New Locally Administered Low-Interest Loan Fund for Businesses Impacted by COVID-19
The U.S. Department of Commerce’s Economic Development Administration (EDA) has awarded $8 million to capitalize a new revolving loan fund that will assist businesses in the Capital Region impacted by the COVID-19 pandemic. The Capital Region Chamber will be administrating the Fund.
The new Capital Region Advancement Fund will provide low-interest working capital loans to help stabilize local business operations and retain employment. Loans can range from $25,000 – $500,000. The interest rate is 1.5%. Businesses who received SBA Payroll Protection Program (PPP) and Economic Injury Disaster Loans (EIDL) loans are encouraged to apply if they need additional capital.
Schenectady County businesses are eligible to participate in this new loan program. Funding can be used to retain employees, help cover expenses, support operations and make necessary adjustments toward a sustainable future after the pandemic has subsided.
For full program highlights, eligibility and to begin the process of applying, please visit capitalregionadvancementfund.com.
Additional Funding for Child Care Providers
The state is now taking applications for funding targeted at child care providers. See link below: $88.6 Million in Cares Act Funding Available to Assist Child Care Providers During COVID-19 Pandemic.
See earlier COVID-19 updates at www.schenectadymetroplex.org.