Overview
What is Albany County Business Development Corp?
Albany County Business Development Corp is a nonprofit organization situated in Albany, New York. Its primary mission is to foster a robust, sustainable economic ecosystem within the county by offering competitive, low-interest commercial loans to small and medium-sized businesses. This is achieved through two funds, the AL Tech Loan Fund and the Capital Region Advancement Fund. By providing these loans, the organization aims to generate employment opportunities and expand the commercial real estate tax base, ultimately contributing to the overall prosperity and growth of the county.
Is Albany County Business Development Corp legitimate?
Albany County Business Development Corp is a legitimate nonprofit organization registered as a 501(c)(4) entity. Albany County Business Development Corp submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
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What is the mission statement of Albany County Business Development Corp?
The Albany County Business Development Corporation's mission is focused on fostering a robust, sustainable economic environment. They achieve this by offering competitive interest rate commercial loans through the AL Tech Loan Fund and the Capital Region Advancement Fund. These loans are provided to small and medium-sized businesses that have the potential to generate employment opportunities and expand the commercial real estate tax base. The organization's primary goal is to contribute to the creation of a viable and enduring economic ecosystem within its service area.
Who is the CEO of Albany County Business Development Corp?
Al Maikels is the Director of Albany County Business Development Corp.
What is the revenue of Albany County Business Development Corp?
Albany County Business Development Corp's revenue in 2022 was $383,334.
Who are the executives of Albany County Business Development Corp and what are their salaries?
Here are 7 key members and their salaries:
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Where can I find the form 990 for Albany County Business Development Corp?
Albany County Business Development Corp's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Albany County Business Development Corp
Albany County Business Development Corp, as an organization, is committed to establishing a robust and sustainable economic ecosystem within its service area. To achieve this, it provides low-interest commercial loans through two funds: the AL Tech Loan Fund and the Capital Region Advancement Fund. These loans are specifically targeted towards small and medium-size businesses. The primary objective of these loans is to stimulate employment opportunities and expand the commercial real estate tax base. By extending such financing, Albany County Business Development Corp aims to foster a thriving business environment that can contribute positively to the local economy.
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Impact
October, 2024
Albany County Business Development Corp positively influences the local economy by providing low-interest commercial loans to small and medium-sized businesses. Through initiatives like the Al Tech Loan Fund and the Capital Region Advancement Fund, it enables these businesses to grow, create jobs, and enhance the commercial real estate tax base in Albany County.
By focusing on supporting a sustainable economic ecosystem, the organization fosters job creation and economic stability, which benefits the community as a whole. The availability of competitive financing options encourages entrepreneurship and innovation, leading to a more vibrant business landscape in the region. This not only aids individual businesses but also contributes to broader community improvement and economic development in Albany County.
This information is meant to be a general summary of Albany County Business Development Corp. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $17,937
- Program Service Revenue: $355,716
- Gross Receipts: $383,334
Assets and Liabilities:
- Total Assets: $19,622,363
- Total Liabilities: $49,404
- Net Assets: $19,572,959
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
LOAN INTEREST INCOME
Revenue
$353,716
LOAN APPLICATION FEES
Revenue
$2,000
Organization Details
Founding Year
1994
Phone
(518) 431-1416Principal Officer
Al Maikels
Main Address
111 WASHINGTON AVENUE 100, ALBANY, NY, 12210
NTEE Category
Code: S40 - Community improvement
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