Officials from Adirondack Foundation, the Adirondack Economic Development Corporation and Empire State Development announced the establishment of the Adirondack Small Business Opportunity Fund at a press conference in Saranac Lake on Monday. The fund will provide low barrier financing for small businesses in the Adirondack North Country region and leverage a dollar-for-dollar match with public funding from the state-run ESD.

The Small Business Opportunity Fund includes $1 million in investment from Adirondack Foundation, the Cloudsplitter Foundation and the Weatherup Family Trust. ESD is matching these funds with $1 million in public investment. More private investors are expected to come to the table to further the fund. The fund will help grow businesses in the Adirondack region — including Clinton, Franklin, Essex and Hamilton counties and parts of St. Lawrence, Warren, Herkimer and Washington counties — by increasing the ability of AEDC to make loans to small businesses with greater flexibility. AEDC pairs this work with short and long-term counseling services at no cost to the businesses.

“When our small businesses succeed, our communities succeed,” Empire State Development President, CEO and Commissioner Hope Knight said. “The Adirondack Small Business Opportunity Fund, part of the state’s Small Business Revolving Loan Fund 2 will support our small businesses by providing capital to help businesses thrive, create jobs and grow New York’s economy, now and for the future.”

“AEDC is grateful to New York State Empire State Development for providing a powerful $1 million loan through its Revolving Loan Fund program,” said Victoria Duley, executive director of AEDC. “This capital will match our equal private investment from generous investors to fully leverage $2 million for the North Country. This ‘Opportunity Fund’ will indeed provide tremendous opportunity for investment in our region, serving small business start-up and providing gap financing for critical projects. AEDC will serve the economically and socially disadvantaged entrepreneurs through these funds for whom access to capital is often a substantial barrier. We are thrilled to be part of knocking down these barriers with long-term technical assistance and through provision of these low interest funds.”

“Small businesses are the foundation of our rural regional economy; they create vibrancy in our communities, provide necessary services, offer hubs for innovation, and employ our neighbors,” said Cali Brooks, president and CEO of Adirondack Foundation. “We can all support our small businesses by shopping locally, but to grow our economy we need to invest locally as well. This new fund opens the door to business ownership and expansion through low-barrier loans and technical assistance to our region’s entrepreneurs.”

“The Cloudsplitter Foundation is in business to support the environment, economies and people of the Adirondacks in innovative ways, using leverage whenever possible,” said Ernest E. “Lee” Keet, chair of Cloudsplitter’s Board of Trustees. “We are supporting this project because it hits all those marks. It leverages funds and talent to help create jobs, to grow and sustain businesses, and to improve the lives of our fellow citizens.”

“As full-time residents of the Adirondacks, we are committed to seeing our neighbors and their communities prosper,” said Craig Weatherup of the Weatherup Family Trust. “Our region’s critical lack of young families to support our school systems and our volunteer services can only be addressed by creating good jobs and career opportunities.”

Small businesses looking to learn more or apply for a loan should contact AEDC’s office directly by calling 518-891-5523 or sending an inquiry at www.aedconline.com.