HUDSON – The Hudson Business Coalition (HBCi) has announced the launch of Hudson Bonds, a way to support the city’s shops, restaurants, galleries, entertainment venues and more. Most have been shuttered or heavily affected by the Covid-19 shutdown, are struggling to survive until the PAUSE is lifted, and are then expected to confront new challenges.
Hudson Bonds support local small businesses in two ways. They provide much-needed grants to help businesses make ends meet during the shutdown and create a base of sales for the businesses once it is safe to resume.
A donor purchases a Bond for two times the face amount. Half of the purchase is a tax-deductible contribution to the Hudson Business Coalition’s Small Business Relief Fund. The other half (in the form of a Hudson Bond) is theirs to spend at participating businesses. This helps to create a base of sales as businesses find their footing again.
“Small businesses are the heart of Hudson and every local community,” Chuck Rosenthal and Monica Byrne of HBCi said in a press release. “They are owned and staffed by our friends and neighbors. They provide jobs and they drive local economies.”
According the release, nearly every business in Hudson is owned and operated by a local entrepreneur. These small businesses generate jobs, support social, educational and arts programs, and represent a large portion of the city’s tax base. In addition, the activity they create has a ripple effect across the county and Hudson Valley, supporting farmers and craftspeople, contractors, plumbers, electricians, landscapers and many other small businesses.
“Without Hudson small businesses, our entire economy will be in trouble for a long time,” said Mr. Rosenthal and Ms. Byrne. “Now more than ever we need to come together and do what we can to make sure they survive this crisis, for the sake of our whole community and the entire local economy.”
Columbia Economic Development Corporation (CEDC) is serving as the fiscal sponsor for the program—allowing half the bond purchase to be tax-deductible.
“CEDC is proud to assist the Hudson Business Coalition with the Hudson Bond initiative and to provide small business loans and assist other business continuity grants programs throughout Columbia County,” said F. Michael Tucker, CEDC’s president and CEO in the release.
To purchase bonds and view a list of participating businesses, visit HudsonBond.org