Capital Region Advancement Fund
The 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 for-profit businesses located in Albany, Columbia, Greene, Rensselaer, Saratoga and Schenectady counties. Please see below for eligibility requirements.

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
Eligibility
- Must be in business at least 6 months prior to March 11, 2020
- Must be a For-Profit business located in one of the six counties covered by the fund (Albany, Columbia, Greene, Rensselaer, Saratoga and Schenectady)
- Applicant cannot have any bankruptcies or foreclosures over the past 3 years
- All Owners/Guarantors should demonstrate satisfactory personal credit history (i.e. no outstanding tax liens or warrants, no personal accounts currently placed in collection, etc.)
- Applicant can demonstrate COVID-related hardship through: closing of business operations or reduction of 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 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
- Funds cannot be used for refinance or consolidation of existing debt
- Business must have generated some income between March and December 2020
- Membership in a local, county or regional chamber is not a requirement
To learn more about the Capital Region Advancement Fund and how to apply, please fill out the form below and a member of our staff will contact you. If you have questions, please email [email protected]. Please note, this form is not an application.