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. Saratoga Partnership Receives $95,000 USDA Rural Business Development Grant to Support Next Wave Communities Economic Development Planning and Business Retention + Expansion Efforts
The Saratoga County Prosperity Partnership announced that it has received $95,000 grant from the United States Department of Agriculture (USDA) Rural Business Development Program to support its Next Wave Communities Community Economic Development planning and business retention expansion efforts in communities throughout Saratoga County. The USDA is investing more than $1.2 Million in grant funding in rural New York to provide equipment, technical assistance, and training opportunities. “This funding will help us continue our work with Saratoga County communities to create smart and strategic economic development plans that will attract new investment, retain and grow our existing businesses while driving job creation.” said Saratoga County Prosperity Partnership President Shelby Schneider. Click here to read more.
2. Skidmore Survey for Saratoga Business Owners and Consumers
The Saratoga County Prosperity Partnership (SCPP) has partnered with the Skidmore-Saratoga Consulting Partnership (SSCP), a group of students that offer pro bono consulting services to local businesses in Saratoga. The Students from SSCP have created two surveys with the goal of learning more of what consumers want to see in Saratoga this winter and what action business owners have considered taking for the upcoming months. Please answer the questions to the best of your ability. Each survey should only take about 5-7 minutes to complete. By completing our survey you will be immediately eligible for a 10% discount the next time you order take out from DZ restaurant group, and also be entered to win a $25 gift card to Morrissey’s. The links to the respective surveys are attached below: 
3. Do You Have Plans For Growth And Need Help? The SBA 504 Could Be Just What You Need?
Purchasing a building or a piece of large equipment is a significant investment for your business and it’s important to find an affordable loan. With the SBA 504 loan program, you can qualify for a low, fixed interest rate loan with up to a 25 year term, and put as little as 10% down.
The SBA 504 Loan program is a powerful economic development loan program that offers small businesses another avenue for business financing, while promoting business growth, and job creation. As of February 15, 2012, the $50 Billion in 504 loans has created over 2 million jobs. This program is a proven success and win-win-win for the small business, the community and participating lenders. To learn more about how this business tool can help you, click here.
This Loan is for you if you are looking to do the following:
  • To purchase owner-occupied commercial real estate, such as an office, manufacturing facility, storefront and more
  • To purchase land and construct a business location
  • To renovate or improve these types of facilities
  • To purchase heavy machinery or equipment
Call the Saratoga Partnership at 518.871.1887 if you think you may have a project.
4. AlbanyCan Code to offer digital literacy classes in Saratoga County starting in November
In this unprecedented time while too many are unable to work, those that are able to work must have a strong digital literacy. Whether you're considering a career in tech or a career in any field that relies on technology to operate AlbanyCan Code may have your answer. Albany CanCode will provide loaner laptops to anyone who does not have access to a computer and income-eligible students will be funded 100%. Classes begin November 30, Mondays + Wednesdays 10am to noon. Click here for the Virtual Digital Literacy Form.
5. Fewer Workers, Not More Jobs, Explains NY’s September Unemployment Rate Drop
New York State’s unemployment rate has fallen sharply since the economically devastating pandemic lockdown last spring. But as state Comptroller Thomas DiNapoli points out in his latest economic report, the jobless rate doesn’t tell the whole story. DiNapoli’s observation on this point bears repeating: a shrinking labor force “may indicate that individuals have ceased searching for a job actively.” The job market is so bad that many New Yorkers have—for now, at least— stopped looking. Find the full story here.
6. We Have All Hear Of AI, But Have We Thought About It Getting Us Our Food Fresher?
As Director of Supply Chain, Syed Aman spent several years making sure when produce reached Walmart stores, it wasn’t rotten. Now, as CEO and co-founder of Hwy Haul, he’s using what he learned to give other supermarkets the same insurance, because it's not just a few bad apples spoiling the whole bunch. “Produce spends half its life in the supply chain and more than $15 billion is wasted or rejected in transit every year,” said Aman. “On average 14% of the produce shipments get rejected.” Find out how one CEO is working to fix this problem.
7. Women In The Workplace Feeling A Deeper Impact On Their Ability To Work Due To Pandemic
Earlier this month, the Bureau of Labor Statistics released its employment report for September, which showed that women have been choosing to leave the workforce in staggering numbers: while about two hundred and sixteen thousand men dropped out of the workforce that month, about four times that many women made the same decision. Though the figures for September are particularly stark, they are consistent with trends that have been recorded since March. Unlike most economic downturns, the recession caused by the coronavirus pandemic has led to greater employment losses for women than for men. The unemployment crisis has been compounded by closures of schools and day-care centers, and the resulting caregiving burdens have fallen disproportionately on women. Find out more about how tis is affecting women in the workplace.
8. The New Normal Is Increasingly Making Its Way Into All Industries Find Out How Auto Sales Are Changing Too.
As customer expectations evolve and cost pressures rise, automotive retail strategies must also change rapidly. Automotive retail is changing with unprecedented speed and magnitude, driven by shifting customer expectations, new mobility offerings, and technological disruptions, such as digitization, vehicle connectivity, and electrification. The COVID-19 pandemic has further accelerated that transformation, encouraging consumers to adopt digitally enabled car buying and online sales models. On the business side, COVID-19 has increased the cost consciousness of OEMs and dealers, who are now making decisions about further outlet consolidation, leaner retail formats, direct customer access, and alternative sales models. Find out how the automotive industry is adapting to the changes.