GLENS FALLS — The city recently awarded a number of deferred loans to entrepreneurs as part of a business start-up program created as part of the Downtown Revitalization Initiative.
Loans totaling $235,000 were awarded to eight businesses as part of the Glens Falls Business Downtown Revitalization Initiative Venture Enterprise Program, or GF Business DRIVE.
The program was established using about $600,000 of the city’s $10 million DRI grant awarded by the state in 2016 to rehab portions of the downtown area near South Street.
Funding for the program was provided by the state’s Division of Housing and Community Renewal.
The program was only open to entrepreneurs seeking to create a new business or expand one that was started within the last five years in the city’s DRI target area, which encompasses the South Street corridor and portions of the downtown area.
Money from the program can be used to cover a variety of costs, including purchasing new equipment, renovations and payroll expenses for up to 12 months.
If a business remains open after five years, the loans turn into forgivable grants.
Applicants were required to cover 20% of the total loan to be eligible.
Funding was awarded based on an applicant’s needs. The program was administered by the Greater Glens Falls Local Development Corp.