Eight things you need to know about Saratoga County's economy.

The Saratoga County Prosperity Partnership, the Saratoga County Chamber of Commerce and other stakeholders in Saratoga County will be participating in a Facebook Live event with the Albany Small Business Development Center on Wednesday, April 28 starting at 12:30 pm to discuss the rollout of the Restaurant Revitalization Program. This event will be a live Q&A at the Country Corner Cafe, Saratoga Springs for business owners to ask questions about the Restaurant Revitalization Program and learn how to apply for and receive benefits. Visit our Facebook Live page to attend this session

2. SBA Announces Official Restaurant Revitalization Fund Application and Guidelines

The restaurant industry has been among the hardest-hit sectors during the economic downturn caused by the COVID-19 pandemic. To help bring jobs back and revive the industry, the American Rescue Plan established the $28.6 billion Restaurant Revitalization Fund at the U.S. Small Business Administration (SBA). The SBA will administer the funds to the hardest-hit small restaurants. This program will provide restaurants with funding equal to their pandemic-related revenue loss up to $10 million per business and no more than $5 million per physical location. Recipients are not required to repay the funding as long as funds are used for eligible uses no later than March 11, 2023. Click here for program details.

3. Capital Region becomes one of the fastest growing exporters of electronics among U.S. metros

The Albany Business Review reports that The Capital Region is one of the fastest-growing metro areas for computer and electronic exports, according to a new report by the Center for Economic Growth analyzing data from the International Trade Administration. The growth precedes the pandemic. In 2019, the Albany-Schenectady-Troy region exported $1.46 billion in computer and electronic products, including semiconductor devices. That’s an increase of 31.9% from the previous year, making the Capital Region the sixth-fastest-growing U.S. metro area in that regard. The Capital Region is now 30th in the nation for most computer and electronic exports, a number that has been rapidly increasing since semiconductor manufacturer GLOBALFOUNDRIES began making chips in Malta in 2012. GLOBALFOUNDRIES CEO Tom Caulfield spoke with The Wall Street Journal about the pervasiveness of semiconductors, and how GF is investing $1.4 billion to expand manufacturing capacity at existing facilities this year - and will likely double that figure next year.

The Capital Region has more tech jobs available than there are people and it could get worse in the tight labor market that's expected to develop in the coming months. Saratoga County based software company Kitware, which specializes in computer vision and data analytics, needs people with skills that come from advanced degrees in computer science or related fields. Despite Kitware’s average salary being more than $100,000, many people with those skills go to places like Google or Amazon. Kitware’s newly created Open Source Technology Program hires students graduating with a B.S. in computer science or a closely related field who want to pursue an M.S. degree in computer science. They're hired as full-time employees and their tuition is fully covered. Kitware will award up to two $5,000 scholarships for the 2021/2022 academic year for talented Black high school seniors pursuing an education in computer science or a closely related field.

5. Survey Reports Small Business Owners Struggle To Find Qualified Workers

NFIB Research Foundation March 2021 survey reports that 42% of owners reported job openings that could not be filled, a record high reading. Owners continue to have difficulty finding qualified workers to fill jobs as they compete with increased unemployment benefits and the pandemic keeping some workers out of the labor force. A net 28% of owners reported raising compensation (up three points) and the highest level in the past 12 months. A net 17% plan to raise compensation in the next three months, down two points. Seven percent of owners cited labor costs as their top business problem and 24% said that labor quality was their top business problem. Finding eligible workers to fill open positions will become increasingly difficult for small business owners. Click here for report. The Times Union also reports that Upstate New York CEOs say lots of jobs, fewer workers. They cite sharp disconnect between worlds of school and work existing in 'silos'.

6. Stewart's Shops Employees Now Own More Than 40% of Company Through Profit Sharing

Stewart's Shops employees, referred to as "partners," now own more than 40 percent of the company through profit sharing. Approximately 2,850 partners received 20 percent growth and a $19 million contribution, which is roughly 19 percent of their 2020 pay, according to 2020 Employee Stock Ownership Plan (ESOP) statements.

The ESOP program is 100 percent funded by the company for anyone working at least 1,000 hours a year. After six years in the plan, a partner's balance is usually greater than a year's pay, according to Stewart's Shops.

Currently, 105 partners have a balance of more than $1 million and nearly one-third of these millionaires are actively working. Years of double-digit percentages of pay contributions, in addition to double-digit growth of balances make the ESOP possible. Click here to read more.

Thanks to a grant awarded to the Saratoga County Prosperity Partnership by the Globalfoundries and Town of Malta Foundation, small businesses will be getting an added boost between March 1 and May 2, and consumers that spend at least $20.21 can enter to win weekly gift certificate giveaways and a $500 grand prize. This MaltaWorks $20.21 promotion, launched in partnership with the Saratoga County Chamber of Commerce, has already helped to drive traffic to small businesses in the Town of Malta that have been fighting to keep their operations open after battling the economic impacts of COVID-19 for the past year.

Customers participating in the MaltaWorks $20.21 program can enter to win weekly giveaways by simply spending at least $20.21 at a small business in the Town of Malta, then emailing a copy of their receipt to info@saratoga.org. Each week, MaltaWorks $20.21 will randomly choose the winners of a $100 and TWO $50 gift certificates. At the end of nine weeks, all participants will be entered into a drawing to win the grand prize of a $500 gift certificate at a business of their choice in the Town of Malta. Malta businesses, residents, and community organizations can support the MaltaWorks $20.21 effort by visiting the MaltaWorks website where they will find promotional posters to print and share on social media, with the #Maltaworks hashtag.

Register for this virtual event here 

The purpose of this study is to isolate and analyze the unique aspects of New York State, and national, gourmet chocolate companies. This survey was made by Skidmore-Saratoga Consulting Partnership and should take no more than 10 minutes for you to fill out. Participants can elect to leave an email address at the end of the survey if they wish to be entered into a raffle to win a $50 e-gift card for use at www.saratogachocolateco.com