© 2021 Innovation Trail
background_fid.png
Money

UAlbany offers micro-loans, Syracuse's Sensis acquired by Swedes

change__tornadogrrrl.jpg
tornadogrrrl
/
via Flickr
The University at Albany is offering tiny loans to entrepreneurs that need a boost.

At the Times Union, Leah Buletti has more details on the University at Albany's new revolving micro-loan program:

Participants will be required to attend eight weeks of training on principles of small businesses and will receive mentoring from UAlbany students and staff. ESD, the state's economic development agency, has provided $96,700 for staffing to coordinate the project. The "seeds" of ideas for businesses already exist, but the need for resources is lacking in the current loan system, said SEFCU Chief Executive Officer Michael Castellana. Nearly nine out of 10 small businesses fail, he said. "I truly believe that the outcomes are limitless," he said of the program, adding that the initial $2 million pilot funding is only "the tip of the iceberg."

Syracuse-based Sensis Corp., which makes air traffic management equipment, is being acquired by Sweden's Saab AB for $155 million, reports John Mariani at the Post-Standard.

Rochester residents now have a look at what their downtown will look like once the former Midtown Mall site is completely cleared and PAETEC's new headquarters go up (via Brian Sharp, Democrat and Chronicle).

Two Siena College grads think they've got the next big website.  They're so confident in fact that they're sponsoring New Hampshire's IndyCar race in August, reports Pete Iorizzo at the Times Union.

Want more money news from the Innovation Trail?  Subscribe to the feed.

Related Content