ALBANY COUNTY BUSINESS DEVELOPMENT CORPORATION
Al Tech Loan Fund
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 Albany-Colonie Regional 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. Since 1994 alone, the fund has helped create more than 1,235 jobs and retained more than 1,927 jobs. In that same time period, the Al Tech Trust Fund has funded 140 loans for more than $28 million and has been a part of more than $110 million in economic growth projects in Albany County.
Some of the specifications and requirements of the Al Tech Loan Fund are:
- The current amount available for request is $50,000 - $1 million.
- 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 current rate is 75% of the prime rate.
- Term requirements are five to 15 years, depending on the use of the proceeds.
- The borrower must be located in Albany County for the term of the loan.
- Proceeds from the loan can be used for:
- Working capital
- Purchase of fixed assets and equipment
- Acquisition and renovation of commercial real estate.
- Proceeds from the loan cannot be used for:
- Refinancing existing debt
- Payment of delinquent taxes
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