Central Ave BID and Downtown Albany announce grant to support small businesses
The Central Avenue Business Improvement Districts (BIDs) and Downtown Albany have announced that a large grant will be made available to businesses in their respective Districts. The $350,000 grant will support the reopening and repair of businesses either damaged or vandalized during recent demonstrations, or those suffering from significant economic impact during the COVID-19 crisis. With applications now open through the individual BIDs and being accepted until all the funds have been disbursed, the grant will aid in the economic resources (federal, local, state, etc.) that have already been made available to small businesses.
The money is broken down into $250,000 from Downtown Albany BID’s Stabilization Grant, which will dole out $3,000 to small businesses and nonprofit organizations, and $100,000 from the Central Avenue BID Grant program, established with support from the Carl E. Touhey Foundation, which will aid minority-owned businesses impacted by recent events.
Anthony Capece, executive director for the Central Avenue BID states, “We are dispensing the funds to assist businesses with Design/Repair/Deposits and Materials assistance to replace facades. (glass,frames etc), Signage repair and replacement costs, insurance deductible recapture assistance, Emergency Repair assistance, and new sudden need for materials to secure a business. Also CBID will help with Re-Start Assistance which includes much needed PPE/Sanitizers etc. Hair Salons and restaurants and others need support to purchase and for the maintenance of safety equipment for employees and customers: Masks, shields, handheld quick-read thermometers, plexiglass and sanitizer stations.”
Full information and the application for the Downtown Albany BID’s Business Stabilization Grant can be viewed at downtownalbany.org/grants