses must demonstrate a reduction in workforce, customer access, production or other operations due to coronavirus.
“My hope is that many small businesses take advantage of this opportunity to help pay bills, keep employees on the payroll and simply stay afloat until this pandemic subsides and they can reopen,” said Mayor David. “While the state and federal government have offered mortgage relief and a host of other options for businesses, many local businesses rent their spaces, making them ineligible for many of these programs. Not every business has a reserve to stay open through difficult times. This loan program will help small businesses keep money flowing through our local economy for the next several months.”
The emergency loan program — modeled after a recent City of Syracuse initiative — will be available to small businesses to cover ongoing expenses, help prevent staff reductions, offset losses and help companies sponsor sick pay for workers as necessary.
“Most importantly, these funds are immediately available and accessible with approval decisions being made quickly at the local level,” said Mayor David. “We’ve cut the red tape. There are no lengthy waiting periods, and applicants can receive these funds within approximately one week of applying. As I’ve said repeatedly, I will do everything within my authority to help residents and businesses during one of the most trying times in our City’s history. These emergency funds may mean the difference between a small business staying afloat or closing for good.”
Small businesses can find the BLDC loan applications on the City’s website at www.binghamton-ny.gov/binghamton-local-development-corporation-bldc
Completed applications can also be submitted via email to email@example.com or by mail at the Binghamton Local Development Corporation c/o Department of Economic Development, 38 Hawley St., Binghamton, NY 13901.
Applicants can also call (607) 772-7161 and leave a message to schedule an appointment to submit an application. Economic Development staff are working remotely in compliance with Governor Cuomo’s Executive Order mandating 100 percent of non-essential employees work from home.
Applicants will be informed of the decision no later than seven days after submitting an application.
“My thanks to BLDC President John Saraceno and the experienced Board of Directors for moving quickly to support this new loan program to help small businesses,” said Mayor David. “I also applaud Syracuse Mayor Ben Walsh for creating a model emergency small business loan program that other New York municipalities are now adopting.”
In addition to locally available financing from the BLDC, the City of Binghamton is promoting other resources offered to small businesses, including:
- U.S. Small Business Administration (SBA) Economic Injury Disaster Loan program, offering up to $2 million to individual businesses
- $100 million in cash grants and ad credits from Facebook for up to 30,000 businesses
- New York State debt suspension through the Office of the Attorney General
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