New York State program provides funding for early-stage small businesses

New York State is inviting early-stage small businesses to apply for grant funding through its new Seed Funding Grant Program. The program provides up to $25,000 per eligible organization to help small businesses succeed in the post-pandemic New York state economy.

"This first-in-the-nation Seed Funding Grant Program rounds out $1 billion in flexible funding to support both early-stage and established small and micro-businesses," Governor Hochul said. "New York businesses were among the hardest hit nationwide at the height of the pandemic, but with this funding, we're extending a lifeline to help them continue to grow and operate. I encourage all New York business owners to take full advantage and be a part of New York's remarkable recovery."

"The pandemic has had profound impacts on our economy and our small and micro businesses were among the hardest hit, especially in New York State,” added Empire State Development President, CEO and Commissioner Hope Knight. “The new Seed Funding Grant Program marks unprecedented support for New York State's small businesses and for our economic success moving forward."

Awards for eligible businesses are based on their 2020 or 2021 tax returns. Businesses with gross receipts ranging from $5,000 to $49,999.99 can receive $5,000 per business. Businesses with $50,000 to $99,999.99 in gross receipts may be awarded $10,000 per business. Businesses with $100,000 to $1 million in gross receipts will be awarded ten percent of their gross receipts with a maximum grant amount of $25,000 per business. Eligible applicants that have not yet filed a federal tax return can receive $5,000 per business.

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Eligibility qualifications:

• Small businesses, micro-businesses and for-profit independent arts and cultural organizations
• Be incorporated in New York State or licensed or registered to do business in New York State
• Started business September 1, 2018 or later
• Have between $5,000 and $1,000,000 in annual gross receipts per year

For more information, or to apply to the program, click here.