named programs · 4 · from sources
What they call their work
Business Acquisition Loans
Finances the purchase of existing businesses by new owners, supporting intergenerational transfer and local ownership in community-anchoring enterprises.
Business Advisor Program
Provides one-on-one mentoring, pre- and post-loan guidance, and free workshops to support entrepreneur success.
Gap Financing
Provides loans up to $500,000 to close funding gaps in business deals that cannot be fully financed by traditional banks, often co-investing alongside financial institutions.
SBA Microloans
Offers microloans up to $15,000 to early-stage or credit-challenged small business owners who do not yet qualify for bank financing.
activities · 2 groups
What they do
-
Small Business Technical Assistance 1 activity
- Delivers free business advisory services and mentorshipProvides one-on-one business advising, post-loan mentorship, and free business workshops to small business owners in the Southern Tier and Southern Finger Lakes regions. Services support entrepreneurs throughout the business lifecycle, including those receiving financing.
-
-
Small Business and Nonprofit Lending 1 activity
- Provides economic development lending to small businessesOffers microloans up to $15,000 and gap financing up to $500,000 to small businesses in the Southern Tier and Southern Finger Lakes regions of Upstate New York, including Chemung, Schuyler, Steuben, and Tioga Counties. Focuses on businesses that are too risky or large for banks to fund alone, often in collaboration with financial institutions.
-
financials · form 990 · fy2023
revenue
Total revenue$358K
Contributions & grants$162K45%
Program service revenue$180K50%
Investment income$8K2%
Other revenue$8K
expenses
Total expenses$369K
Program expenses100%
Admin / overhead0%
Fundraising0%
Salaries & benefits$310K
Grants paid out$0
Largest expense lineCompensation
balance sheet
Total assets$1.79M
Cash$733K
Investments$0
Liabilities$1.13M
Net assets$660K
Liquid reserves23.8 mo
5 years on record · 2019–2023 · YoY revenue -9.0%
leadership · form 990 part vii · fy2023
Who runs it
paid leadership · 2
| Name | Title | Hours/wk | Compensation |
|---|---|---|---|
| GEORGE MINER | PRESIDENT | 14 | $107K |
| BRYANT MYERS | PRESIDENT | 14 | $55K |
board members · 21
- ASHLEIGH MADISON — DIRECTOR
- BRIAN WARNER — CHAIR
- CHELSEA ROBERTSON — DIRECTOR
- CHRISTOPHER BREWER — DIRECTOR
- CHRISTOPHER COLETTA — TREASURER
- CHRISTOPHER GIAMMICHELE — DIRECTOR
- GRACE DALTON — DIRECTOR
- JAMIE JOHNSON — DIRECTOR
- JENNIFER MILLER — DIRECTOR
- JILL KOSKI — VICE-CHAIR
- JOSEPH ROMAN — DIRECTOR
- JUDY MCKINNEY CHERRY — DIRECTOR
- JULIE CHEVALIER — DIRECTOR
- KAMALA KEELEY — SECRETARY
- KELSEY KNOWLES — DIRECTOR
- KEVIN DOUGHERTY — DIRECTOR
- MICHAEL J MANZARI — DIRECTOR
- MICHAEL NISBET — DIRECTOR
- MIKE MCCUMISKEY — DIRECTOR
- SUSAN MONROE — DIRECTOR
- TODD STRONG — DIRECTOR
relationships · 9
Who they work with
- Carrie Hanes Partner — Team member at REDEC Relending Corporation
- Federal government Government — Federal funding partner supporting REDEC's lending programs.
- Lindsay Wolf Partner — President & Executive Director of REDEC Relending Corporation
- Michael Herceg Partner — Finance & Underwriting Manager at REDEC Relending Corporation
- New York Empire State Development Government — Receives grant funding from New York Empire State Development to support economic development lending.
- SBA Government — Utilizes SBA micro loan guidelines in its loan program
- Southern Tier Economic Development Corporation (STREDC) Partner — Administers loan funds on behalf of STREDC, which provides low-interest loans for economic development across eight counties.
- State government Government — State funding partner supporting REDEC's lending programs.
- local government Government — Local funding partner supporting REDEC's lending programs.
strategies · 2
How they approach the work
Named approaches extracted from this org’s sources. Where others share an approach, follow it to see the full set of orgs running it.
- Community Economic Development through Local Entrepreneur Supportmethodology: community-economic-developmentBy providing financing and advisory services to local entrepreneurs, the organization drives economic revitalization and strengthens communities, because locally rooted businesses generate jobs, increase community resilience, and stimulate regional economic growth.
- Holistic and De-risked Lending Model for Underserved Businessesmethodology: holistic_underwritingBy using a holistic, relationship-based underwriting approach and providing gap financing in partnership with banks, the organization enables access to capital for underserved small businesses, because this reduces lender risk and accounts for non-financial indicators of business viability that traditional models overlook.