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Loans make big difference for women-owned businesses
As president/CEO of Instant Assistant, LLC, Roz Harris
provides virtual assistant (VA) services to businesses
outsourcing secretarial and administrative tasks.
Thanks to the Chamber, Harris received some assistance
of her own –– in the form of a $10,000 loan
through the Minority and Women Revolving Loan
Trust Fund Program last December.
“The loan allowed me to upgrade my equipment
immediately and to update my Web site, and it definitely
helped, in terms of being able to advertise my
business,” she said.
The Minority and Women Revolving Loan Trust
Fund Program, one of seven micro loan programs
administered by the Chamber, is available to minorityand
women-owned businesses located in Albany,
Rensselaer, Saratoga and Schenectady counties.
The program was created by New York state in
1995 and is administered through Empire State
Development for the purpose of making low-cost
financial assistance available to women- and minorityowned
businesses that are unable to access traditional
financial services. The Chamber does all the marketing
for the loan program.
“These loans are designed to help women- and
minority-owned businesses get started and, more
specifically, to grow their business,” according to Kevin
Catalano, the Chamber’s loan officer.
For capital and assets
Loans can be used for working capital and the purchase
of fixed assets, including real estate; however,
they cannot be used to pay delinquent taxes or refinance
existing debt, including credit cards. Borrowers
also must show a reasonable prospect of repayment.
“We will work with start-up businesses, but we
require them to attend the Chamber’s Entrepreneurial
Assistance Program (EAP) training first,” Catalano said.
Harris participated in EAP and maintained relationships
with those she met through the program. “I
would estimate 90 percent of my business comes from
networking through the Chamber,” she said.
There are currently 11 loans outstanding, for a
total of $140,519, Catalano said. Loans and lines of
credit from $1,000-$25,000 are available to qualified
applicants, with terms up to five years.
Empire State Development recently awarded the
Chamber an interest rate subsidy to lower the rates on
all of its loans to women- and minority-owned businesses.
The typical rate is the Wall Street prime rate
plus 2 percent fixed for the term of the loan.
With her loan, Harris was able to purchase new
computers with more modern capabilities, and she
even plans to launch an online travel agency, along the
lines of Expedia or Orbitz. “I can’t say enough about
how important it was to receive a loan from the
Chamber, and I would encourage any microenterprise
to explore this opportunity,” she said.
But wait, there’s more
In addition to the Minority and Women Revolving
Loan Trust Fund Program, the Chamber has a Minorityand
Women-Owned Business Enterprise Fund, a joint
effort with the New York State Department of
Transportation.
Funds are designed to provide access to working
capital or equipment purchases for women- or minority-owned
businesses in Albany, Schenectady and
Rensselaer counties that have secured DOT contracts
but are unable to obtain traditional bank financing for
working capital.
“It’s really about them coming to us with a plan to
grow their business,” Catalano said. In 2008, the
Chamber has approved $50,000 in enterprise fund
loan applications.
For more information on loans available to
women-owned businesses, please visit the Chamber’s
Web site, www.acchamber.org and click on the “Loan
Programs” link.
“
PIONEER
KNOWS OUR
BUSINESS
”
"Pioneer knows that people are the key to any service
business, so like us, building solid relationships with their
customers is a priority".
Bill Lia, Jr., President, Gold’s Gym
518-274-4800 • www.pioneersb.com • 15 Capital Region business centers
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