Business Assistance & Grant Funding
The Community & Economic Development department offers assistance and partnerships via grant funding for businesses and investors within the City of Amsterdam boundary. The following criteria is essential for all potential grant applicants to submit prior to any meeting:
Interested applicants must be prepared with a project budget and business plan including:
- Number of employees specifying part-time or full-time status;
- Estimated impact on current employment levels;
- Justification of project costs;
- Identify funding sources.
Feasible projects must present a reasonable likelihood for long term viability based upon marketability, management, competition, and capitalization.
The business entity should be a sole proprietorship, partnership, limited liability company, or corporation.
General Grant Information
Grants are reimbursable – funding will be received after the project implementation is completed.
Grants are not retroactive – only eligible project expenses that are incurred after the grant is awarded will be reimbursed.
Grants typically can be used for capital assets – machinery, equipment, inventory, working capital, and in some instances, property acquisition. Salaries are typically not eligible.
Grant funds will not be utilized for activities that consist primarily of investing, or to primarily assist in the sale or purchase of an existing business.
Depending on the funding source, construction activities are not typically eligible for funding, as such activities would trigger Federal Labor Standards. If construction is a portion of your proposed project, it would need to be discussed on a case-by-case basis with the CED department.
Job creation is a major priority for most grants.
On average, grants typically require the project owner to invest 60% of total project costs as equity.
Montgomery County Business Training Program
Community Loan Fund of the Capital Region
New York Small Business Development Center (NYSBDC)