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Glens Falls agencies approve small-business grants for three downtown startups
Summary
Boards approved forgivable-loan style small-business support awards to three applicants: Paul's Guitar Hideout (up to $20,000), Floro's Mercantile (up to $20,000, corrected), and Kay's Bubble Tea (up to $2,000 for equipment).
The Glens Falls Local Development Corporation and partner agencies voted March 19 to award small-business support funding to three local entrepreneurs as part of a small-business support program.
Staff presented three applications: Paul's Guitar Hideout, a combined retail and studio concept requesting up to $20,000 toward furniture/fixtures/equipment on an estimated $40,000 budget; Floro's Mercantile, a women's clothing shop, with its resolution corrected during the meeting to request up to $20,000; and Kay's Bubble Tea, a beverage operation seeking roughly $1,300'$1,400 for equipment, for which the board authorized up to $2,000.
A staff presenter described the program as providing forgivable loans for eligible FF&E (furniture, fixtures and equipment) and noted standard recourse provisions during the forgiveness period. Board members asked about leases and project timelines; staff said applicants have short-term leases and will proceed with vendor purchases once funds are issued.
The board moved, seconded and approved a single motion to fund all three projects; no roll-call tallies were recorded in the meeting record. Staff said payments would be issued after administrative review and that the LDC would monitor compliance under the forgivable-loan agreements.
The approvals are intended to support retail and service destinations on South Street and nearby commercial corridors as part of the agencies' small-business support efforts.
