In advance of Small Business Week (April 28-May 4, 2024), PSEG Long Island announces that its economic development grants and programs to help small businesses flourish will continue this year. Since the initiatives began in 2018, more than $2.8 million has been distributed to local business owners.
PSEG Long Island has three economic development incentives to support small businesses. They are the Main Street Revitalization grant, the Vacant Space Revival program, and the Thrive Program for Outdoor Commerce and Beautification grant.
Main Street Revitalization grants are given directly to businesses for completing renovations to help improve the economic stability and growth of a municipality. To date, 75 businesses have received a combined $2 million in grants under this program. The grants support local commerce and communities. They also support the local economy because these grant recipients created nearly 1,300 new jobs at their new or expanded businesses.
PSEG Long Island Main Street Revitalization grants have been given to several storefront businesses in Lindenhurst, including the newly opened Great South Bay Brewery, and soon-to-be-open Island Kava. Previous grant recipients in the village include Hunter & Thief, Pita Bowl, Restoration Kitchen and Cocktails, and Sand City South Brewery. In the Town of Babylon, several businesses have also received these grants, including newly opened, The Pizzeria and The Argyle Theater, both in Babylon village, and Long Island MMA & Fitness Center in West Babylon.
Another small business incentive is for new businesses that renovate a building that has been vacant for more than a year. PSEG Long Island’s Vacant Space Revival program provides up to $10,000 in electric bill discounts for a new business’ first year, which can be a financially difficult time. Since 2018, more than $320,000 has been provided to nearly 150 new businesses under this program. Recently, Blue Rose Dresses in Lindenhurst celebrated its one year anniversary with more than $1,700 in savings under this program.
In addition to these direct to business grants, local business groups such as chambers of commerce, business improvement districts, civic association and specific not-for-profit organizations that support businesses are eligible for improvement and beautification grants of up to $10,000 each. Under PSEG Long Island’s newly renamed Thrive Program, business organizations may qualify for reimbursement for items such as outdoor seating areas and tables, umbrellas, heaters and lighting, planters, flags and signage – to encourage dining and commerce in downtown areas. This grant opportunity is open through Sept. 30, 2024.
“Small businesses are the backbone of Long Island’s economy. They create jobs, encourage commerce and support our neighbors,” said Veronica Isaac, manager of Customer and Community Partnerships for PSEG Long Island. “We are thrilled to champion local businesses with these financial opportunities and we’re proud that over the past six years, we have distributed nearly $3 million in grants and incentives to help local entrepreneurs thrive. We ask the community to join us in celebration of Small Business Week by visiting neighborhood restaurants and shops across Long Island and the Rockaways, and we encourage our business customers to learn more about our money and energy saving programs.”
Along with PSEG Long Island’s economic development grants and programs, the company’s Energy Efficiency group offers incentive for business owners in the way of robust rebates. These rebates, available for heating and cooling, indoor and outdoor lighting, refrigeration and more, help business owners save money while reducing their carbon footprints.
To learn more about the small business support offered by PSEG Long Island, visit psegliny.com/inthecommunity/revitalization and psegliny.com/en/businessandcontractorservices/businessandcommercialsavings/rebates.
