Capital Region Advancement Fund

Looking for a business loan in NY’s Capital Region? The Capital Region Advancement Fund provides affordable business financing to eligible businesses in Albany, Columbia, Greene, Rensselaer, Saratoga, and Schenectady counties to help businesses access the capital needed to grow, expand, and create jobs.

Loans are often in partnership with traditional bank financing and may be used for working capital, business expansion, commercial real estate acquisition and improvements, and the purchase of furniture, fixtures, equipment, and other fixed assets. Funds cannot be used for investment-income businesses, such as non-owner-occupied real estate.

It is a loan program, not a grant or income replacement program.

Complete the inquiry form here.

Highlights:

• Loan amounts from $25,000 to $500,000
• Flexible repayment terms ranging from 5 to 20 years, depending on the use of funds
• Interest rate fixed at closing and equal to 75% of the current Money Center Prime Rate published in The Wall Street Journal on the loan closing date
• Low closing costs
• No prepayment penalties

Eligibility

Eligible Uses of Funds:

• Commercial real estate acquisition and improvements
• Furniture, fixtures, machinery, equipment, and other fixed assets
• Working capital and business operating needs

Eligible Applicants:

• Must have been in business for at least 18 months
• Must be a for-profit business located in Albany, Columbia, Greene, Rensselaer, Saratoga, or Schenectady County
• Must demonstrate the ability to repay the loan through historical and/or projected financial performance
• Must show that financing will support the retention and/or creation of jobs, including self-employed individuals
• Must provide adequate collateral to secure the loan
• Chamber membership is not required

Restrictions:

• Applicants may not have had a bankruptcy or foreclosure within the past three years
• Funds may not be used for investment-income businesses, including non-owner-occupied real estate

Application Process:

• Interested business or referral partner contact Chamber at [email protected]
• Materials are pre-screened for eligibility
• Eligible applicants receive a link to complete an online application and upload supporting documentation, along with a $500 non-refundable application fee
• Completed applications are presented to the Loan Committee for review at regularly scheduled meetings
• Approved applicants proceed to loan closing and funding