Are you an Ithaca storefront business and are looking for financial support during the pandemic? We may be able to help!
The Ithaca Anchor Storefront Recovery Fund will provide low-cost economic development loans of between $8,000 and $50,000 to key commercial storefront businesses in the City of Ithaca, NY including restaurants and retail businesses, to assist with recovery from the impacts of the COVID-19 crisis.
Some storefront businesses, because of the unique service that they provide, their longevity, ability to attract customers, or simply because of their large footprint or critical location, carry particular importance to Ithaca’s overall economic recovery and the maintenance of a positive community identity. This targeted loan program will provide financial assistance to help ensure that the re-opening process proceeds successfully for “anchor” storefront businesses in Ithaca.
The initiative to establish this fund is a collaborative effort among economic development agencies in Ithaca and Tompkins County including the City of Ithaca, DIA, Tompkins Chamber and SBDC. Funds for this city-wide program have been raised from anonymous philanthropic individuals. The Community Foundation of Tompkins County also helped facilitate private financial support for this fund, and INHS will service the loans.
If you have questions about the program or status of your loan, contact Delia Yarrow at firstname.lastname@example.org.
|Must meet the following to apply:
1) be a food, beverage or retail business operating in a storefront in an established commercial district in the City of Ithaca,
2) be an "anchor" business,
3) have been financially harmed by COVID-19, and
4) have had annual gross receipts of less than $3.0 million and have between one and 25 FTE employees.
Franchises and national chains are not eligible. Cannot have received a NY Forward Loan. Certain not-for-profits may be eligible.
|Must be an “anchor” business by meeting TWO OR MORE of the following four tests:
1) Provides a unique service that would be difficult to replace if the business were to permanently close
2) Has a sizeable footprint (1,200 sq ft or more) and highly visible “anchor” location (corner, prominent storefront in a facility with other smaller tenants, etc.)
3) Is a traffic generator - attracts people to the commercial district
4) Has been in business for five+ years and is viewed as a community “institution”
|$8,000 minimum loan. $25,000 maximum loan for businesses with up to $1.5 million in gross annual revenues, or up to $50,000 for businesses with up to $3 million in gross annual revenues.|
|One year of interest only payments, then converts to a 5-year loan with 60 equal monthly payments. 12-month draw-down period. $125 application fee.|
|Working capital. Cannot be used to repay/refinance existing loans or start or acquire a business.|
|Applications will be accepted for round 1 through September 2, 2020. If funds remain beyond award of the first round of loans, applications will be reviewed on a rolling basis.|
get started here!
Steps to find out if you’re eligible to receive funds through the Ithaca Anchor Storefront Loan Program.
Once your application is submitted, you will be contacted by an INHS employee to discuss your application and will be notified if any additional information is needed.