SEFCU and the SUNY Albany\u2019s Small Business Development Center, School of Business and School of Social Welfare have partnered in a program to provide loans of up to $35,000 for start-up and expanding businesses in the Capital Region.<\/p>\n
The SEED Program was developed to provide future and current entrepreneurs with capital to start\/expand their business. \u00a0<\/span><\/p>\n In order to participate in the program and be eligible for funding, the applicant and\/or business must be located in Albany, Rensselaer, Schenectady, Saratoga, Warren, Washington, Schoharie, Fulton, Montgomery, Columbia or Greene counties.<\/p>\n The Center for Economic Growth (CEG) said selection for participation in the program and loan awards is based on the overall business concept and the character of the applicant.\u00a0<\/span><\/p>\n The program provides participants with the necessary business model development and business skill development to be successful with their business and are supported by a Business Advisor from the Small Business Development Center, a professor and MBA intern consultants from the University at Albany\u2019s School of Business and a peer support network facilitated by the University at Albany\u2019s School of Social Welfare, officials said.<\/p>\n All accepted participants are required to participate in 11 weeks of training prior to their loan pitch.\u00a0 <\/span>The training classes include business skill development, business plan development, and peer support network. \u00a0<\/span><\/p>\n The fall 2022 program is planned to be virtually via the Zoom and Moodle platforms.\u00a0 <\/span>Consistent access to a computer is strongly recommended for all participants.<\/p>\n Following the training classes, each of the participants will pitch their concept to the loan committee for funding consideration.\u00a0 <\/span>The loan decision is based on the character of the application and the overall business concept.<\/p>\n <\/span><\/span>All of the participants are supported throughout the program by University at Albany including:<\/p>\n \u2022 <\/b>Business advisors of the Small Business Development Center.\u00a0<\/span><\/p>\n \u2022 <\/b>Interns from the MBA program at the School of Business.\u00a0<\/span><\/p>\n \u2022 <\/b>Interns from the MSW program at the School of Social Welfare.<\/p>\n \u00a0<\/span>SEED\u2019s mission is to enhance the economic and social development of distressed communities in the Capital Region by\u00a0 <\/span>fostering small business and job growth through a revolving microenterprise loan fund, and by testing new character-based loan methodologies using character rather than cash, credit and collateral for low-income persons.<\/p>\n It also provides comprehensive training in business administration and related skills prior to loan consideration and offers ongoing mentorship and peer support for entrepreneurs during training and after funding is received.<\/p>\n","protected":false},"excerpt":{"rendered":" SEFCU and the SUNY Albany\u2019s Small Business Development Center, School of Business and School of Social Welfare have partnered in a program to provide loans of up to $35,000 for start-up and expanding businesses in the Capital Region. The SEED Program was developed to provide future and current entrepreneurs with capital to start\/expand their business. […]<\/p>\n","protected":false},"author":89,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"yoast_head":"\r\n