Sterling Insurance is yet again stepping up to help small business hit by an economic downturn because of COVID.
Sterling recently received a $100,000 allocation and will be working with the Schoharie Economic Enterprise Corporation to get the money to businesses in need.
This recent effort follows Sterling’s grant program during the pandemic, when the Cobleskill firm distributed thousands to Cobleskill businesses.
As COVID cases began to rise again, Sterling was quick to secure $100,000 via its membership in the Federal Home Loan Bank of New York to help businesses recover.
SEEC will administer the Small Business Recovery Grant program.
Applications will be available starting this Friday at www.seecNY.org.
“We recognize the struggle of our small businesses that are trying to outlast the public health crisis and its impacts on their workforce and the bottom line,” said Sterling Insurance CEO Steve Harris.
“We could not bypass an opportunity to obtain $100,000 in recovery funding for our communities.”
FHLBNY’s grant program targets businesses and organizations that have suffered a decrease in revenue during the COVID crisis. With the latest allocations, FHLBNY has topped $11 million in funding so far.
The Sterling grant program is reserved for Schoharie County organizations and businesses.
“We are pleased to support Sterling in distributing $100,000 to local enterprises,” said Tom Putnam, SEEC’s chair.
“The SEEC Resiliency Fund proved that access to capital, no matter the limits, can help stabilize businesses and strengthen our local economy.”
The grant program has a quick timeline and simple eligibility criteria. To meet guidelines, applicants must prove a 25-percent decrease in revenue measured by comparing a two-month period 2019 to 2020 during the height of the pandemic.
SEEC is prepared to accept all applications, which are due by Octobere 6.
Awards will be privately communicated the week of October 18.
SEEC is also offering technical assistance:
•SEEC is booking individual appointments to review the Sterling grant program on Friday, October 1, 9am to 3pm. Reserve an appointment by emailing admin@seecNY.org.
•An Access to Capital webinar will offer live presentations and an interactive session on Wednesday, September 29 at 8am. Registration opens Friday at www.schohariechamber.com.
•Small Business Development Center advisors are ready to support application preparations.
Applications will be reviewed for eligibility and completeness by SEEC advisors and provided conditional approval by Sterling Representatives.