The Community Loan Fund was proud to break ground on the Albany Center For Economic Success (ACES) Incubator expansion project on April 27th! This new facility, which will be built adjacent to our current 255 Orange Street location, will feature co-working space, a dedicated training and technical assistance room, as well as a drop-in daycare for visitors of the incubator.
“As the Community Loan Fund celebrates closing on our 1,000th loan, it is fitting that we breaking ground on a project that will revolutionize how we assist local entrepreneurs.” said Linda MacFarlane, Executive Director of the Community Loan Fund.
“Everyday issues such as a lack of childcare facilities and affordable office space should not serve as a barrier to those aspiring business owners. We are confident that this project will combat those issues and allow even more Capital Region residents to access our services.”
“The ACES Incubator has become a place for minority- and women-owned businesses to grow into a sustainable enterprise, and I am excited to break ground on this $4 million expansion. Not only will entrepreneurs have additional opportunities to succeed, but this project will provide much-needed day care services and technical support to help ensure businesses thrive. Thank you to Governor Hochul and Empire State Development for making this significant investment in Albany’s Sheridan Hollow neighborhood and supporting the Community Loan Fund of the Capital Region and our local MWBEs.” said Albany Mayor Kathy Sheehan.
As mentioned by Mayor Sheehan, this project has also been generously supported by Empire State Development (ESD), which serves as New York’s chief economic development agency. The mission of ESD is to promote a vigorous and growing economy, encourage the creation of new job and economic opportunities, increase revenues to the State and its municipalities, and achieve stable and diversified local economies. The project is being supported by an $800,000 ESD capital grant, recommended by the Capital Region Economic Development Council through the REDC initiative.
Thank you to everyone for attending!