Owning a business in New York State is a daunting idea for some. However, it may become easier than ever.
Officials in the Empire State are adding new ways to support New York businesses impacted negatively by the pandemic and inflation.
Many small to mid-sized businesses thought New York had suffered because of the long-term impacts of the pandemic, inflation's effect on people's ability to spend, and a worker shortage. Because of these, along with other factors, New York State is looking to do something that may help boost the bottom line for many entrepreneurs and businesses.
Empire State Development has created the New York State Seed Funding Grant Program to help small businesses succeed while the New York State economy is in recovery mode.
The program can provide additional funding to various types of businesses, including micro-business, small businesses, or for-profit arts and cultural organizations if they qualify.
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Businesses can qualify for grants totaling up to $25,000.
According to the Empire State Development website, in order to be eligible for a grant, businesses need to meet the following qualifications:
- Be incorporated, licensed, or registered in New York State, and the business owner must be a New York resident as well.
- Businesses have to be considered viable and operational for at least 6 months prior to submitting an application.
- Businesses also have to have followed all laws, rules, and codes that apply to them.
- and, The business cannot owe any federal, state, or local taxes or fees.
Other Small Business Resources
This new grant program is just one of all sorts of other small business resources that are available in New York. You can find out more about these resources here.