$8.75M in COVID-19 relief to support area businesses
CAPITALREGION, N.Y. » Congressman Paul D. Tonko announced the Albany County Business Development Corporation is being awarded $8,755,500 to help small businesses devastated by the COVID-19 pandemic.
The award is being given by the Economic Development Administration as part of the CARES Act.
“Rebuilding our economy starts with supporting our small business owners and entrepreneurs to make sure they can weather this storm and continue to serve our communities throughout this COVID-19 crisis,” Tonko said. “We advanced the CARES Act through Congress to make sure emergency assistance reached our local communities, including our Capital Region small businesses.
“I continue to fight to advance our House-passed Heroes Act so that the millions still struggling receive the assistance they need. I ampleased that this award will help our local small businesses during this unprecedented time. I will not stop until this support is provided to all in our Capital Region and beyond.”
“This is a very challenging time for so many of our businesses. They have been struggling. We are thrilled to be able to access CARES Act funds to offer this new loan program which will help countless businesses navigate through this unprecedented time. Our local businesses are the backbone of our economy and they need our support now more than ever,” Albany County Executive Daniel P. McCoy said.
“The ability to make low-interest, low-leverage loans will help businesses not simply survive the unprecedented challenge of the COVID-19 pandemic, it will position them to thrive long-term by providing an invaluable lifeline,” said Andrew Joyce, Chair of the Albany County legislature.
The award will establish a $8,000,000 loan fund for small businesses in Albany County. The EDA investment also provides $755,500 to defray the cost of administering the loan fund.
“Rebuilding our economy starts with supporting our small business owners and entrepreneurs to make sure they can weather this storm and continue to serve our communities throughout this COVID-19 crisis.” — U. S. Rep. Paul Tonko, D-Amsterdam