Financing & Loans

Below are various loan and financing programs available to local businesses. You will find a description of the program, as well as the organization offering the program and the contact information.

Capitalize Albany Corporation Loan Programs

Real Estate Loan Program
The Real Estate Loan Program provides financing to qualifying real estate development projects. This will support the revitalization of property and the retention and creation of jobs for City residents. Preferred projects include strategic properties that currently are vacant or underutilized and, with rehabilitation or construction, could have a positive revitalizing effect on the community. Loans may be used with other private and public funds. Capitalize Albany Corporation will take a subordinated collateral position to a private lender, provided there is adequate collateral. The program offers long term, fixed rate financing at below market interest rates. Loans may not exceed 40% of total project cost. Proceeds may be used for construction, fixed asset financing as well as rehab costs related to tenant fit ups for new business locations or residential conversion costs for rehab projects. This includes acquisition of buildings, rehab costs, furniture, fixture and equipment, construction, expansion or conversion of facilities. Borrowers are expected to provide a minimum of 10% owner equity contribution.

To apply for these loan programs contact the Capitalize Albany Corporation at http://capitalizealbany.com/doing-business/ or call 518.434.2532 ext. 12

Business Development Loan Program
The Capitalize Albany Corporation Business Development Loan Program provides qualifying projects that can demonstrate a significant economic impact with financial assistance to spur economic development activity in the City of Albany. Loan proceeds can be used for acquisition of real property, machinery and equipment, construction, renovation or rehabilitation of real property, and purchase of fixed assets. Consideration of retail or restaurant establishments will only be given if the project includes improvement of real estate and will have a significant economic impact on the City of Albany. Loans are limited to 50% of the total project cost and should be used in connection with another primary financing source. Borrowers are expected to provide a minimum of 10% owner equity contribution.

To apply for these loan programs contact the Capitalize Albany Corporation at http://capitalizealbany.com/doing-business/ or call 518.434.2532 ext. 12

Albany-Colonie Regional Chamber of Commerce Loan Programs

Micro Loan Programs

The Chamber administers six different micro loan programs that can provide up to $25,000 in funding for such items as fixed assets, real estate or for working capital. Each program has its own unique guidelines and requirements. The Micro-loan program offers loans and lines of credit from $1,000 to $25,000, terms up to five years, the loans can be used for working capital and the purchase of fixed assets including real estate, loans cannot be used to pay delinquent taxes or refinance any existing debt including credit cards. For more information, visit: http://acchamber.org/growyourbusiness/loanprograms/microloanprograms.aspx or call 518. 431.1423.

AL TECH Loan Fund
This loan fund provides term loans ranging from $35,000 to $300,000. The interest rate is Wall Street Prime minus 3% with a floor of 5%, fixed for the term of the loan. Loan proceeds can be used to purchase fixed assets or for working capital. The Al Tech portion of the loan is exempt from the mortgage recording tax. A $350 application fee applies. The Technology Acceleration Fund (TAF), is a subset of the fund which loans funds to growing technology companies in Albany County. For more information, visit:
http://acchamber.org/growyourbusiness/loanprograms/AlTechLoanFund.aspx or call 518.431.1423.

Other Organizations Providing Loans or Assistance

The Capital District Community Loan Fund (CDCLF)
The Capital District Community Loan Fund (CDCLF) is a non-profit community development financial institution serving the Capital Region.  It serves as a community-based lender to expand access to credit and capital in disadvantaged communities.  Typical loans are given for the development of housing and other facilities, and can be used toward working capital, equipment, inventory, site acquisition, or new construction. Both short- and long-term loans are available, with a modest application fee, and loan applications may be submitted at any time. Entrepreneurs and community groups are encouraged to contact the Community Loan Fund early in the planning and development of an idea.  For more information, or to set up an appointment, call CDCLF at (518) 436-8586, or visit their website at www.cdclf.org

New York Business Development Corporation (NYBDC)
A number of loan programs are available through NYBDC to promote economic activity within New York State. NYBDC is a complement to conventional banking, working in partnership with banks to provide term loans, many of which do not meet the requirements for traditional financing. The goal is to be more creative in underwriting, often including multiple participations, SBA guarantees, flexible amortization and long-term payouts. For more information call (518) 463-2268 or go to www.nybdc.com.

U.S. Small Business Administration (SBA) 504 Program
Used in conjunction with Partnership programs or conventional lending institutions, SBA 504 loans enable growing businesses to secure long-term, fixed-rate financing for major capital assets.  This low-cost second mortgage financing may be exempt from mortgage recording tax; 10- and 20-year terms are available.  Empire State Certified Development Corporation is the local SBA certified lender and can be contacted at (518) 463-2268 or go to www.nybdc.com.

New York State Energy and Development Authority (NYSERDA) Smart Loan Fund
Interest rate reductions are available on loans from participating lenders for energy efficiency improvements and renewable technologies.  For more information on all of NYSERDA Loan Funds go to www.nyserda.org or contact a local certified NYSERDA contractor at the Environmental Business Association of New York at (518) 432-6400 or go to www.eba-nys.org.

Photographer: Eric Wood www.skunkworksphotographic.com