The Community Loan Fund of the Capital Region is celebrating its 25th Anniversary on Monday, Oct. 25th from 5-7pm at the State Capitol. This organization has been making loans available to small business owners, not-for-profit organizations and homeowners throughout the area, providing credit when it otherwise was unavailable or too expensive to access.
TRIP was one of the very borrowers, helping us meet the financing gap on several of our earliest housing developments. Since then, there is an illustrious list of Troy-based businesses or groups which have sought financing from the Community Loan Fund, including Olde Judge Mansion B&B, The Sanctuary for Independent Media, Ark Community Charter School, Café Deli-icious, Troy Community Food Coop, Xs to Os Vegan Bakery, Independent Living Center, Art Gallery, Friends of Washington Park (street resurfacing), TAUM, and more.
Through a $1 million award from the US Department of Treasury last year, the Community Loan Fund created a Residential Lending Committee to provide mortgages and repair loans, enabling homebuyers and homeowners some financing options. This is important given the current credit crunch which has made home loans very difficult to access. The first residential loan assisted a customer of TRIP’s HomeOwnership Center.