The City of Rensselaer’s Economic Development Loan Program (“Loan Program”) is designed
to offer below-market rate loans(prime rate, fixed at closing) to eligible City businesses to encourage
local economic growth. Monies for this purpose have been appropriated through the City’s Community
Development Block Grant/Small Cities Program, as well as through the repayment of previous loans.
It is anticipated that the loan program will be instrumental in retaining and attracting
businesses, creating new jobs, and expanding the City’s tax base.
The Program is administered on behalf of the City of Rensselaer Economic
Development Loan Committee (“the Committee”) by a five (5) member loan committee as prescribed in
Chapter 28 of the City Code. The by-laws of the Committee shall reflect the provisions set forth in
Section 28 of the City
Code Section §28-1 to §28-5.