Alternatives FCU Gets Funding for Minority and Women Business Lending

ALBANY, N.Y. – Alternatives FCU received a $60,000 grant from the Empire State Development agency which the community development credit union will use to help women and minority businesses. The funding, part of $360,000 awarded to three CDCUs, can be used for new loans only, not refinancing, and is not available for non-profits. The maximum allowable loan is $25,000 and the terms are up to three years with a fixed rate of 6% and a rate subsidy of 6%. Borrowers must receive technical assistance related to their business.