POTSDAM - The village board voted unanimously Monday to loan $150,000 to the Adirondack Economic Development Corporation. This money will in turn be loaned to businesses that wish to open or expand in Potsdam.
With the AEDC providing a way for the village government to loan money to local businesses, the board will soon move to officially close the village Community Development Corp., which had been struggling to pay the $2,500 needed for annual audits required by state law.
Before the recession, the Potsdam Community Development Corp. would typically issue six to eight loans annually. The average loan is $25,000, although this can vary widely depending on need.