The Community Loan Fund of the Capital Region is opening a satellite office in Schenectady’s Hamilton Hill neighborhood to be more accessible to low-income individuals, business owners and nonprofits.
The nonprofit is headquartered on Orange Street in Albany with a mission of promoting sustainable community development efforts for economically underserved people and communities in the Capital Region. One of the ways it does this is by providing low-cost, flexible loans to community development organizations, small businesses, micro enterprises, low- and moderate-income borrowers and more. It also provides training and technical assistance to local businesses and nonprofits.
The Community Loan Fund will host a grand opening for the new satellite office on March 20 at 3:30 p.m. The office, located at the Schenectady County Business Center, 920 Albany St., is in the heart of a neighborhood where more than half of the families with children live below the poverty level and the median family income is $29,583, according to the U.S. Census Bureau’s 2011 survey.
“Opening our satellite office in Schenectady will increase access to user-friendly, low-interest loans and free technical support for low-income individuals, micro-enterprise owners and nonprofit organizations in this distressed neighborhood,” the group said in a grand opening invitation mailed to The Daily Gazette.
The nonprofit has committed to lend at least $1.9 million to Schenectady County community development projects over the next three years.