Areas Served: Albany, Columbia, Fulton, Greene, Montgomery, Rensselaer, Saratoga, Schenectady, Schoharie, Warren and Washington counties
For small businesses and micro enterprises, the Community Loan Fund provides various types of loans and lines-of-credit.
Loan applications may be submitted at any time – however, it is highly recommended that you discuss the application and the application process with a Loan Officer prior to submission.
Each loan application is evaluated on a case-by-case basis for its financial viability and positive social impact.
Program funds and terms are subject to change without notice.
Eligibility: Financing will be made available to small businesses that are locally owned by: – persons of low-income (defined as below 80% of the area HUD median, adjusted for family size); or – minorities (MBEs); or – women (WBEs) Credit will not be made available to any business that disrupts the community or environment, operates illegally, exploits resources or does not meet certain social screens.
Loan Purposes: – Real property – acquisition or improvement – Equipment or inventory – Cash flow or working capital – Energy-efficiency and green technology initiatives/improvements Amounts: – For start-up businesses, the maximum loan amount is $10,000 – For existing or expanding businesses (with at least 12 months of consistent sales), the maximum loan amount is $35,000 – Participation loans with other lenders are considered on a case-by-case basis – Other special products and programs are periodically available Terms: – Repayment terms vary based on use of funds, cash flow and social impact – Generally, (non-mortgage) term loans will not exceed 60 months – Generally, bridge loans and lines-of-credit will not exceed 12 months – Fees vary, depending on size of loan, collateral and other factors Rates: Interest rates will be determined from time-to-time by the Community Loan Fund, at its sole discretion.
The current rate is 8% fixed, subject to change without notice.
Contact InformationCommunity Loan Fund of the Capital Region, Inc.
Address: 255 Orange Stree
City: Albany
State: New York
Website:
http://www.mycommunityloanfund.org/small_business.html
Leave a Reply