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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. CLICK ON THIS STORY TO SEE MORE DETAILS

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.

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