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The purpose of the Economic Development Loan Fund (RLF) is to create jobs and to stimulate encourage small business growth. It is a federally initiated, state-backed program designed to assist businesses whose projects will improve the local economy. Eligible uses for loans include the purchase of fixed assets, real estate, and working capital. EDA loans under this program are intended to benefit all citizens of the Albany community by meeting one or more of the following requirements: promoting the creation or retention of jobs; creating or retaining a stable economic base; increasing the tax base; or promoting the general health, education, and welfare. The program is intended to be a permanent revolving fund where money is available for new loans on a continuing basis as loans are repaid. Loans under this program will serve as matching funds, up to fifty percent (50%) of the total project cost, to leverage financing from private sources to expand or improve existing business or industry or assist in developing new business or industry. Applications for funds under this program are submitted to Albany Community Together, Inc.! located at the Microbusiness Enterprise Center.
The purpose of the Economic Development Loan Fund (RLF) is to create jobs and to stimulate encourage small business growth. It is a federally initiated, state-backed program designed to assist businesses whose projects will improve the local economy. Eligible uses for loans include the purchase of fixed assets, real estate, and working capital.
EDA loans under this program are intended to benefit all citizens of the Albany community by meeting one or more of the following requirements: promoting the creation or retention of jobs; creating or retaining a stable economic base; increasing the tax base; or promoting the general health, education, and welfare.
The program is intended to be a permanent revolving fund where money is available for new loans on a continuing basis as loans are repaid. Loans under this program will serve as matching funds, up to fifty percent (50%) of the total project cost, to leverage financing from private sources to expand or improve existing business or industry or assist in developing new business or industry. Applications for funds under this program are submitted to Albany Community Together, Inc.! located at the Microbusiness Enterprise Center, Suite 154. They can be reached at 229-420-4600.
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