Eight things you need to know about the impact of COVID-19 on Saratoga County's economy.
8 @ 8 is a newsletter filled with eight things you need to know on topics related to the economy in Saratoga County, New York. You can expect to see 8 @ 8 in your inbox twice a month. If you have content you'd like us to share or have a topic you'd like to see more of, let us know and we'll work to include it in a future edition! - The Saratoga Partnership Team
1. GlobalFoundries' Advanced Semiconductor Fab in Upstate New York is an Unexpected Link in Global Supply Chains
As you drive through the farmland of the Hudson River Valley in upstate New York, the last thing you expect is to find a factory that is a key link in many global supply chains. Yet GlobalFoundries’ Fab 8 in Malta, NY is testimony to the complexity of the network that many firms employ to deliver all kinds of products to consumers’ doorsteps. Fab 8, which is one of GlobalFoundries' most advanced semiconductor fabrication facilities, represents almost $15 billion in investments made over the last decade. Close to $4.5 billion of that was in construction costs for the half-million square foot cleanroom and supporting infrastructure, and $10 billion for the advanced tools needed to make leading edge semiconductor devices. Fab 8 is among the most advanced non-captive semiconductor foundries in the United States, a facility that exclusively produces semiconductor devices for “fabless” design companies like Qualcomm, AMD, or NXP Semiconductors. Continue reading this Forbes article written by a professor at Harvard Business School.
2. Route 50 Corridor Survey
The Town of Milton is conducting a Corridor Enhancement Study to identify transportation and land use policy recommendations that would guide growth in the NYS Rt. 50 corridor. The study will also explore improvements at the intersection of Northline Road and NYS Route 50. The study area extends from the Village of Ballston Spa to the City of Saratoga Springs. To find out more visit the website. The town encourages their residents as well as those who travel, shop and dine along the corridor to take part in this very important project. Your input will help determine the design and use of the corridor for many years to come. TAKE SURVEY HERE
3. Minority-Owned Small Business Federal + New York State Certification Webinar
SCORE is presenting a webinar on the Small Business Administration's (SBA) 8(a) Business Development Program and New York State's Minority & Women-Owned Business Enterprise (MWBE) certification. Presenters will give insight into the steps to be taken to qualify for the various programs and how they can assist you to reach these valuable contracts in your area. Register now for the webinar being hosted on Wednesday, September 30, 2020 from 10:00 am to Noon. SCORE is a nonprofit association dedicated to helping small businesses get off the ground, grow, and achieve their goals through education and mentorship.
4. New $8 Million Loan Fund to Assist Local Businesses Impacted by COVID-19
The U.S. Department of Commerce's Economic Development Administration (EDA) has awarded $8 million to the Albany County Business Development Corporation (ACBDC) to capitalize a new revolving loan fund that will immediately assist businesses throughout the Capital Region who have been impacted by the COVID-19 pandemic. As an existing operator of an EDA-directed loan fund (the Al Tech Trust Fund) ACBDC was invited to apply for additional funds during the non-competitive round of the CARES Act Recovery Assistance program. The Capital Region Advancement Fund will provide low-interest working capital loans to help stabilize local business operations and retain employment. Loans can range from $25,000 – $500,000. The interest rate is 1.5%. Businesses who received SBA Payroll Protection Program (PPP) and Economic Injury Disaster Loans (EIDL) loans are encouraged to apply if they need additional capital. Applicants must be a for-profit business located in Albany, Columbia, Greene, Saratoga, Schenectady and Rensselaer counties. Funding can be used to retain employees, help cover expenses, support operations and make necessary adjustments toward a sustainable future after the pandemic has subsided. Full program highlights can be found here.
5. Recipe for Success: A Workshop for Food Entrepreneurs
SAVE THE DATE for Cornell Cooperative Extension Saratoga County's Recipe for Success: A Workshop for Food Entrepreneurs. If you're thinking of making and selling a favorite recipe, or even if you already have a small food business, the presenters of this program can give you guidance. Their experience and expertise in licensing a food product, processing, packaging, marketing, pricing, and selling are an invaluable resource. The program also includes the basics of successful small business management. Current or potential food entrepreneurs are encouraged to attend. The workshop will include speakers form Cornell University Food Venture Center, NYS Department of Agriculture & Markets, SCORE Business Marketing and Counseling, and more. Email Diane Whitten or call 518-885-8995 at Cornell Cooperative Extension for more information and to receive more details in the future. The event is being held online via Zoom on Wednesday, October, 21, 2020, with Part I 8:30 am - 12:00 pm and Part II 1:00 pm - 4:30 pm.
6. What Now? Decisive Actions to Emerge Stronger in the Next Normal
As many business leaders return from a summer break that was far from normal, they may be asking themselves: What now? Over the past six months, they have reorganized supply chains, set up remote operations, and made tough financial decisions. But without a COVID-19 vaccine yet available, not much feels different, and the summer pause hasn’t done much to relieve fatigue. One priority, then, is to reenergize the organization—to act rather than react. Even as the COVID-19 crisis continues to create a world of uncertainty, the goal must be to rebuild for the longer term. Companies that are strong and resilient will be better placed to survive and prosper. Those are qualities that can’t be taken for granted; they need to be cultivated. Here is what McKinsey and Company have devised as the beginning stages of coming out stronger
7. America's Water Infrastructure Act (AWIA) of 2018
The 2018 America's Water Infrastructure Act (AWIA) now requires Community Water Systems (CWS) serving populations of more than 3,300 to complete Risk and Resilience Assessments (RRA) and Emergency Response Plans (ERP), and certify the completion of these documents to the EPA. The newer AWIA requirements are a much more comprehensive evaluation of CWS security and preparedness than what was required under the 2002 Bioterrorism Act. The deadlines for compliance to certify RRAs are due December 31st, 2020 for populations of 50,000 to 99,999, June 30th, 2021 for populations of 3,301 to 49,999, and were due on March 31st, 2020 for populations served over 100,000. For more information, see this informational flyer from MRB Group, or contact Tim Wales Chief Water Resources Engineer of MRB Group by email or at (518) 703-2480.
8. Business Leaders United for Workforce Partnerships Virtual Event
For years, businesses in nearly every industry have struggled to find, train, and retain workers with the skills they need to compete—and now, with countless businesses threatened and tens of millions of workers displaced by the COVID-19 pandemic, industry-driven skills policy is even more essential for a swift, sustainable, and inclusive economic recovery for businesses and workers. That is why it is critically important that policymakers in Washington hear from you about the skills your workforce needs to succeed. Are you an employer who has direct experience with hiring and training workers or an industry convener who grapples with workforce challenges of your industry or community (such as chambers of commerce, industry and trade associations, or economic developers)? Join the National Skills Coalition and National Fund for Workforce Solutions for their annual fly-in Business Leaders United on the Hill being delivered virtually this year on September 15-16. This event provides an opportunity for business leaders from every corner of the country and sector of the economy to come together to advance workforce policy that works for business.