At a glance
The Columbia Economic Development Corporation's Loan Committee approved a $10,000 working capital loan to M4 Flora, a retail florist opening in Athens, Greene County. Staff reported the portfolio now holds 27 active loans serving 23 businesses, totaling just under $600,000, with 12 loans paid in full so far this year. Collections work has intensified: more borrowers are falling 30 days past due, one borrower hung up when called about nonpayment, and staff noted that small businesses across the region appear to be struggling with workforce shortages and operating constraints.
Minutes Approved
The committee approved the minutes of its July 12 meeting.
Key points
- Minutes approved without discussion
M4 Flora Loan Approved
The committee approved a $10,000 loan to M4 Flora, a retail florist with a gift shop opening in Athens, Greene County.
Key points
- $10,000 loan at 7.75% interest, spread across 36 months, monthly payment $312.21
- Purpose is working capital; collateral is a lien on business assets and the principal's personal guarantee
- Referred by Bank of Greene County; CEDC is authorized to lend SBA funds in both Columbia and Greene counties
- The florist is scheduled to open in October, though already doing events
- One member asked whether the owner planned to maintain retail hours, citing a Germantown florist who closed her retail shop to appointments only after a year or two
- Staff confirmed the owner plans to be open, which helps the town have an active retail shop
Committee voted 5-0 to approve the loan.
Portfolio Dashboard and Year-to-Date Report
Staff presented a year-to-date loan report through September 15 and the portfolio dashboard, showing 27 active loans and 12 loans paid in full this year.
Key points
- 27 active loans serving 23 businesses, totaling just under $600,000
- 12 loans serving eight businesses were paid in full this year: four through the full term, four paid early
- ACW Milwork closed but has kept CEDC informed, repaid two of three loans totaling over $50,000 by selling off machinery, and has a contract on the building; one small loan remains outstanding
- Cascades Cafe, Wild Hudson, and Verdigree Tea all paid off early; most were at 3.75% interest
- Two loans are seriously in arrears: Hudson Cruises and a restaurant at 711 County Route 3, which has been listed for sale for some time
The committee voted to approve the dashboard report.
Collections Work and Late Payments
Staff reported spending far more time on collections as more borrowers fall 30 days or more past due, with one borrower hanging up when called about nonpayment.
Key points
- The dashboard now runs to two pages, reflecting the number of loans 30 days or more past due
- Staff is spending an inordinate amount of time on collections; once a borrower hits 30 days past due, they often slip into 60 days
- Some borrowers in the 30-day category are regular payers on a schedule slightly after the due date and are not a concern
- One borrower has made no payments at all, has not responded to calls or a demand letter, and hung up when staff called a second time
- Another borrower had a death in the family, so staff has not pressed hard
- Dan Rickman from the SBA Syracuse office reviewed CEDC's loan files annually and reported that a significant number of the four million EIDL emergency loans made nationally during COVID are now in default, despite a 3.75% rate and 30-year term
- Some local small businesses have hundreds of thousands in EIDL loans outstanding
The transcript does not specify which borrower has not made a single payment or which one had a death in the family; those details are only identifiable from the dashboard report shared in the meeting.
Small Business Conditions
Committee members discussed whether small businesses in the region are struggling, with consensus that many are.
Key points
- One member said she thinks a lot of small businesses are struggling
- Restaurants and food service businesses report difficulty finding workers
- Some businesses have the potential to do more volume but cannot find enough workers, so the owner becomes one of the employees doing the work
- The workforce issue seemed to emerge during COVID and has continued
- A banker mentioned he cannot fill a full-time teller position despite offering a good salary
- One member suggested housing could be a contributing factor
- ACW Milwork also cited difficulty finding skilled workers as an issue
About this page
FUTURE HUDSON is an experiment in civic engagement: every public meeting of the City of Hudson since January 2026, transcribed and made readable, so any resident can follow what the city is deciding without attending every meeting. This page covers one meeting; see the full archive.
How it was made
The meeting video was transcribed automatically; the transcript was then organized into sections and summarized. The raw transcript is above, every claim can be checked against it.
What to be skeptical of
The transcript is automated and contains speech-recognition errors; names and numbers may be wrong. This page has not been reviewed by a human. Nothing here is an official record, the city's official minutes are authoritative.
About coverage of this body
The Columbia Economic Development Corporation is a county economic development corporation, not a City of Hudson body. Its meetings are in this archive because the City of Hudson Industrial Development Agency's business runs through CEDC, which staffs the agency and hosts its meetings. CEDC posts these recordings to its own YouTube channel. See the archive index for the full coverage note.