HUDSON – The Columbia County Board of Supervisors has announced a $ 500,000 grant to help small businesses.
The committee launched Columbia Forward, which aims to strengthen the business community in the face of adversity and to develop local economic development activities.
“I would call this a success,” Columbia County Board of Supervisors Chairman Matt Murell said. “Small businesses affected by the disaster will have this opportunity to assist in their recovery efforts.”
Columbia Economic Development Company and Columbia County Chamber of Commerce will collaborate on the implementation and management of a three-year, $ 450,000 program under Columbia Forward to help small businesses based in the district and local economic development committees, Murell said. .
The district will provide Columbia Economic Development Company with an additional $ 50,000 in funding from the U.S. Rescue Plan Act to support the new small business grant program for which the company has pledged $ 500,000 in new loan financing. Up to $ 25,000 in loans will be given to eligible borrowers, each of whom will receive 10% of the loan funds.
Both proposals are provided by American Rescue Plan Funds. The District of Columbia received nearly half of the $ 11 million allocated under ARPA.
Under the agreement, $ 150,000 will be paid annually for three years, subject to an annual performance review.
The $ 500,000 allocated to ARPA funds for Columbia Forward is a development from Columbia Returns, established in May 2020, Murell said.
“It was [Columbia Return] that was meant to help businesses safely and successfully reopen at the start of the COVID-19 disaster,” Murell said.
There are nearly 1,750 businesses in Columbia County, according to the U.S. Census Bureau, with more than 78% having 10 or fewer employees.
The program will target these small businesses that have been permanently affected by the disaster, including the travel, tourism and hospitality industries, which are an important part of Columbia County’s economy, Murell said.
The program will also focus on Main Street retail, small products and service businesses.
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