Logo Courtesy of Romenewyork.com
ROME, N.Y. — The Rome Invests in Startups and Entrepreneurs Program is expected to boost small businesses and startups in the City by providing up to $50,000 in grants.
“The program will offer business assistance in the form of a grant of up to $50,000 per business, in exchange for full-time, permanent job creation for persons from low- and moderate-income (LMI) families. Businesses may also qualify if they are majority-owned by a low-to-moderate-income individual,” according to Mohawk Valley EDGE, a partner with the City of Utica for the program.
Startups and businesses in Rome’s Main Streets district are eligible and must meet specific criteria.
The program targets microenterprises with five or fewer employees and small businesses with 25 or fewer employees.
RISE’s goal is to boost business, especially in areas impacted by the July 2024 tornado, providing technical assistance and access to financing.
The following is more about the grant program from EDGE:
From Mohawk Valley EDGE:
Grant minimum will be $10,000
Grant maximum will be $50,000
The fund will provide grants in the following manner:
1. Financing of capital assets (such buildings, machinery and equipment)
2. Working capital
3. Grant recipient will provide a minimum of 10% cash equity in the project.
Applicant must demonstrate completion of an approved entrepreneurial assistance or small business training program.
Business plan assistance offered by the SBDC is provided to all clients at no charge
Up to $100,000 in grant funding is being made available through the City of Rome’s Community Development Block Grant (CDBG) program.
Click here for more information about this new program.