IAED faced a year unlike any other as the impact of the global pandemic reverberated across the world. IAED staff adjusted priorities to focus on supporting our local business community with the ongoing impact of COVID-19, while also looking forward to what recovery would look like. In addition, IAED stayed committed to goals set prior to the onset of the pandemic, managing to achieve numerous successes throughout the year. |
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COVID-19 Related Successes:
- Established an economic recovery cabinet
- Established a resource providers group
- Coordinated with local and regional partners on recovery planning efforts
- Provided COVID-19 related metrics to inform recovery efforts
- Created the Emergency Relief Loan Fund (EFLF) that delivered $250,000 in loans, helping to retain 720 at-risk jobs
- Supported the Small Business Resiliency Fund (SBRF) which awarded 117 SBRF forgivable loans totaling $463,300 to local businesses
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Provided IDA funded grants to childcare providers for PPE and COVID-19 safety updates
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2020 Successes:
- Created new Opportunity fund in support of early-stage high-growth companies
- IAED loan funds provided $500,000 in support of local businesses, resulting in $2.5 million in capital investment
- Tompkins County IDA approved 4 projects, totaling $237.2M in capital investment and $204.5M estimated to be paid in new property taxes
- Awarded a $404,170 federal grant from the Appalachian Regional Commission (ARC) for a 17-mile broadband extension from Ithaca to Lansing
- First Accredited Economic Development Organization (AEDO) in New York State
- Launched new name (Ithaca Area Economic Development) and new logo
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Cayuga Medical Center Now Offering Vaccines for Groups 1A and 1B Eligible Population |
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Cayuga Medical Center (CMC) was recognized by Governor Cuomo as one of the top ten hospitals in the state for COVID-19 vaccination administration. Learn more
CMC was also mentioned in a recent Wall Street Journal article for its use of the former Sears space at the mall for its vaccine distribution efforts Read more
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Paycheck Protection Program Reopens |
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The new PPP authorizes up to $284 billion toward job retention and certain other expenses and is meant to better target smaller businesses that need help most urgently.
What’s the Same:
- Businesses must apply through a local lender, not to the SBA;
- Funds are meant to enable businesses to retain jobs; and
- These loans will also be forgivable.
Three major changes:
- It's not just for payroll protection this time. The funds (up to $2 million per company with fewer than 300 employees) may be used for other operational costs as well;
- Some previous borrowers may re-apply, and may choose the period of time, from 8-to-24 weeks, that best suits their needs; and
- Non-profit eligibility is greatly expanded. For example, a 501c(6) entity may now apply.
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The SBA is initially prioritizing loans to businesses owned by underserved segments of the population. Not all banks will be able to offer the program immediately. Community financial institutions, which focus their lending on underserved applicants, are authorized to begin lending to first-time applicant businesses on January 11. Eligible businesses seeking a second PPP loan may apply two days later. Other banks will be added to the program at a later date.
The new guidance released includes:
Businesses can apply through authorized lenders (contact your bank for details).
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LOCAL RESOURCES
Cayuga Heath System COVID-19 Testing for Businesses
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OTHER RESOURCES
Rural Relief Small Business Grants
The Local Initiatives Support Corporation (LISC) is offering Rural Relief Small Business Grants for up to $20,000. Grants support small businesses and enterprises affected by COVID-19 across the country, especially those in underserved communities, including entrepreneurs of color, women- and veteran-owned businesses that often lack access to flexible, affordable capital.
Applications are being accepted in “rounds” and you must submit a new application for each round in order to be considered for funding in that round. The next application round runs January 26 through February 2. Learn more and apply
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NEW YORK STATE RESOURCES
New York State Small Business Truth in Lending Act
The New York State Small Business Truth in Lending Act will help protect small businesses in NYS who take out loans during emergencies such as the COVID-19 pandemic. Read more
Public-Private Partnership for Legal Assistance to Small Businesses
A Public-Private Partnership between Empire State Development, Start Small Think Big and the NYS Bar Association will provide small businesses and landlords with pro bono legal assistance to renegotiate lease terms due to COVID-19 impacts. Read more
Raising The Bar Restaurant Recovery Fund Announced
More than $3 million is available to assist eligible restaurants in NYS adjust operations to meet changes in operation due to COVID-19 and to meet NYS safety standards. Read more
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Datapoint Labs Expanding in Lansing |
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DataPoint Labs, has a world-class testing facility with expertise in physical properties of plastics, rubber, food, ceramics, and metals. DataPoint Labs is currently located in the Cornell Business & Technology Park, but has outgrown its space and will be relocating to a space on Dutch Mill Road. Data Point Labs is applying to the Tompkins County Industrial Development Agency (IDA) for a sales tax abatement for the renovation and equipment needed for the new space. Read more
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Rheonix Receives FDA Emergency Use Authorization |
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Local Ithaca company, Rheonix, received FDA Emergency Use Authorization to include saliva as a sample type in testing for COVID-19.
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Rheonix's CEO,Greg Galvin, is a Cornell graduate and IAED board member. Rheonix has almost tripled in size since the spring as demand for Rheonix's COVID-19 testing equipment has grown. Read more
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Halomine Wins Grow-NY Competition Prize |
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Norwhey Wins Fuzehub Commercialization Prize |
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Congratulations to Norwhey, a local Ithaca company that was one of six winners in the fourth annual FuzeHub Commercialization Competition. Each of the six companies were awarded $50,000 based on the commercialization potential of their technology. Norwhey is an innovative beverage company that focuses on sustainably fulfilling consumer needs through fermentation. Read more
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Ithaca Area Economic Development | 607.273.0005 |
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