The Albany Emergency Small Business Loan program opened in early April and the entirety of the $200,000 was allocated to 15 qualified small businesses.
The average loan was for $15,000. Recipients indicated the primary use for those funds was to help them stay open (albeit in some modified capacity) and or be able to re-open once conditions allow. The primary intent was for these moneys to be used as “bridge loans” to help bridge the gap between immediate need and when federal funds were available.
Demand and implementation challenges exceeded the total need in the Albany business community, and we hope the next round of the federal Payroll Protection Program and Economic Injury Disaster loans will be available soon:
- For those who have already applied for PPP, contact your bank to make sure everything is ready for this round of funding.
- For those who have not applied, contact your bank and complete the application as soon as possible.
- If you don't have a bank or your bank is not participating in PPP, here are a few non-bank funders doing PPP:
EIDL applications can be found here. Applications are processed directly through the Small Business Administration, not banks.
The City of Albany and its economic development partners (Small Business Development Center, Albany Area Chamber of Commerce, Albany Visitors Association, Albany Downtown Association, Oregon Regional Accelerator and Innovation Network (RAIN), and Albany-Millersburg Economic Development Corporation) want to better understand how to best support local businesses in the challenging time. Please take a moment to make your voice and your needs heard through this survey.
