We’re proud to share that Excelsior Growth Fund (EGF) recently reached a major milestone, celebrating 10 years as the community development lending affiliate of New York Business Development Corporation (NYBDC).
Over the past decade, we’ve identified an underserved market of small business owners, and have made it our mission to create affordable funding solutions for our clients. Since our start, we’ve provided 1388 loans totaling over $64 million to everyday community businesses, and our financing has created/retained over 5,000 community jobs. In addition to financing, we’ve provided business advisory services to over 3,000 entrepreneurs, helping these businesses to expand, grow revenues, increase entrepreneur income, and formalize business practices.
Our continued success in recent years has been fueled by our EGF SmartLoanTM and SBA Microloan programs, which offer flexible, low interest-rate loans through our fast and convenient digital process.
“We were the first CDFI in the country to offer an online product, and this milestone affirms that there is clear demand for an affordable and trustworthy alternative to the online lenders,” says EGF president Steve Cohen. “We also complement our loans with a personal touch and a full suite of business advisory services, which I am proud to say are moving clients up the capital continuum to more traditional lending over time.”
Here’s just a few of the small businesses we’ve supported in 2019:
Glenn Read Enterprises – Schenectady, NY
US Army veteran Glenn Read is the owner of Glenn Read Enterprises, LLC , a full-service printing, mailing and marketing business based out of Schenectady, NY. After a period of financial instability due to high-cost business debt, Glenn turned to EGF who provided him with a $100,000 EGF SmartLoan through our reduced interest rate Veteran Loan Program with Bank of America. With his loan, Glenn was able to refinance his high-interest rate debt and expand his business.
“Thanks to my EGF loan, I was able to retain seven jobs, my cash flow has stabilized, and I am seeing a decent profit. EGF hasn’t just helped my business…it saved it,” says Glenn.
M&M 24-Hour Daycare – Bronx, NY
Another small business owner who has experienced great success in the past year is Milagros “Millie” Carbajal, who started M&M 24-Hour Daycare in 2010 with the money she had in her 401K. Her business quickly filled a void in the South Bronx by offering 24-hour childcare services to parents with extended work hours. After applying for a loan through EGF to cover her marketing costs, Millie received a $50,000 microloan through the Entrepreneurs of Color Fund: South Bronx.
“We’re thankful to all our partners for helping us grow and provide services to an increasing number of community businesses,” says Cohen. “Our success over the past 10 years would not be have been possible without the referrals, resources, services, and publicity that our partners provide – EGF and our clients thank you!”