The Community Loan Fund of the Capital Region is pleased to announce the public phase of its capital campaign for our 236 Clinton Avenue expansion project. Partnering with the Albany Center for Economic Success (ACES) and Home Leasing, this project will provide four visible storefronts on Clinton Avenue, co-working space for eight, as well as 36 affordable housing units for local families. The project will also provide needed flexible office space for up-and-coming BIPOC and women entrepreneurs while bringing affordable retail space to the Sheridan Hollow neighborhood. Additional features such as the drop-in daycare for clients coming to visit our state-of-the-art training and technical assistance center will grant our visitors the flexibility needed to garner the necessary mentorship and skills needed to start or grow their own small businesses.
Planning and fundraising for this project began in early 2019 but due to the effects of COVID-19, the project was shelved due to labor shortages and lack of available materials. With increased raw material and construction costs, the overall amount needed to complete the project has grown significantly since 2019.
“This is one of the more exciting projects the Community Loan Fund has undertaken in our 37 years of service to the Capital Region” said Linda MacFarlane, Executive Director of the Community Loan Fund.
“COVID-19 has drastically changed the way business is conducted. Entrepreneurs need to have the flexibility to grow in place while continuing to serve their local communities. Similarly, if you want to acquire the skills and mentorship needed to begin your business; childcare restraints should not be a barrier. This state-of-the-art expansion project seeks to address all of these barriers and more. Rising construction and labor costs have affected every industry in different ways. We are confident that with our network of followers unwavering community support, we will raise the necessary funds to complete this vital project.”
The Community Loan Fund is offering numerous “perks” for those who donate to the project, including naming rights on the different co-working offices, training and technical assistance conference room, and even the building itself. The organization is also proud to announce our “brick campaign” which will honor those who contribute to the project.
“Upon entering the training and technical assistance space, the first wall you see will be covered in brick faces recognizing those who donated to this project. The hope with the brick campaign is to forever memorialize those who gave so generously to prepare this next generation of entrepreneurs.” Said Mike Martin, Director of Community Relations for the Community Loan Fund.
To learn more about the project and how to contribute, please click the link below.