NewsSeptember 10, 2020
New $8 Million Loan Fund to Assist Local Businesses Impacted by COVID-19
(September 10, 2020) – Albany County Executive Daniel P. McCoy announces that 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.
As an existing operator of an EDA-directed loan fund (the Al Tech Trust Fund) ACBDC was invited to apply for additional funds during the non-competitive round of the CARES Act Recovery Assistance program. The fund is available to for-profit businesses located in Albany, Columbia, Greene, Saratoga, Schenectady and Rensselaer counties.
“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.
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.
“The ability to make low-interest, low-leverage loans will help businesses not simply survive the unprecedented challenge of the COVID-19 pandemic, it will position them to thrive long-term by providing an invaluable lifeline,” said Andrew Joyce, Chair of the Albany County legislature.
The Capital Region Advancement Fund will be managed by the Capital Region Chamber on behalf of ACBDC. A full description of program, along with eligibility requirements and application can be found at capitalregionadvancementfund.com.