BY JOHN CROPLEY, The Daily Gazette
ALBANY, N.Y. — A new revolving loan fund will assist Capital Region businesses harmed by the COVID-19 pandemic.
The U.S. Department of Commerce announced the decision Thursday. Its Economic Development Administration will provide $8.7 million for the fund, which will be administered by the Capital Region Chamber.
Chamber President and CEO Mark Eagan said the new loan fund will provide important assistance for businesses affected by the economic fallout of the health crisis, some of whom have been excluded from other assistance programs due to those programs’ requirements.
But the loan fund won’t cease operation when the crisis is over — it will become a permanent piece of the economic development landscape.
“Our region is going to benefit from this fund for generations to come,” Eagan said. “It won’t be COVID-related down the road.”
For-profit businesses in Albany, Columbia, Greene, Rensselaer, Saratoga and Schenectady counties are eligible for two- to ten-year loans of $25,000 to $500,000 at 1.5 percent interest. Details are on the Chamber’s website under “Capital Region Advancement Fund.”