New York SBDC Helps Binghamton Café Continue Federal Restaurant Funding
BINGHAMTON – Like many restaurants across the country, the co-owners of the Lost Dog Café & Lounge in Binghamton are seeking funding from the brand new Restaurant Revitalization Fund (RRF), which is part of President Biden’s US bailout.
The fund provides direct relief funds to hard-hit restaurants and other food establishments that have suffered significant operational losses due to the pandemic.
As they did previously, coffeehouse co-owners Marie McKenna and Elizabeth (Liz) Hughes applied in early May for help from the New York Small Business Development Center (SBDC) to complete their RRF application, in accordance with a SUNY press release.
Last spring, COVID-19 forced co-owners McKenna and Hughes to close Lost Dog Café & Lounge for about two months. The couple worked with the New York SBDC to secure more than $ 316,000 in Paycheck Protection Program (PPP) funds to keep their staff employed.
“We’ve worked with them over the years, and when 2020 hit, we were obviously in a totally different situation. We also contacted them at the time and they walked us through all the steps. They kept us informed of everything that was available to us and helped us take those steps to get to where we are, ”co-owner Elizabeth (Liz) Hughes said in her remarks at a May 4 event. highlighting the work of the New York SBDC. .
Lost Dog Café & Lounge operates at 222 Water St. in Binghamton. On May 4, SUNY Chancellor Jim Malatras visited the company to highlight the work of the New York SBDC, a business aid organization administered by SUNY and funded by the United States Small Business Administration. United.
“We want all of our businesses locally in Binghamton, Buffalo or Long Island… to make sure our businesses come back, especially the state now reopening more business statewide,” SUNY Chancellor said. Jim Malatras in his remarks.
The Restaurant Revitalization Fund has billions of dollars to help restaurants, but just because restaurants are open now doesn’t mean “everything is fine,” Broome County Manager Jason Garnar said during his remarks. speech.
“For almost a year they have been closed or are operating at a quarter of their capacity, but they still have to pay the bills, they still have to pay the rent. I’m excited for the future, but they still need help… being able to provide these much needed funds… to restaurants will be really essential as we come out of this pandemic and enter this period of recovery ”, Garnar said.
Garnar also noted that it was “quite astonishing” to see what happened to tax revenues when restaurants close and “how important they are” to providing counties and local governments with the funds to do essential things. that they must do for the community.
The New York SBDC has helped nearly 3,000 small business owners affected by COVID-19 obtain more than $ 560 million in assistance over the past 14 months, according to the SUNY statement.
The $ 560 million the SBDC has helped secure businesses includes more than $ 265 million in PPP forgivable loans, nearly $ 125 million in COVID-19 economic disaster loans, as well as other local, state and federal grants, SUNY said.
How SBDC helps
Through business advice and training, New York SBDCs claim to have helped customers affected by COVID-19 stay afloat, rethink the services they provide and the customers they serve, reopen and “Even thrive in a tumultuous and unprecedented time” for the company. community.
Its services have saved more than 28,000 jobs and created more than 2,500 jobs for client companies, SUNY said.
With 22 regional centers on campus and dozens of outreach offices located in local communities, the New York SBDC employs full-time professional business advisers who provide management and technical assistance to start-up and existing businesses.
Founded in 1984, the New York SBDC has worked with more than 519,000 businesses, helping them invest $ 7.5 billion in the state’s economy and creating more than 240,000 jobs.