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At the July 21, 2020 City Council meeting, the City Council approved changes to its long-standing Economic Development Revolving Loan Program proposed by the Community Development Department. Seeded with Community Development Block Grant (CDBG) entitlement funds, the program was originally created by the department to stimulate job creation for residents of low-moderate income. Over the years, the program has helped to subsidize these job opportunities by offering low interest loans to businesses physically located within the City of Saratoga Springs.
In response to the changing needs of Saratoga Springs businesses in the wake of the COVID-19 pandemic, the Council unanimously voted to expand the program to include the preservation of jobs available to or held by persons of low-moderate income. “During these uncertain times, we must find creative ways to support our small businesses - which are essential to our City’s character and well-being,” asserted Mayor Meg Kelly in support of broadened scope of the program.
The new Job Retention Loans will provide $5,000 - $10,000 of working capital to City microenterprises who employ at least 51% low-moderate income persons that can demonstrate extreme financial hardship due to unavoidable and unforeseen emergency circumstances outside of the business owners’ control.
Full program guidelines and eligibility information, as well as application forms can be found here.