Community Development Block Grant funds stimulate local economy

ALBANY — The Community Development Block Grant Program, administered by the city of Albany Department of Community and Economic Development, with funding provided by the U.S. Department of Housing and Urban Development, provided local units of government with monies that can be used to stimulate economic development.

CDBG funds are granted to local governments that may use the monies to provide loans to new and expanding businesses. Businesses, in return for use of the public funds, provide private investment toward the assisted activity and create job opportunities, principally for the benefit of low- and moderate-income persons. Financing is available for real estate, acquisitions, working capital, commercial improvement, equipment/inventory and more.

CDBG PROGRAM FEATURES

Loan amounts from $5,000 to $200,000 (depending on funding availability)

Low interest rates

1% origination fee

Minimal application fee

Minimal closing costs

Underwritten by lender

Personal guaranty required

Life insurance policy assignment (case by case)

JOB CREATION REQUIREMENTS

♦ For every $35,000 loaned, one FTE job is to be created.

The Department of Community and Economic Development seeks to create a sustainable economy in the City of Albany-Dougherty County that supports the creation and retention of jobs and businesses. Through DCED’s programs, small business owners and entrepreneurs are provided with access to capital, exterior improvements to businesses, financial and technical assistance, and other trainings to increase economic development and business success.

Collectively, these programs improve the economic vitality of businesses within Albany-Dougherty County.

Contact information:

City of Albany, Department of Community & Economic Development

230 S. Jackson St., Suite No. 118, Albany

Barbara Francis, Economic Development Program Manager

Phone: (229) 483-7650

Special Logo