New $8 Million Loan Fund to Assist Local Businesses Impacted by COVID-19
New Locally Administered Low-Interest, Low-Leverage Loan Fund to aid Business Impacted by COVID-19
The Capital Region Advancement Fund to 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.
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, or click for the fact sheet.