City of Albany Small Business Emergency Loan Fund
The City of Albany and Community Lending Works have come together to create a small business emergency loan fund to help local businesses during the economic downturn caused by the spread of the novel coronavirus COVID-19.
Albany has committed $200,000 to seed the fund, and hopes to connect businesses with additional private, state, and/or federal funds in the coming weeks.
Eligible businesses include those with 40 or fewer employees as of the end of 2019 that have been immediately affected by the coronavirus crisis. Small businesses may apply for loans up to $15,000 at 2% interest, with no payments for the first six months. The loans can be used for a wide range of business expenses including paying off pre-crisis invoices, covering rent/utilities while closed to the public, and bridging the time until federal assistance is available.
The funds will be managed by Community Lending Works.
Current loan dollars are fully committed but check back on this page or follow us on social to find out if more funds become available.
Federal CARES Act
Decide which program suits your business and apply today:
Economic Injury Disaster Loan (EIDL)
Paycheck Protection Program (PPP)
(gets submitted to an SBA lender)
List of Oregon SBA lenders
(pdf may not be comprehensive)
Do you represent a business who wants to know how to take advantage of the Coronavirus Aid, Relief and Economic Security Act (CARES)?
Small Business Administration
Economic Disaster Assistance program