Capital Region received $2 billion in federal business relief
2 min read
ALBANY – Capital Region businesses battered by coronavirus restrictions, which have forced many to close or severely limit their hours and capacity, have received roughly $2 billion in federal loans from the Small Business Administration to keep them afloat, a new study by the Center for Economic Growth found.
The CEG analysis of SBA data found that local lenders approved $1.6 billion in loans through the SBA’s Paycheck Protection Program to local companies, which when included with $442 million in loans through the SBA’s economic injury disaster loan program totals more than $2 billion.
KeyBank was the biggest PPP lender in the Capital Region, with $387 million in loans, which the federal government will forgive if the companies meet stringent employment levels and other requirements.
The second-biggest lender was M&T Bank, which lent out $128 million through the PPP.
Adirondack Trust of Saratoga Springs was the most active locally-based bank in the PPP with $98 million in loans to businesses.
Nearly $700 million of the loans were given out in Albany County. Saratoga County had $320 million in PPP loans, the CEG study found.
The study found that a majority of the 15,418 loans given out under the PPP in the Capital Region were under $150,000. The top industries that received loans were construction, healthcare and social assistance firms. Retail stores and restaurants were lower down on the list.
