Grow your Business in Albany County
The Al Tech Loan Fund offers economic development financing at competitive interest rates to supplement traditional bank lending.
Check out the fact sheet here.
See how banks and businesses have taken advantage of the Al Tech Loan Fund here.
White Lake Music & Post’s Recording Studio
Eligible Companies and Uses of Loan Funds
• Manufacturing, technology, retail, wholesale, and service businesses located in or looking to locate in Albany County are eligible to apply for funding.
• Loan funds can be used for the acquisition of owner-occupied real estate
• Loan funds can be used for acquisition of fixed assets
• Loan Funds can be used for working capital
Ineligible Use of Loan Funds
• Business located outside of Albany County
• Investments in non-owner-occupied real estate
• Refinance of Existing Debts
• Investments in Research and Development
Program Details
• Loan amounts range from $50,000 – $1 million.
• The interest rate is 75% of the WSJ Prime Rate at the time of closing.
• Term requirements are 5 to 20 years, depending on the use of the proceeds.
• Each eligible applicant should present the prospect for new job creation or the retention of existing employment in the County
• There is a $500 non-refundable application fee, which is due upon submission of the loan application
• Commercial Mortgages funded by the Al Tech Fund are mortgage tax exempt
• The borrower must be located in Albany County for the term of the loan.
Background
• In 1976 the U.S. Department of Commerce provided funding to Al Tech Specialty Steel in Pennsylvania. The funding was provided to enable Al Tech Specialty Steel to purchase the assets of Allegheny Ludlum Industries, Inc. on Spring Street in Colonie.
• Pursuant to the agreement of this financial relationship, the money provided was then repaid into a trust fund, and the Al Tech Trust Fund was created. One of the conditions that the Federal Government required was that the funds generated from the repayment must be used to create and retain jobs in Albany County. The Capital Region Chamber of Commerce is the agent for the Albany County Business Development Corporation which administers the Al Tech Trust Fund.
• The resulting impact to the local business community since the inception of the fund has been outstanding. From its inception, the Al Tech Trust Fund has funded over 180 loans for more than $47 million and has been a part of more than $141 million in economic growth projects in Albany County.
For more information on the Al Tech Loan Fund, contact John Skrobela | 518.431.1423
