BUFFALO, N.Y. (WBEN) – More funding is on the way to help East Buffalo's small businesses thrive.
On Friday, Derrick Parson, executive director of The Exchange at Beverly Gray, announced the launch of Small Business Growth, a partnership project with The Foundry aimed at creating a dedicated support network for small businesses. announced $3 million in funding for the initiative.
“Over the past year, The Exchange at Beverly Gray and The Foundry have been working with key stakeholders to develop new collaborative projects to support BIOPIC entrepreneurs and business owners here on Buffalo’s East Side. Over a three-year period, we have developed an initiative that will be far-reaching.'' We're going to narrow it down and deal with it,” Parson said.
The funding comes from the Community Revitalization Partnership, a $300 million program developed in partnership with New York Governor Kathy Hochul and Empire State Development (ESD), and funded by Ralph C. Wilson. Supported and funded by the Junior Foundation. Farash Foundation, ESL, KeyBank/First Niagara Foundation, M&T Bank, and partners in the cities of Buffalo, Niagara Falls, and Rochester. Of the $300 million, $200 million will come from state funds.
“We're putting together all the ingredients for a recipe for small business success,” Foundry Executive Director Megan McNally said.
“In addition to building our own organizational capacity at The Foundry, this includes expanding some of our youth entrepreneurship programs and providing additional product development support. We are also looking at business support, and we are also working with partners that provide comprehensive marketing programs and legal clinics that provide credit counseling.”
According to Karen Utz, Western New York regional director for Empire State Development, this new small business growth initiative will work in conjunction with Governor Hochul's East Buffalo Small Business Working Capital Grant to support local small businesses. It is said to be helping people recover from the social and economic impact of a terrible disaster. Tops massacre.
Other programs affected by this funding include the Commercial Corridor Program, which connects small businesses with flexible, temporary and permanent commercial space, and helps entrepreneurs develop and bring products to market; Also includes product development support. and Place-Based Entrepreneur Growth Assistance will build a comprehensive network of startup assistance to grow manufacturers and place-based businesses.
You can listen to the full announcement in the player above.