Capital Region Advancement Fund

This program is currently closed and is not accepting new applicants at this time. Please refer any questions to

Capital Region Advancement FundThe Capital Region Advancement Fund was created to provide low-interest loans to help area businesses who have been impacted by the COVID-19 pandemic. Businesses that demonstrate negative COVID-related impact such as reduction of revenues, employee layoffs, change in capital expenditures or disruption to expansion/growth plans are encouraged to apply. Funding can be used to retain employees, help cover expenses, support operations and make necessary adjustments toward a sustainable future.

This fund is not an income replacement program or a grant program. 

The fund is available to both for-profit and nonprofit businesses located in Albany, Columbia, Greene, Rensselaer, Saratoga and Schenectady counties. Please see below for eligibility requirements.

Click here to read about business owners who utilized the Capital Region Advancement Fund to keep their business alive during the pandemic.

Smiling entrepreneur standing in front of the counter of her cafe talking on a cellphone and using a tablet

Program Highlights

  • Loan amounts of $25,000 – $500,000
  • Terms ranging from 2-10 years (depending on use of proceeds)
  • Interest rate fixed at 1.5%
  • Application fees waived
  • Low to no closing fees
  • Principal payments deferred for first 6 months
  • No prepayment penalties
  • No bank involvement required
  • Limited collateral requirements for requests under $50,000


  • Must be either a for-profit business or nonprofit organization located in one of the six counties covered by the fund (Albany, Columbia, Greene, Rensselaer, Saratoga and Schenectady)
  • Must be in business at least 6 months prior to March 11, 2020
  • Applicant can demonstrate COIVD-related hardship through: closing of business operations or reduction to revenues or employee layoffs or change in capital expenditures or disruption to expansion/growth plans
  • Applicant should be able to demonstrate sufficient historical cash flow prior to 2020. Applicant must show the ability to repay all borrowed funds
  • Recipients of SBA EIDL or PPP are encouraged to apply if more capital is needed
  • Funds will help in the retention and/or creation of existing jobs (including self-employed individuals)
  • Please note: All requests above $50,000 must be secured by sufficient collateral
  • Funds cannot go toward investment income based businesses or for the refinance or consolidation of existing debt
  • Applicant cannot have any bankruptcies or foreclosures over the past 3 years
  • Business must have generated operating income between March and December 2020
  • Membership in local, county or regional chamber is not required