City of Albany looking to boost downtown businesses through new incubation program

ALBANY – Have a new business or existing business looking to reach the next level? The city of Albany could help kickstart those dreams with the launch of a downtown business incubation program.

Benefits include reimbursement for a business license fee and up to two years of assistance with lease payments.

But the benefits don’t end there, as the program, a joint venture between downtown Albany and the city’s Community and Economic Development Commission, also will provide training in aspects of running a business.

Those will be tailored to the individual business owner’s needs, whether it be Quickbooks, processing or designing inventory and other topics, Downtown Manager Lequrica Gaskins said.

“What we are finding is that everybody’s need for their business is unique,” she said. “It depends on the type of business. We are having conversations with owners to see what they need.”

The program will encompass the entire downtown area, which includes the central business district as well as the Harlem and Sandy Bottom districts.

Similar programs in other cities have been successful, Gaskins said. The city did offer assistance to businesses during the COVID-19 pandemic to help existing businesses stay afloat, but the incubator program will be geared toward new and growing establishments.

“This is new for us,” she said. “It has new benefits, new features for owners to be able to tap into. We’ve provided services to small businesses before, (but) this is going to be an extension and expansion of small-business services.

“It’s specifically to new, emerging businesses or businesses that are at the point of expansion. The goal is to provide businesses with opportunities not only to be successful but to thrive long-term.”

In addition to training and mentorship elements, the program will match business owners with available resources to ensure sustainability. Owners can receive a reimbursement of 50% of rent for up to two years.

During the pandemic, many individuals launched home-based enterprises, Gaskins said, and at this point some are looking to expand.

“There are a lot of entrepreneurs who are looking to get into brick-and-mortar and expand their customer base,” she said. “I’ve heard a lot of other cities mention they’ve seen that as well. Entrepreneurs were inspired to do this and have been very innovative.”

For more information or to apply, call (229) 483-7650 or (229) 483-7665.

File Photo: Carlton Fletcher