Albany fund to contribute $3M in loans

In a move intended to help increase funding available to small businesses, the Community Loan Fund of the Capital Region says it will make $3 million in funding available to Albany-area small businesses and nonprofit organizations, the Albany Business Review reports.

The fund, which is a nonprofit corporation itself, works by pooling funds raised from investments and donations. The money is then re-lent to area entrepreneurs looking to start a corporation or local nonprofit organizations for community development, according to the organization’s website.

The latest company to make a contribution to the fund was HSBC, which gave the organization a $22,000 grant. That money will be specifically purposed to give startup companies capital they need and help grow existing micro-businesses in the local area.

Since it was founded in 1985, the fund has provided more than 500 loans worth more than $25 million dollars to entrepreneurs and nonprofits in New York’s capital region. Those loans have been turned into investments worth more than $100 million, and have helped create or expand more than 150 small businesses.ADNFCR-3052-ID-19879320-ADNFCR

Find Us:

Incfile Team

The Incfile team is here to provide small business owners and entrepreneurs with the tips needed to to form an LLC or corporation, and grow your business.
Find Us: