ALBANY — The Albany County Business Development Corporation Monday announced the creation of a new $1.5 million revolving loan fund targeted for start-up technology firms.

Kevin Catalano, the loan officer for the Albany-Colonie Regional Chamber of Commerce, said the chamber will administer applications to the Technology Acceleration Fund.

“This is a very new concept because the [business development corporation] has always felt there’s fiduciary responsibility to get as much collateral as possible and to see an owner’s equity injected into the project. Well a lot of times a technology company has already made that investment [and] there is no collateral because you’re lending on an idea, intellectual property, a patent,” Catalano said.

Catalano said the riskier nature of loaning money to start-up technology companies has prompted the business development corporation to create an advisory board to help them evaluate loan applications for start-up firms. The advisory board will be chaired by Rick Barnett, the chief executive officer of Blue Slate Solutions, a business and technology consulting firm based in Albany.

“The TAF [loan program] will provide high-tech entrepreneurs with an alternative to venture capital funding and traditional bank loans,” Barnett said.

Catalano said he expects several high-tech companies who have been turned down for a loan could be competitive candidates for a loan from the TAF.

“We have some prospective loan clients out there   . we’ll start taking applications probably in about a month,” he said.

The TAF must adhere to federal guidelines pertaining to revolving loan funds. Catalano said the smaller TAF will look to provide about three low-interest loans in the range of $100,000 per year. The borrower must be located in Albany County.

Albany County Executive Michael Breslin issued a statement Monday supporting the creation of the fund. Breslin is a nonvoting member of the business development corporation board of directors, three of whom he appoints, three of whom are appointed by the County Legislature, while the seventh member is chosen by the chamber.

“The TAF Fund will provide much-needed capital to new and emerging high-tech companies in Albany County and further enhance Tech Valley’s reputation as an entrepreneurial and technological force on the 21st century landscape,” Breslin said.