| Overall Rating | Gold - expired |
|---|---|
| Overall Score | 68.58 |
| Liaison | Mary Ellen Mallia |
| Submission Date | Jan. 15, 2016 |
| Executive Letter | Download |
University at Albany
IN-1: Innovation 1
| Status | Score | Responsible Party |
|---|---|---|
|
1.00 / 1.00 |
Mary Ellen
Mallia Director of Environmental Sustainability Finance and Business |
Title or keywords related to the innovative policy, practice, program, or outcome:
A brief description of the innovative policy, practice, program, or outcome :
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.
A brief description of any positive measurable outcomes associated with the innovation (if not reported above):
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
A letter of affirmation from an individual with relevant expertise:
Which of the following STARS subcategories does the innovation most closely relate to? (Select all that apply up to a maximum of 5):
| Yes or No | |
| Curriculum | No |
| Research | No |
| Campus Engagement | No |
| Public Engagement | Yes |
| Air & Climate | No |
| Buildings | No |
| Dining Services | No |
| Energy | No |
| Grounds | No |
| Purchasing | No |
| Transportation | No |
| Waste | No |
| Water | No |
| Coordination, Planning & Governance | No |
| Diversity & Affordability | No |
| Health, Wellbeing & Work | No |
| Investment | Yes |
Other topic(s) that the innovation relates to that are not listed above:
The website URL where information about the innovation is available :
Data source(s) and notes about the submission:
The information presented here is self-reported. While AASHE staff review portions of all STARS reports and institutions are welcome to seek additional forms of review, the data in STARS reports are not verified by AASHE. If you believe any of this information is erroneous or inconsistent with credit criteria, please review the process for inquiring about the information reported by an institution or simply email your inquiry to stars@aashe.org.