New Locally Administered Low-Interest, Low-Leverage Loan Fund to aid Businesses Impacted by COVID-19
The Capital Region Advancement Fund can provide low-interest working capital loans to help stabilize local business operations and retain employment.
The U.S. Department of Commerce’s Economic Development Administration (EDA) 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. Administered by the Capital Region Chamber, this new program's 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.
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.
Full program highlights can be found at capitalregionadvancementfund.com.