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.
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