With the launch of the state’s new business revolving fund, the stage is all set to allow the flow of millions of dollars to small business lending program in Northern New York. This funding allocation is a major step meant to ease small business capital crisis and for promotion of small businesses in New York.
Statewide 20 organizations are being allocated about $25 million dollars. North Country Alliance received $1.75 million and $1 million has been allocated to Adirondack Economic Development Corp. This has been announced by the state Empire State Development Corp.
North Country Alliance, Jefferson and St. Lawrence counties are targeted directly for $500,000 each. Addie J. Russell, D-Theresa, Assemblywoman has commented in a news release, “The loan allocations include one million dollars that I was able to direct to Jefferson and St. Lawrence Counties specifically.” The alliance also has other members such as Lewis, St. Lawrence, Jefferson, Clinton, Essex and Franklin counties. Sound investment such as this shall create new opportunities and shall bring faster economic recovery.
During the last four years it is being found that a 60 percent decrease in loan numbers and 48 percent in dollar terms have occurred for lending under $250,000 for small businesses and this is being conveyed by the Empire State Development.
The North Country Alliance also received $750,000 from the intermediary relending program of U.S. Department of Agriculture. Michelle L. Capone, the administer of the alliance, says, “What we’re able to do now is take all of those commitments, split them in half, allow some repayment of the loans and stretch them out so we have funds for the future. We had applications that would’ve exhausted our fund by the end of December.”
This fund is going to serve the growth of small businesses in this critical time across the six county regions. It is going to be a great stimulus for the fund shall bridge the gap between what bank provides and what owner puts in for a particular project.
This article was submitted by Rohit Arora, co-founder of Biz2Credit. Biz2Credit is a small business marketplace that connects entrepreneurs with financing options and advice to grow their business. Send all questions to