Lending money to launch and grow small businesses is at the core of AEDC’s work. We know that many, if not most, small enterprises struggle to access adequate capital and this is especially true for our largely low and moderate income clients. The scale of small business in the North Country can make access to traditional financial institution capital difficult, especially for just-starting entrepreneurs.
AEDC manages 6 loan funds through state and federal programs. These include the NYS Minority and Women Business Enterprise (M/WBE), two Small Business Administration (SBA) and three US Department of Agriculture Rural Development (USDA-RD) loan funds. AEDC has revolved millions of dollars into the regional economy through hundreds of small business loans.
The most likely beneficiaries of AEDC loans are those who are seeking smaller amounts (AEDC will loan as little as $1,000) and those who do not have an established commercial banking relationship or have been turned down for such loans. Average interest rates are 8% with repayment terms available up to 7 years. For more information about the COVID-19 working capital loan program, click here.
The following checklist can help you plan for what you might need to gather in preparation for loan application: