IDA staff: $150,000 remains in microenterprise grant; application completion slows disbursement

Herkimer County IDA staff reported April 22 that about $150,000 remains in the agency’s microenterprise grant and that disbursements are slowed because applicants frequently fail to submit complete, signed documentation.

IDA staff member (name listed as Jen in the transcript) said five applicants were at various stages and two grant closings were scheduled for the following week; she expected funds to be dispersed to awardees Short Print and Abbott once receipts were provided. Staff described repeated problems with incomplete submissions — unsigned forms, missing signatures and inaccurate contact information — that require extra follow-up before funds can be released.

Small Business Development Center (SBDC) representatives present said they routinely work with applicants to assemble full applications, including business plans, at no charge. The board and staff discussed additional outreach to CPAs and other advisors, and said the agency may issue reminders that pending applications will expire after a set period if not completed.

Staff outlined program limits: a maximum of 35 (units/percent not specified) is available when jobs are added, while low- and moderate-income owners can apply for grants up to $14,000, according to discussion during the meeting.

Board members said they want to spend the remaining funds on qualified applicants and encouraged staff to coordinate closely with SBDC to reduce incomplete applications. Staff said they will continue outreach and follow up with awardees to finalize disbursements.

No formal vote was recorded for this informational update.