The Clifton Park Industrial Development Agency (IDA) has a core goal of seeking to promote Town prosperity, through the creation and advancement of a healthy business climate, supporting job creation and retention. The IDA utilizes a variety of economic development tools, financial incentive programs and resources permitted within the scope of the Public Authorities Law to build customized packages from project concept through construction and sustained operation fostering the general prosperity of the Town.
As such, the IDA has been instrumental in assisting business development in the Town of Clifton Park for many years. As a result of project fees acquired by the IDA from the many and substantial projects approved through the IDA a healthy fund balance has been maintained and grown.
Previously this year the IDA was able to use a portion of its fund balance to acquire disposable face masks and has been actively distributing those masks to local businesses in Clifton Park free of charge to assist in their re-opening and government compliance efforts.
The IDA is now proud to announce a new program that it is undertaking. Thanks to recent changes in legislation, the IDA is able to offer direct financial assistance to local businesses in the form of grants to offset the expenses that businesses have incurred in fitting up their locations with furnishings, fixtures and equipment such as PPE, disinfectant, plexiglass shielding, space reconfiguration items, HVAC enhancements and the like.
Due to the governmental shutdowns because of the COVID-19 crisis, our business community is suffering a severe economic hardship. Our small businesses, restaurants, retail, and hospitality services are the backbone of our local economy and provide the fundamental structure that is attractive to so many larger employers and development projects that do business here in Town. It is the small businesses that provide the necessary support for larger businesses to bring their plans to the IDA and plant their roots here in Clifton Park’s robust economy.
When the legislation was passed to make this program possible, IDA Chairman and Clifton Park County Supervisor Jonathan Schopf, with the unanimous support of the Board of the IDA, made the decision to provide direct grant support to our small business community, allocating $100,000 of its fund balance towards this grant program which will be available to businesses located within Clifton Park.
IDA Chairman Jonathan Schopf said that “Simple, easy to apply for financial relief for our small business community is a priority for the IDA. These grants are easy to apply for, 100% forgivable, come with no strings attached and will be locally distributed and administered to support our business community.”
“The Town of Clifton Park commends Supervisor Schopf and the IDA Board for developing unique and impactful programs to assist local businesses through unprecedented challenges,” said Town Supervisor Phil Barrett
Grants will be available in tiers of $1,000, $3,000, $5,000, and $7,000. Businesses must be located within the Town of Clifton Park to receive the grant funding. The grants can only be used to reimburse for previous PPE related expenses and COVID-19 related fit up or for anticipated future expenses. Eligible businesses must have less than 50 employees, must have been financially viable prior to the COVID-19 pandemic. A simple three-page application and basic supporting documentation must be submitted to apply for the grant.
Although the IDA cannot guarantee each business will receive the full grant amount requested, it is the goal of the IDA to provide grants to as many local businesses as possible.
Due to the IDA’s mission and use of its funds, these grants are only available for businesses within the Town of Clifton Park.