Albany, NY – The Community Loan Fund is proud to announce that the business incubator expansion project has received $800,000 as part of this year’s REDC Awards. The project is one of 120 project in the Capital Region, which was a top performer, snagging $84.1 million in funding.
The Community Loan Fund of the Capital Region plans to construct a $4 million addition to its incubator facility. The incubator expansion will create more space for businesses owned by minorities, women, and people of low income, as well as affordable housing for local families.
The project is located at 236 Clinton Avenue, to the rear of the current incubator facility at 255 Orange Street. Construction will begin in Fall of 2020. The new facility will include 15 new office suites, 4 new storefronts, as well as 31 affordable housing units.
“Expanding our incubator facility building to Clinton Avenue will allow us to build highly visible and accessible commercial space into our existing facility. It will also allow us to have connectivity with the ongoing revitalization activities happening in this area,” says Linda MacFarlane, Executive Director of the Community Loan Fund of the Capital Region.
The Community Loan Fund is partnering with real estate developer Home Leasing to create 31 one- and two-bedroom affordable housing units in the building. The total project cost, including commercial and residential development is $12 million.
Home Leasing is a Rochester-based company that is already renovating 70 historic rowhouses to create 210 affordable homes on Clinton Avenue.
“Home Leasing is so honored to have had the opportunity to work in the Arbor Hill neighborhood and is very excited to partner with ACES and the Community Loan Fund to continue the momentum,” said Bret Garwood, CEO of Home Leasing. “The additional economic opportunities in the neighborhood that will result from this vision will be a great addition to the community.”
The new facility will have a dedicated training room, allowing the Loan Fund to expand its training program for entrepreneurs and small business owners, as well as a drop-in daycare center. Adding a quality drop-in daycare to the facility will take Loan Fund services one step further, making it possible to help business owners and entrepreneurs find affordable flexible care for their children while they attend classes and receive mentoring.
“The Community Loan Fund has an impressive track record of launching and sustaining minority and women-owned businesses, and we believe this incubator will be a great model for introducing new businesses into distressed areas,” says MacFarlane.
About the Community Loan Fund of the Capital Region
The Community Loan Fund of the Capital Region is a non-profit community development financial institution serving the Capital Region of New York State — Albany, Columbia, Fulton, Greene, Montgomery, Rensselaer, Saratoga, Schenectady, Schoharie, Warren and Washington Counties. Incorporated in 1985, its mission is to promote sustainable community development efforts for economically underserved people and communities.