Allocations from the State's new Small Business Revolving Loan Fund to community development financial institutions were announced Thursday, and the North Country Alliance Local Development Corporation has been selected to receive $1.75 million, for microlending of $25,000 and below, as well as larger small business lending of up to $250,000 or above, and other small business lending.
118th District Assemblywoman Addie Russell says that $1 million of that allocation is specifically for St. Lawrence and Jefferson counties, in her district.
The North Country Alliance, based at Clarkson University in Potsdam, is a consortium of economic development organizations working in New York's six-county North Country.
Its role is to offer a single point of access to the resources to expand or locate a business in the North Country.
The state's Small Business Revolving Loan Fund is targeted to “Main Street” businesses and will provide $50 million in loans to small businesses across the state over the next two years.
Gov. David Paterson's office say that over the past four years, small business lending under $250,000 by banks has decreased by 60 percent in number of loans and 48 percent in dollar terms. The Small Business Revolving Loan Fund will provide low-interest loan capital to alternative lenders – community development financial institutions, credit unions, and small business lending consortia – to address the small business credit crisis and get millions of dollars into the hands of small businesses quickly.