The Rose Hanger Receives NYS Seed Funding

Our Member newsletter is sent each week with information that our members need for business and community growth!  We included information on the NYS Seed Funding and we are happy to announce that Sara Morreale, owner of The Rose Hanger applied and received funding!

Take a look at our Q&A with Sara!

     
How did you hear about the NYS Seed Funding program?

I saw the information about the NYS Seed Funding in the September News Letter from the chamber and I reached out to Jennifer with some questions and if she thought it was something I should apply for and she told me absolutely to apply! She said worst case scenario, they deny me, but it wouldn't hurt to try!

It was a lengthy but easy process. They asked for a lot of information on financials, but it was all information I was able to gather myself.

I did not qualify for any of the funding that happened during COVID and the shutdown such as PPE etc., due to my limited staff at the time and my business not taking a loss that year (luckily!). However, it was still a lot of work to keep my business up and running, especially during the time we were shut down, and I endured a lot of expenses. 

This funding is huge for me as I purchased a building in 2020 after being shut down for 3+ months of the year. I was paying for both rent and a new building at the same time, while keeping staff and renovating. Especially during our slow season, it is going to be super helpful for me to keep all of my staff when sales aren't necessarily at an all-time high, without having to cut hours and hopefully keep them all for when we gear up for summer! 

The funding is based on the size of your business and the amount of revenue you bring in, as well as expenses you endured such as rent/mortgage, utilities payroll etc. Awards ranged from 5k-25k. 

Any advice for any businesses looking to apply for funding sources like this? 

Trust the process. It was very lengthy and there was a lot of back and forth asking for additional information, but I was patient and continued to gather whatever it was that they needed to move forward with the funding. Also, take your time. I will say I'm guilty of kind of rushing through the original few questions and made an error in a date which I think impacted how long it took for me to move forward to the next step. It would also be very helpful to get your accountant involved early on in this process as they are able to help with a lot of the financial questions you may not have the answers to! 

NYS Seed Funding Link - Click HERE.

Thanks for sharing your experience Sara!