Building a Community

By Mallory Leonard • Photos by Jessica McCafferty

Victoria Duley

Nestled in the heart of downtown Saranac Lake, the Adirondack Economic Development Corporation (AEDC) has a modest, unassuming office located in the Adirondack Bank building on Main Street. But don’t let the office’s small footprint fool you. Its size is in stark contrast to the transformative work it is doing to support small businesses in our area.

Victoria Duley serves as executive director of AEDC, and has since 2019. She greeted me with a smile as we sat down to chat about the agency and the services it offers. At the front of her desk was a sign that said, “Make Today Amazing.” That set the tone for our discussion — optimistic and motivated.

AEDC is a 501c3 non-profit economic development organization. It holds designations as a Community Development Financial Institution (CDFI), a Small Business Administration (SBA) Microlender and a New York State Entrepreneurial Assistance Center (EAC).

“We serve 14 counties in New York,” Duley stated. “Much of our service area is in rural communities, and many of those communities are in banking deserts.” With few options for lending within those communities, AEDC is a valuable resource for small business owners seeking assistance with business startups or bumps in the road.

Founded in 1976, the AEDC has transformed over the years. Early on it operated with a dozen staff members. “Today we are fully staffed with six team members and several contractors,” Duley explained, “and each brings a unique expertise to our clients.”

Funding through small business loans is available for those looking for the capital to bring their ideas to fruition or to take their current business to the next level. “We’re a mission-based lender. Considerations are given to all parts of the project,” Duley emphasized.

AEDC offers three distinct areas of support to small business owners, making it a one stop shop. Twice a year, the agency holds its 60-hour Entrepreneurship Assistance Center (EAC) Small Business Institute, a blend of classroom and individualized training. Participants come away with a professional business plan and training that will give their ideas direction and legs to stand on. Folks who are early on in their concept may be encouraged to go through the program first to learn about resources that are available.

AEDC also offers technical assistance. Existing and future small business owners can receive guidance on creating and implementing business plans, helping them create a roadmap for success, as well as other topics they may need. “A lot of new entrepreneurs have an abundance of idea and passion, but lack the business acumen to run the business successfully and survive their first year,” Duley expressed.

For technical assistance, AEDC offers one-on-one counseling, entrepreneurship training courses with certified instructors, and even offers a Minority/Woman-owned Business Enterprise (M/WBE) certification in conjunction with New York State. The certification helps open doors for business owners and gives them the skills to make clients their top priority.

Funding through small business loans is available through AEDC for those looking for the capital to bring their ideas to fruition or to take their current business to the next level. “We’re a mission-based lender. Considerations are given to all parts of the project,” Duley emphasized.

Competitive federal and state grants play a major role in funding AEDC’s operations. It has made nearly 900 loans with partners since it began in 1976, totaling over $25 million that has been poured back into projects in local communities.

Partnerships are important for the projects AEDC undertakes. Local organizations play vital roles in training, offering resources and finding referrals for folks who may require assistance outside of AEDC’s offerings “We work closely with other organizations across the area and the other mission-based lenders,” Duley expressed. “We can tie in our business counseling to help ensure the best chance for success of the businesses and our counseling comes free of charge.

With ten loan funds at its disposal, AEDC has many unique funding avenues to match a client’s needs. Its newest fund, launched in 2023 — the Adirondack Small Business Opportunity Fund — is funded by private dollars. This is a point of pride for Duley and was no small feat to accomplish. Hope Knight, the president, CEO and Commissioner of Empire State Development, took notice of this unique funding opportunity and attended the press conference to announce it. “The fund provides us so much more flexibility in terms of what we can lend for, and the terms that we can provide. It allows us to say ‘Yes’ more often.” Some successes with this fund include childcare programs as well as bridge loans for projects that depend on completion prior to reimbursements from state funding such as Downtown Revitalization Initiative (DRI) projects.

The other nine funds AEDC maintains in house are borrowed state and federal funds that they redeploy. “We have been able to secure loan dollars from two foundations, one family trust and recently, a bank, to loan at a very low interest rate for important projects in the community,” Duley stated.

Much of Duley’s time with AEDC has been during the COVID-19 pandemic. The agency helped many through the uncertainty, and even helped when some entrepreneurs needed to pivot their plans to adapt to a new way of operating. The agency remains a resource for clients, and a good share of them return when they have a new project or need. “It’s rewarding to see our businesses get through the rough patches,” Duley emphasized.”

AEDC has also seen clients through major growth. “Since I came on in 2019, we’ve more than tripled the number of clients we serve each year. That’s why we do what we do. We help small businesses to build community.”

“My most heartwarming experiences are when I’m out in the community and can visit a business that we’ve helped, enjoy their products—their coffee, their food—with my family and see them thriving,” Duley said as she smiled. “I can look around and see how important it is to the community and know we’ve had that impact.”

Adirondack Economic Development Corporation (AEDC)

67 Main Street, Suite 300

Saranac Lake, NY 12983

518 891-5523

www.adirondackedc.org