The Adirondack Economic Development Corporation in conjunction with the village of Saranac Lake has developed a program designed to initiate a class for entrepreneurs interested in starting up a new business or expanding their business.. It’s focused primarily on smaller businesses who are in need of capital to get their projects off the ground.. The Village has agreed to provide a capital fund of $50,000 which will be matched by AEDC.. Trustee Barb Rice told the board at a recent work session that the loans are focused on owners interested in participating in a management course to help with business plans and general management..
Rice says the education will include social media experts and marketing experts and AEDC will work with them on developing costs and developing a business plan.. For the Village’s Part, Rice says AEDC will also be handling the applications and evaluations and then make recommendations to the village.. Rice says this program has been successful in Tupper Lake, Malone and through Clinton County… and one of the things she likes about the loan program is that is requires that commitment to the education component.. The village is supporting this loan program to promote growth in the downtown and in doing so, this investment is designed to focus on owners who might not normally be able to find a regular source of capital for one reason or another through normal banking channels..