Potsdam offers grants and loans for small business startup, expansion or acquisition
POTSDAM – The village Planning and Development Office is considering a project that might provide a combination of grant and debt financing to qualified firms wishing to start up, expand or acquire a business within village limits or on property owned by the village.
The office would like to submit a small-business development proposal to the St. Lawrence River Valley Redevelopment Agency later this month for grant funding from the agency to go with debt financing from the village’s Growth Fund.The types of businesses favored for the village’s economic development plan are general aviation firms; emerging technology, information technology and telecommunications companies; light industry; and retail operations.
An eligible business must be owned by a year-round resident of St. Lawrence County; must have 25 or fewer employees when it applies; must have a demonstrably feasible business plan; and must be able to contribute 20 percent of the startup, expansion or acquisition cost as equity.
Individuals or small business owners interested in participating in such a project may contact Fred Hanss, Director of the Potsdam Planning and Development Office, [email protected] or 265-1670.