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

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Melissa Clark

Head of Content & Customer Marketing at Incfile
Melissa sets the vision for Incfile's content marketing and customer relationship management. Melissa has more than 10 years experience in various marketing roles, and a passion for supporting small businesses as they incorporate and grow. She loves sharing information that will help business owners maximize their LLCs, Corporations and Nonprofits. In her spare time, Melissa is an active member of The Junior League and enjoys running half marathons.
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