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Funding in Albany, Troy and Schenectady

Business Loans in the Tri-City Capital Region

Albany, Troy and Schenectady sit within a few miles of each other and run on different engines. Owners in each know which one pays their invoices.

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Home · Tri-City Capital Region

Three cities, three comparisons

CityWhat shapes itSmall-business pattern
AlbanyState capital with government, health care and education; in 2009 more than 25 percent of workers held government jobsLunch and coffee trade, professional services, steady daytime traffic
TroyIronwork and Tiffany windows history, Rensselaer Polytechnic InstituteRestaurants, galleries, creative shops, campus-driven business
SchenectadyThe Stockade district, the GE Realty Plot and the Metroplex Development AuthorityDowntown revitalization, restaurants, trades and service firms

The region is also marketed as Tech Valley, and RPI is a visible part of it. The counties are Albany, Rensselaer and Schenectady, with Saratoga nearby.

Government pays on its own calendar

A business that sells to state offices, hospitals or universities has stable customers. It also has long payment cycles, budget deadlines and fiscal year-end rushes. A catering firm, an office-supply dealer, a printer or a cleaning contractor may carry payroll for weeks between delivery and payment.

  1. Estimate the number of days between completing the work and receiving payment.
  2. Multiply it by your weekly cost, and you have the size of the gap.
  3. Fund that gap, not a larger one.

Downtown comeback work

Troy and Schenectady have seen older buildings reused for restaurants, lofts and studios. That work is expensive up front: permits, build-outs and equipment come before the first customer. Contractors and developers carry materials costs on jobs that pay on milestones.

  • Restaurants and cafes need kitchen equipment and fit-out money.
  • Studios and shops need inventory and signage.
  • Contractors need materials and wages before draws arrive.

What we offer

We fund $25,000 to $5,000,000, funded in as little as 24 hours. We consider FICO 500+, review about three months of business bank statements, do not require tax returns and use a soft credit pull. The application takes about five minutes, and sole proprietors can apply.

For illustration only, not our terms: a Troy bakery plans a $35,000 oven and refrigeration upgrade to cover a new wholesale order. Before applying, the owner checks that the order's margin covers the monthly payment, ingredients and the extra labor.

Questions to settle first

Owners in Albany, Troy and Schenectady often ask whether a government or institutional customer helps or hurts an application. It helps in that deposits are steady, and it can complicate the picture if one large payment arrives only quarterly. Keep your statements tidy, and be ready to point out the large customers on them.

  1. Who are your top three customers, and how long do they take to pay?
  2. What is the weekly cost of running the business?
  3. How many weeks of that cost does a late payment leave uncovered?

The answers tell you how large a gap you actually need to fund.

Explore the Capital Region

See the Tri-City overview, the Capital Region hub, the county pages for Albany, Rensselaer and Schenectady, and the city pages for Troy and Schenectady. The application is next.

Common Questions

I sell to a state agency and wait to be paid. Can I apply?

Yes. Slow customer payments are a common reason for working capital.

I am a sole proprietor in Troy. Can I apply?

Sole proprietors can apply.

Does a lower credit score rule me out?

FICO 500+ is considered.

Do I need tax returns?

No.

How soon can I be funded?

As little as 24 hours.

%s

Three months of business bank statements and a 5-minute application. FICO 500+ considered. $25,000 to $5,000,000, funded in as little as 24 hours.

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