Small Business Loans

Small Business Loans to Help you Start or Grow

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 10 loan funds. These include 9 funds using state and federal loan program dollars- the NYS Minority and Women Business Enterprise (M/WBE), 5 Small Business Administration (SBA) and 3 US Department of Agriculture Rural Development (USDA-RD) loan funds. AEDC has revolved millions of dollars into the regional economy through many hundreds of small business loans.

In 2023 the organization launched the “Adirondack Opportunity Fund”, the first private dollar-based loan fund in AEDC’s history. This exciting partnership, piloted with loan funding from the Adirondack Foundation, the Cloudsplitter Foundation and the Weatherup Family Trust, allows AEDC further flexibility in making loans to benefit the region in areas that public dollars may preclude. This includes bridge loans to facilitate reinvestment projects for small business owners and non-profit organizations. The fund leveraged access to an equal match of state/federal dollars which require a private fund match, thereby doubling its impact.

The most likely beneficiaries of AEDC loans are those who are seeking smaller amounts of capital (AEDC will loan as little as several thousand dollars) and those who do not have an established commercial banking relationship or have been turned down for their start-up or expansion project. Average interest rates are in the range of 6-9% with repayment terms available up to 7 years. See the attached sheet for required information and contact us for assistance!