- By Cornell University
- Business & Technology
The Ithaca / Tompkins County COVID-19 Small Business Resilience Fund (SBRF) represents the collaboration of local economic development agencies and community partners who created the fund and pledged $390,000 to capitalize it.
These local partners include: Tompkins County Development Corporation (TCDC), Ithaca Urban Renewal Agency (IURA), Cornell University, City of Ithaca, Tompkins County Area Development (TCAD), The Tompkins Chamber of Commerce, the Downtown Ithaca Alliance (DIA), and the Tompkins County Workforce Investment Board (TCWIB).
Alternatives Federal Credit Union (AFCU) will manage the intake and application process and disburse approved loans within three days of the execution of agreements. A loan review committee composed of local economic development professionals will review applications for eligibility and select applications that best meet program criteria and priorities. Applications will be accepted on a rolling basis in batches beginning on April 15 with initial weekly loan approvals by April 21 and initial loan closings by April 25, 2020. Applications will be reviewed and processed until the funds are exhausted.
"Local small businesses have been hit hard, and we all need to do what we can to support them and give them a fighting chance to withstand the COVID-19 crisis," said Ithaca Mayor Svante Myrick. "Fortunately, we have an incredibly creative, collaborative and resilient community. This fund is just one more example of how we are coming together to support our local small businesses and I'm proud that the City has been able to play a role in pulling this together with our partners on behalf of businesses throughout Tompkins County."
Cornell University is contributing $100,000 to the Small Business Resilience Fund.
"Ithaca is one of the best small cities in America, in part because of its beauty, diversity, and strong community spirit," said Cornell University President Martha E. Pollack. "Our small businesses are the backbone of our local life, drawing people to Ithaca from around the region, and serving as employers and economic drivers, as well as contributors to the common good. "Cornell University is pleased to support the Small Business Resilience Fund and we stand united with all who are working to help to address our community's pressing needs in this challenging time."