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CITY OF RENSSELAER ANNOUNCES REVOLVING LOAN FUND FULLY USED FOR SIGNATURE PROJECTS
10/28/2019 12:30:15 PM
Once-underutilized fund is nearly depleted.
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CITY OF RENSSELAER ANNOUNCES REVOLVING LOAN FUND FULLY
USED FOR SIGNATURE PROJECTS
RENSSELAER, N.Y. (Oct. 28, 2019) – The City of Rensselaer has announced that
its once-underutilized revolving loan fund, administered by the city’s planning
and development agency, is nearing full depletion.
The fund has loaned out $360,000 over the past three years, creating more than
two dozen jobs in the city and helped revitalize derelict and abandoned
properties. The program also includes a grant for up to $20,000 to help further
private investment.
“We’re proud to support these investments in our city through additional
support of our revolving loan fund program,” said Mayor Richard J. Mooney. “The
fact that the fund is nearing the end of its funding is a good thing. It means
businesses are looking at Rensselaer as an opportunity and the administration
is committed to working with these businesses to assist where we can.”
The projects that have been assisted by the revolving loan fund include the
following:
Illusive Restaurant and Bar ($40,000 loan, $20,000 grant)
Funds were used to restore and upgrade building, purchase new equipment to open
a full service restaurant at a new location.
Partition Wine and Liquors ($150,000 loan)
Funds were used to restore and upgrade former brownfield site. Previously
abandoned for over 30 years.
ACC Containers ($130,000 loan, $20,000 grant)
Funds were used to purchase the building and equipment to relocate
MWBE-certified business within the city.
For more information about the revolving loan fund, please call (518) 465-5489.
