SCHUMER, GILLIBRAND ANNOUNCE $19+ MILLION IN FEDERAL FUNDING FOR SMALL BUSINESSES AND ENTREPRENEURS ACROSS UPSTATE NEW YORK
Schumer, Gillibrand Say Federal $$ Awarded To Albany, Herkimer, Niagara, Erie, Cattaraugus, And Steuben Counties Will Invest in Economic Revitalization of Counties
Senators: EDA Funding Will Help Upstate NY Small Businesses Recover
U.S. Senator Charles E. Schumer and U.S. Senator Kirsten Gillibrand today announced federal funding totaling $19,135,194 allocated by the Economic Development Administration (EDA) for Albany, Herkimer, Niagara, Erie, Cattaraugus, and Steuben Counties. This funding will help capitalize a Revolving Loan Fund (RLF) for counties to provide assistance to small business and entrepreneurs impacted by the pandemic, with additional funding to cover administrative costs for deploying that business assistance.
“In these trying and unprecedented times, the federal government should do everything in its power to support our small businesses and put local economies on track to recovery and that is why I insisted this EDA funding be included in the CARES Act Congress passed to deal with COVID-19,” said Senator Schumer. “This federal funding will begin that process by helping small businesses and entrepreneurs in Upstate New York weather this crisis and help the economy bounce back. I will continue to fight and make sure that small businesses and local New York economies have the tools and support they need to rebuild from this crisis.”
“Communities across New York are hurting from the devastating economic impact of the ongoing pandemic,” said Senator Gillibrand. “This critical federal funding will help Upstate New York recover from the pandemic’s economic disruptions, and will ensure local businesses have the tools needed drive growth and create meaningful jobs. I will keep fighting in the Senate for the resources needed to stimulate the economy and ensure New York communities are stronger than ever before.”
Specifically, Albany County Business Development Corporation will receive $8,755,500, Mohawk Valley Economic Development District in Herkimer County will receive $3,014,000, Niagara County Industrial Development Authority will receive $737,000, Erie County Industrial Development Agency will receive $5,415,694, Southern Tier Enterprise Development Organization in Cattaraugus County will receive $660,000, and Regional Economic Development & Energy Corporation will receive $550,000.
Schumer played an integral role in the Senate to negotiate EDA funding for economic development assistance programs into the CARES Act to help communities prevent, prepare for, and respond to the COVID crisis.
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