ADK Bank Partners in AEDC’s Adirondack Opportunity Fund- Expanding Lending to Fourteen Counties

The Adirondack Economic Development Corporation (AEDC) is pleased to announce its partnership with Adirondack Bank to expand its Adirondack Opportunity Fund (AOF). AEDC launched this loan fund in 2023 with support from the Adirondack Foundation, the Cloudsplitter Foundation and the Weatherup Family Trust. The fund provides access to capital for small businesses and community development ventures.

AEDC has enjoyed a close partnership with Adirondack Bank for decades, with its offices on the third floor of its flagship bank building on Main Street in Saranac Lake and a long-term business banking relationship. Adirondack Bank invested $250,000 into the AOF in April 2025 for a ten-year term, accompanied by a capacity grant to assist AEDC’s deployment of this loan funding across its 14-county service area of northern New York State.

Executive Director, Victoria Duley stated, “Adirondack Bank has been a mainstay partner with AEDC for many years, and we celebrate the bank as the first financial institution to join the fund. Their investment is a huge gain for the loan program by expanding the availability of these funds in scale from eight to the full fourteen county footprint of our service area. We are tremendously grateful to Adirondack Bank for their generosity and assistance in fueling the growth of small businesses and important community projects across the region.”

Board of Directors Chair Robert J. Aiken added: ““We’re excited to have Adirondack Bank on board with the Adirondack Opportunity Fund. Their investment is a big step forward in our ability to offer flexible, community-focused lending. It’s the kind of partnership that drives real impact, helping local businesses grow and keeping more investment right here in our region.”

“Adirondack Bank is proud to be able to assist AEDC in expanding this program to cover all fourteen counties within their footprint. As a locally owned community bank, our commitment is to support our friends, neighbors and businesses helping to build stronger and more vital communities” stated Rocco F. Arcuri, Sr., President and CEO of Adirondack Bank.

The Adirondack Opportunity Fund to date has provided over $500,000 to twelve projects. This investment has directly leveraged more than an additional $1 million from other public and private sources. The program has a growing and substantial impact on business and community growth and reinvestment. Projects funded include main street retailers, small restaurants, a rural childcare center, food processing, and hotel/lodge modernization projects.