Small Enterprise Economic Development (SEED)

Traditional lending requires cash, collateral and great credit. If access to capital has prevented you from starting or expanding your business, SEED may be the program for you.

What is SEED?

The Small Enterprise Economic Development (SEED) is a new Loan Program for future Entrepreneurs and Small Business Owners that bases the lending decision on the character of the applicant and feasibility of the business model. Maximum Loan = $35,000.

The program was developed to address the following needs in the community:

  • Entrepreneurship opportunities for individuals who have indicated an interest
    in starting a business(*) but lack the credit, capital and/or collateral for traditional
    funding or for expanding a business where financing is difficult to obtain.
  • Provide economic growth and community revitalization by extending loan funds
    to projects typically not fundable within current lending formulas.
  • Offer a model program that will evaluate the character of the borrower as well as
    the Business Model and project feasibility in determining fundability of the business
    that can be duplicated statewide.
The Small Enterprise Economic Development program is a collaborative effort between:
  • School of Business,
    University at Albany, SUNY
  • School of Social Welfare,
    University at Albany, SUNY
  • Small Business Development Center,
    University at Albany, SUNY
  • State Employees Federal Credit Union
                  
  • The partnership was developed to provide entrepreneurs that do not meet traditional lending criteria of cash, collateral and credit score with an alternative means to funding the start-up or expansion of their business. It creates a micro-enterprise loan fund that makes lending decision based on the character of the applicant, quality and feasibility of the business model and financial projections.

    (*)start-up restaurants and bars are not eligible.