Innovative lending and entrepreneurial support

In 2022, we made

loans, up from 151 in 2020

Background

  • BIPOC and woman entrepreneurs have historically faced inequities in access to capital.

  • The COVID-19 pandemic exacerbated these inequities.

  • This impact on the people and communities we serve spurred exponential growth in our small business lending and entrepreneurial support.

Growth

  • In 2020, we made 151 loans, totaling $26 million.
  • In 2022, it was 612 loans for a total of $76.3 million.
  • We expanded our reach to Delaware, Cuyahoga County, OH, Broward County, FL, Broome County, NY, Nassau County, NY, and Suffolk County, NY.
  • We are still growing our partnerships, with a special focus on working with states planning to establish SSBCI programs.

Innovation

  • We created a continuum of assistance that integrates our loan products and business support services.
  • Our loans begin at the micro-loan and grant level, with concomitant training or mentoring in basic business skills.
  • We also offer a customized, revenue-based equity building loan and legacy SBA-guaranteed loan with a maximum of $5 million.

Impact

  • Our efforts have helped to level the playing field for BIPOC and woman entrepreneurs.
  • We have provided them with the capital and support they need to start, grow, and succeed.
  • We are committed to continuing our work to close the gap in access to capital for all entrepreneurs.
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