Friday, February 9, 2018
For immediate release:
Small business lending reenergized in the Mohawk Valley
When small businesses and entrepreneurs fail to qualify for bank loans in the Utica-Rome area, they traditionally have limited options, until now. The Utica Industrial Development Corporation (UIDC) is reinventing its alternative lending in the form of microloans through a strategic partnership with national nonprofit and SBA lender Accion.
“Utica Industrial Development Corporation has been successfully providing gap financing loans to small businesses in the region for over 55 years,” said UIDC Chairman John Snyder. “While our model has a proven record of success, the gap in access to capital has been a huge barrier for many of the small businesses and entrepreneurs that are currently seeking assistance.”
Accion has a 25 year track record of closing the capital gap with microloans and financial education resources around capital. The partnership with UIDC will allow them to provide more of these important resources to Utica’s small businesses.
“Capital is important, but just as important is the one-on-one support we can provide business owners through this partnership. That guidance is so important to an individual’s ability to access the right capital, and invest it in the long-term success of the business,” explains Matt Revere, Manager of Lending for Accion. “Our partnership with UIDC will ensure we’re doing all we can to create success for local businesses.”
Utica Industrial Development Corporation was certified in 2016 by the US Treasury Dept. as a Community Development Financing Institution. This federal certification is provided to organizations that emphasize community and economic development in economically distressed communities. UIDC’s status as a CDFI means that it will be placing increased focus on lending activity in the inner-city areas of Rome and Utica, as well as the villages of Herkimer, Mohawk, Yorkville, and New York Mills, to name a few. While UIDC loans have traditionally gone to industrial and professional commercial businesses, its CDFI status allows UIDC to now participate in mixed-use developments. Additionally, through UIDC’s partnership with Accion, UIDC can now facilitate assistance to retail and consumer service oriented businesses.
“Startup capital in smaller dollar amounts is often difficult to access. We look forward to an increase in microlending in the Mohawk Valley region as a result of this new partnership between Accion, an SBA microlender, and UIDC. With technical assistance provided by UIDC and financing provided by Accion, the business owners will enhance the opportunities for success,” said Steven DiMeo, President of Mohawk Valley EDGE. Mohawk Valley EDGE provides staff services to Utica Industrial Development Corporation.
Learn more about how the partnership can help your business at www.mvedge.org.
A nationwide lender with deep community roots, Accion creates economic opportunity by partnering with small business owners to provide access to capital and the business support they need to create and grow healthy enterprises and contribute to thriving local economies. Since 1991, Accion has lent over $500 million to more than 59,000 businesses and provided more than 520,000 entrepreneurs with advising services. For more information on Accion small business loans in the United States, please visit us.accion.org.
Utica Industrial Development Corporation:
Formed in 1962, Utica Industrial Development Corporation encourages the location and expansion of industrial and manufacturing capacity, the creation of new and improved job opportunities, the reduction of unemployment and the betterment of individual and community prosperity within the Counties of Oneida and Herkimer, NY. Their goal is to provide advice, technical, and financial assistance to businesses and promote economic growth and business prosperity in the region.
Mohawk Valley EDGE:
Mohawk Valley EDGE (Economic Development Growth Enterprises Corporation) provides a coordinated economic development program that assists your businesses to locate, grow and prosper in Oneida and Herkimer Counties.
584 Phoenix Drive, Rome, NY, 13441