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Potsdam agrees to start lending program with Adirondack Economic Development Corp.

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POTSDAM — The village Board of Trustees voted unanimously Monday to lend $150,000 to the Adirondack Economic Development Corp. This money in turn will be lent to businesses that wish to open or expand in Potsdam.

With the corporation providing a way for the village government to lend money to local businesses, the board soon will move to officially close the village Community Development Corp., which struggled to pay the $2,500 needed for annual audits required by state law.

Before the recession, the Potsdam Community Development Corp. typically would issue six to eight loans annually. The average loan is $25,000, although this can vary widely depending on need.

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