Financial Resources

Empowering Growth Along the Adirondack Rail Trail

The Franklin County Economic Development Corporation (FCEDC) is excited to announce the launch of the Rail Trail Small Business Fund. This initiative is dedicated to supporting the growth and resilience of new and existing small businesses in Harrietstown and Tupper Lake. As a key component of the Adirondack Frontier Small Business Program, this fund provides essential technical assistance, financing, and funding to small businesses throughout Franklin County.

About the Fund

Two grants of $200,000 each, awarded through the NYS Community Development Block Grant, have been secured by the towns of Harrietstown and Tupper Lake. FCEDC will administer these funds to enhance economic development, spur job creation, and enrich the overall experience for residents and visitors along the Adirondack Rail Trail.

The Rail Trail Small Business Fund will prioritize businesses that align with these goals, with specific eligibility requirements in place to ensure a targeted and impactful distribution of funds.

How to Apply

Applying for the Rail Trail Small Business Fund is a three-step process:

1. Eligibility Form: Start by completing a short eligibility form. The form will be available starting Wednesday, September 11th. The deadline to submit the form is Wednesday, October 9th, at 5 PM. Access the form here.
2. Full Application: Once your project is deemed eligible, you will be invited to submit a full application.
3. Information Session: Before submitting the full application, attendance at an information session is required to ensure a thorough understanding of the program.

FCEDC will announce the fund recipients in December.

Fund Details

• Financial Support: Grants range from $5,000 to $35,000.
• Flexible Use of Funds: Funding can be used for equipment, supplies, marketing initiatives, or other working capital needs. Please note that construction costs are not eligible.
• Eligibility Criteria:
  • Businesses must have five or fewer employees, including owners.
  • Create at least one full-time job for a low-to-moderate income household or be owned by someone from such a household.
  • Provide a minimum 10% cash equity contribution.
  • Be primarily engaged in Arts, Entertainment, and Recreation; Accommodation and Food Services; or Retail Trade.
  • Be located in the towns of Harrietstown or Tupper Lake, including businesses within village limits.

The Rail Trail Small Business Fund is more than just a financial boost; it’s an opportunity to be part of the growing vibrancy along the Adirondack Rail Trail. Whether you’re starting a new venture or expanding an existing one, this fund is designed to help you succeed and thrive.

Fund Guidelines

Fund FAQs

FCEDC’s loans provide financing for small businesses and non-profit organizations that are unable to secure financing through traditional sources. Although we can lend up to $250,000, typical loans vary between $50,000- $100,000. Strategic priorities of the loan fund include:

• Alignment with the Franklin County Comprehensive Economic Development Strategy
• Supporting downtown revitalization
• Reducing community blight
• Encouraging retail or service businesses that provide for a demonstrated need that is unmet or insufficiently available in the community
• Supporting value-added forestry, agriculture and food entrepreneurship businesses
• Supporting businesses transitioning to new ownership

Loan applications require:

• Proof that financing is not available through a traditional lender
• A business plan
• Existing financials and future financial projections
• Tax returns

Review the loan guidelines for additional requirements, including information on the application review and approval process. Contact us to learn more.