NewsSeptember 10, 2020
New $8 Million Loan Fund Available to Help Local Businesses
The U.S. Department of Commerce’s Economic Development Administration (EDA) has awarded $8 million to the Albany County Business Development Corporation (ACBDC) to capitalize a new revolving loan fund that will immediately assist businesses throughout the Capital Region who have been impacted by the COVID-19 pandemic. The Capital Region Chamber will be administrating the Fund.
Specifically, the Capital Region Advancement Fund will provide low-interest working capital loans to help stabilize local business operations and retain employment. Loans can range from $25,000 – $500,000. The interest rate is 1.5%. Businesses who received SBA Payroll Protection Program (PPP) and Economic Injury Disaster Loans (EIDL) loans are encouraged to apply if they need additional capital.
“This is a very challenging time for so many of our businesses. They have been struggling. We are thrilled to be able to access CARES Act funds to offer this new loan program which will help countless businesses navigate through this unprecedented time. Our local businesses are the backbone of our economy and they need our support now more than ever,” said Albany County Executive Daniel P. McCoy.
Applicants must be a for-profit business located in Albany, Columbia, Greene, Saratoga, Schenectady and Rensselaer counties. Funding can be used to retain employees, help cover expenses, support operations and make necessary adjustments toward a sustainable future after the pandemic has subsided.
For full program highlights, eligibility and to begin the process of applying, please visit capitalregionadvancementfund.com.