University at Albany
IN-1: Innovation 1

The Small Enterprise Economic Development (SEED) is a loan program for entrepreneurs and small business owners that bases the lending decision on the character of the applicant and feasibility of the business model. Maximum Loan is $35,000. The program was implemented in August of 2013 and 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: the UAlbany School of Business, School of Social Welfare, Small Business Development Center, and the State Employees Federal Credit Union (SEFCU) 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.

Over $1 million in loans were made in the first two years of the program Over 40 loans have been made and only 2 defaults have occurred News and testimonials for the program can be found at: http://www.albany.edu/seed/seed-news.php http://www.albany.edu/seed/testimonials.php