We’re pleased to announce that Excelsior Growth Fund (EGF) recently topped $25 million in community business lending through our SmartLoan™ and ImpactLoan™ products. More than 300 business owners have received affordable and responsible capital through our rapid approval process, designed to streamline access to alternative capital when bank financing is not possible.
This achievement has been fueled by explosive growth this fiscal year. Since October 1, 2017, EGF has provided more than 125 businesses with loans totaling more than $10 million. “This milestone affirms that there is a growing demand for responsible alternative lending that can be accessed quickly through an online platform,” says Steve Cohen, president of EGF. “We’re proud of our ability to provide business owners with the capital they need to grow in customer-centric way that is setting the standard for Community Development Financial Institution (CDFI) lending as a whole.”
One business owner recently supported with an EGF loan is John Benjamin, founder of The Water Gardener, an online retailer for outdoor pond supplies based out of Berwyn, PA. Benjamin found his company’s growth faltered after borrowing from an online lender and sought an alternative that would provide an affordable rate, with staff that would get to know his business at a more personal level. After researching options online, he discovered the EGF SmartLoan™, and used his loan to refinance high-interest rate debt and expand his business.
“Thanks to EGF, my business now has the correct capital structure. Now I’m able to focus on taking the proper steps to grow my business. EGF helped me look at my long-term goals, which I couldn’t previously do with a one-year loan,” said Benjamin.
EGF thanks the bank and community partners across New Jersey, New York and Pennsylvania who support our work. “Our referral partners play an integral role in helping business owners know that there is a responsible, reliable option for loans when they do not qualify with their bank,” says Steve Cohen. “We are grateful for their commitment to the small business community and the impact they have in supporting our work.”
About Excelsior Growth Fund
Excelsior Growth Fund (EGF) promotes economic development and job creation in New York State by providing streamlined access to small business loans and business advisory services. EGF is a not-for-profit 501(c)(3) and certified by the U.S. Department of Treasury as a Community Development Financial Institution (CDFI). The mission of Excelsior Growth Fund is to help businesses grow. EGF provides innovative financial solutions and business advisory services to underserved small businesses and markets in New York State. The signature EGF SmartLoan™ product is available through a secure online portal and has a maximum loan amount is $100,000. EGF and its affiliates offer a number of other lending products for businesses seeking higher loan amounts.
Excelsior Growth Fund is an affiliate of New York Business Development Corporation (NYBDC). More information about NYBDC is available at www.pursuitlending.com. More information on EGF can be found at www.excelsiorgrowthfund.org.
