continued Founded in 1984 as a nonprofit corporation, the AEDC is a U.S. Small Business Administration-certified lender and microloan intermediary. That means they borrow money from the government and re-lend it to small businesses in the form of low-interest loans. While the range of loans is wide, the AEDC typically handles lending amounts of $10,000-$40,000, according to Murphy.
“The difference between us and bank financing is access. It’s real hard for startups to get any kind of financing,” Murphy said. “So we do startups all the time. Our goal is to start businesses.”
Loan money can be used for a variety of business needs, including working capital, inventory, fixtures and equipment.
AEDC’s mission goes beyond teaching and lending; staff members create an ongoing relationship with their clients to see how they are growing and what their needs are throughout the years.
“We try to develop a partnership over time,” Murphy said. “What I love to do is set you up, get you started and, at the end of the day, work on your succession plan when you’re ready to retire. That’s the kind of relationship I would love to see.”
Murphy had encouraging words to say about the Business Alliance and the potential for economic development success in North Creek.
“The key to any successful revitalization is having a core group of people willing to make the commitment to do it, and it’s great to see it because you guys have overcome the biggest hurdle, which is organizing yourselves and I’m really impressed by the numbers and the type of people that are here,” Murphy said.
Murphy was introduced at the meeting by Business Alliance co-chair Joel Beaudin, managing member of The Copperfield and member of the AEDC Board of Directors.
For more information about the AEDC, call (518) 891-5523.
The North Creek Business Alliance meets from 8:30 to 9:30 a.m. every Thursday at barVino.