State University of New York Chancellor Jim Malatras announced today that the New York Small Business Development Center (New York SBDC)—the state’s premier business assistance organization administered by SUNY and funded by the U.S. Small Business Administration—has helped nearly 3,000 COVID-19-impacted small business owners secure more than $560 million in aid over the last 14 months. That funding includes more than $265 million in Paycheck Protection Program (PPP) loans, nearly $125 million in COVID-19 Economic Injury Disaster (EIDL) loans, as well as other local, state, and federal grants.
Through expert business counseling and training, the New York SBDC has helped COVID-19-impacted clients stay afloat, reimagine the services they provide and the customers they serve, reopen, and even thrive over a tumultuous and unprecedented period for the business community. Its services have helped save more than 28,000 jobs and create more than 2,500 jobs for client businesses.
With 22 campus-based regional centers and dozens of outreach offices situated in the heart of local communities, the New York SBDC employs a roster of full-time professional business advisors who provide expert management and technical assistance to start-up and existing businesses. Combining the resources of higher education, the private sector, and government, they solve business problems and foster entrepreneurship.
Chancellor Malatras detailed the recent work of the New York SBDC during today’s visit and press conference at the Lost Dog Café & Lounge in Binghamton (pictured above), a community staple for more than 25 years and a New York SBDC client since 1997.
Last spring, COVID-19 forced co-owners Marie McKenna and Liz Hughes to shut down for approximately two months. The pair worked with the New York SBDC to secure more than $316,000 in PPP loan money to keep their staff employed.
McKenna and Hughes—who credit SBDC advisors for helping them grow into strong entrepreneurs over more than two decades—were also able to devise a temporary take-out model, simplify their menu, target a new customer base, build a conducive outdoor space, and design messaging to make people feel safe coming back to their restaurant. Business steadily rose by the summer, bringing much-needed foot traffic and economic activity back to the downtown area.
On Monday, the New York SBDC helped McKenna and Hughes complete their application for the newly established Restaurant Revitalization Fund (RRF), part of President Biden’s American Rescue Plan. The fund will provide direct relief funds to restaurants and other hard-hit food establishments that have experienced significant operational losses due to the pandemic. SUNY is strongly encouraging other business owners to utilize the New York SBDC for RRF, PPP, and Shuttered Venue Operator Grant (SVOG) application assistance as New York State moves toward a significant reopening and rebirth in the weeks and months to come.
“SUNY is an integral part of the broader community and the Small Business Development Center program is the perfect example of how SUNY, local leaders, businesses, and entrepreneurs can work together to improve the local economy across the state. These past 14 months have been difficult for small business owners, and the SBDCs on our campuses across the state have been a lifeline for thousands of entrepreneurs, connecting them with more than $560 million in financial assistance, helping them adapt their business models, providing much-needed expertise, and saving tens of thousands of jobs,” said Chancellor Malatras. “This is just another example of how important the State University of New York is to the broader community. I want to thank Lost Dog Café and Lounge Owners Marie McKenna and Liz Hughes for hosting us today, and for showcasing the value of the New York SBDC within their own entrepreneurial journey.”
Lost Dog Café & Lounge Co-Owner Marie McKenna said, “Our relationship with the SBDC has been a longstanding one, and has been instrumental in helping us keep our doors open and remain hopeful despite the challenges brought forth by the pandemic. The SBDC has been nothing but instrumental in contributing to our success, as they’ve supported us and our mission from the beginning, and provided us with hands-on learning opportunities and resources to ensure that we were informed about strategic business decisions, all while preserving the uniqueness of our restaurant and our goal to take care of our community.”
Lost Dog Café & Lounge Co-Owner Liz Hughes said, “We wouldn’t be here if it weren’t for the SBDC—we had a great idea and passion, but lacked the business background, and they have guided us every step of the way from teaching us about cash flow to developing our business plan. Over the years, we have worked with the SBDC and have found this partnership to be extremely helpful in achieving our business objectives and receiving the support we needed to thrive. To anyone trying to make their way through the pandemic or wanting to open a business, reach out to a SBDC—they will be a tremendous ally to you and your organization.”
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