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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.
Contact Steven Garneau, manager of the lending program at AEDC, for more information and to discuss if you are ready to submit an application to seek capital for your small business.
The staff at AEDC can help you apply for small to medium sized loans and offer business counseling to meet your needs.
Help sustain the Adirondacks by cultivating a healthy business within your community. We can help!
Small businesses grow our economy. We know your business in an important part of this! We’d be honored to work with you to grow your business
For more information on how we can help you to grow your business...
