Community Business Investment Grant

The Community Business Investment Grant is a localized economic development initiative administered by the Local Development Corporation of the City of Troy. This program is designed to address post-pandemic economic instability that continues to challenge small business owners, especially in areas such as labor shortages, material costs, and inflation. Through this grant, the City of Troy reaffirms its commitment to bolstering local commercial resilience by enabling capital improvements that contribute to long-term sustainability, community revitalization, and economic growth. The program offers reimbursement-based funding for eligible commercial and mixed-use redevelopment projects within Troy. The grant is intended to support improvements such as redevelopment, rehabilitation, or historic preservation of properties, whether vacant, underutilized, or occupied. Additional eligible uses include fixed capital improvements like machinery and technology upgrades that improve operational efficiency, help meet evolving customer needs, or expand available services and products. Funded projects must demonstrate their potential to positively impact the surrounding community and commercial corridors. Grants are available in amounts ranging from $5,000 to $50,000. A key stipulation is that each awarded project must secure a 50% match from the applicant, ensuring a shared financial commitment to the success of the initiative. The program's core objectives include helping small businesses grow, revitalizing underperforming storefronts and corridors, creating jobs for local residents, and leveraging funds with other financial and technical assistance programs to maximize impact. Eligibility for this grant is limited to individual and for-profit business or property owners operating within Troy city limits. Applicants must be current on all tax obligations. Preference will be given to shovel-ready projects that align with the city’s revitalization and economic development priorities. All projects must be completed, and reimbursement requests submitted by October 30, 2026. The application process begins with an eligibility questionnaire. Upon completion, staff from the City of Troy's Economic Development team will review the submission and send a direct application link via email. Given potential application volume, response times may take up to five business days. Final selections will be made by the Troy Local Development Corporation Board, with award announcements scheduled for April 17, 2026. For questions or further information, applicants may contact Denée Zeigler, Economic Development Coordinator, via email at [email protected] or by phone at 518-279-7392. The application window for Round 2 is open now and closes on March 20, 2026.