Capital Region Advancement Fund

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.

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

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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 as of 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
  • 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
  • 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
  • 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.