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IDA approves microenterprise grant increases, OKs sign funding boost
Summary
The Herkimer County IDA approved additional microenterprise awards for prior grantees and voted to increase funding for a business sign project; staff said the microenterprise grant expires in October and that state approval is required for increases.
The Herkimer County Industrial Development Agency approved increases to several previously awarded microenterprise grants and authorized an increase in funding for a business sign project during its regular meeting.
Staff reported the microenterprise awards under the state’s grant program are set to expire in October and that the IDA has requested additional funds for three prior awardees because of demonstrated additional need. Staff said the requested increases are $21,000 apiece. After those increases, staff said, the IDA would have about $21,000 remaining in the current grant allocation for additional requests.
“We have $21,000 left,” a staff member said when asked about remaining funds. Staff also reported that total microenterprise awards to date, including the three proposed increases, amount to $224,000.
The IDA also approved a request to increase the budget for a sign project that staff said would bring the sign funding to roughly $18,000. Board members discussed timing of installation and agreed to proceed with the additional funding. At the vote the chair called for “All in favor,” and members replied “Aye,” and the motion carried.
Staff said the microenterprise increases have been submitted to New York State Homes and Community Renewal for review and that the IDA will not release final payments until state approvals are completed. The presenter said the state has been receptive to past requests and that the IDA is hopeful the increases can be processed before the October expiration of the grant program.
