Technology Acceleration Fund
Technology-based businesses are high-risk ventures and securing capital to grow is increasingly more difficult.
The Albany County Business Development Corporation's Technology Acceleration Fund promotes high-tech growth and prosperity by offering loans to emerging technology ventures in Albany County.
These small, growing companies have a high probability of creating new employment opportunities and can develop rapidly after receiving funding.
TAF is ideal for companies that have between one and five employees and can double that in two or three years. They must demonstrate a need for financing, a clear purpose for funding and a plan for repayment.
TAF loan amounts are typically in the $150,000-$250,000 range such as the $200,000 loan that the Chamber recently closed with a local software company.
The TAF Fund is a subset of the Albany County Business Development Corporation’s Al Tech Loan Fund and is capitalized at $1.5 million. The Albany-Colonie Regional Chamber of Commerce administers the TAF Fund as part of the Al Tech Loan Trust Fund under the auspices of the ACBDC.
Loan Portfolio Manager
"The creation of the TAF loan program fills a significant void in the technology funding sector. Small growing companies often have customers and a successful track record, but don’t necessarily fit the criteria to borrow from traditional lenders. Without the ability to receive funding at critical stages in their business, the growth potential for many companies is significantly limited."
- Bill Gamble, Founder, Lab Prints, LLC