Loan program supports growth for Troy's small businesses
bizjournals | December 20, 2018
A small business loan program is helping companies expand in the city of Troy.Since its inception in 2007, the Small Business Development Revolving Loan fund has awarded nearly $2 million to a variety of companies, from manufacturers to restaurants. In all, 20 loans have been allocated to these businesses to support expansion efforts, equipment purchases and renovations, along with other forms of investment to help companies grow.Jim Dando, development director for the city of Troy, describes the program as "gap financing" that can fill a void between private capital and bank lending."A lot of times, entrepreneurs have a business expansion project that looks good, but the banks can't loan as much as they'd like because of banking rules," Dando said. "For example, a bank might be willing to loan 60 percent of what's needed, and usually a company has 10 to 20 percent to put down, but that leaves a gap. That's where a program like this can fit in."