Capital Resource Corporation Partners with Community Loan Fund on Small Business Assistance | Corporation Grant to Leverage $750,000 for City of Albany Ventures
December 15, 2016
The City of Albany Capital Resource Corporation (CRC) approved new small business programming in partnership with the Community Loan Fund of the Capital Region at its Thursday board meeting. The City of Albany CRC granted the Community Loan Fund $250,000 for its revolving loan fund under an agreement that dedicates leveraged funds 2 to 1 to projects in the City of Albany—making $750,000 in loans available to local small businesses and community development projects.
The Community Loan Fund, a 501(c)(3) Community Development Financial Institution (CDFI) was chosen to receive a $1.75 million grant from the U.S. Treasury Department’s CDFI Fund. The award requires a dollar-for-dollar match enabling CDFI’s to leverage private capital. With the match required by January 15, the Community Loan Fund approached the City of Albany CRC for assistance at its December finance committee meeting to help secure those resources. Including the City of Albany CRC’s assistance, the Community Loan Fund has raised $1.5 million in capital to date and is in need of additional investment from the community in order to meet the $1.75 million match on time.
“The City of Albany came through at a critical time for us. We literally had 3 months to raise the remaining matching funds. We truly appreciate CRC’s support,” said Community Loan Fund Executive Director Linda MacFarlane. “We’re reaching out to Albany County, financial institutions and other supporters to raise the remaining $250,000. This is an important opportunity for the Capital Region; we don’t want to leave any federal funds unmatched.”
“The board took action on a unique opportunity that maximizes the use of Corporation resources to support small businesses,” said Capital Resource Corporation CEO Sarah Reginelli. “Establishing programming to support local economic and community development is a priority for the board, and being able to assist a community focused institution that does such tremendous work throughout our Region made this a win-win.”