The Community Builders, Schenectady Works and the Social Enterprise and Training (SEAT) Center have entered into a new partnership with the Community Loan Fund of the Capital Region to offer a financing program aimed at minority and women owned business enterprises (MWBE). This is a job financing program that will help deserving companies get the contracts needed to raise their profiles and grow their businesses,” says Sue McCann, Vice President of Development for The Community Builders.
Eligible businesses can receive a revolving line of credit to pay employees, purchase supplies and cover operating expenses, including equipment rentals, insurance and disposal fees. High investment costs can prevent smaller contracting businesses from winning and/or keeping large contracts. The jobsite financing program will help with cashflow for these smaller businesses, enabling them to compete fairly.
Linda MacFarlane, executive director for the Community Loan Fund of the Capital Region, says, “Construction jobs are good jobs, and they offer a lot of promise for area workers. We want to help open those doors up to more people. We spoke with experts in the local industry and they reported that financing was a huge barrier to entry for many. The jobsite financing program will help new and smaller firms stay in business and build capacity.”
The program is being offered to businesses in the counties of Albany, Columbia, Fulton, Greene, Montgomery, Rensselaer, Saratoga, Schenectady, Schoharie, Warren and Washington.
Community Loan Fund of the Capital Region is located at 255 Orange St., Ste 103, in Albany, and 920 Albany St., in Schenectady. For information, call 518-436-8586 or visit MyCommunityLoanFund.org.