Check out our photos from the event!
Posts Tagged ‘Grow America Fund’
Mayor Williams Joined Discover Bank and National Development Council Announce the Grow Wilmington FundWednesday, October 29th, 2014
Mayor Dennis P. Williams joined James J. Roszkowski, President of Discover Bank; Bill Young of National Development Council; and the Mayor’s Office of Economic Development to announce the Grow Wilmington Fund, an innovative, loan fund for established small businesses. The fund has been created through the cooperation of Wilmington UDAG Corporation, Discover Bank and the National Development Council.
The Office of Economic Development looks to use the Grow Wilmington Fund to promote job growth and economic development in the City of Wilmington through the expansion of existing businesses and recruitment of new businesses. Grow Wilmington offers attractive interest rates, extended terms to benefit eligible Wilmington businesses.
“I would like to thank Discover Bank, the National Development Council and other community stakeholders for their commitment to supporting the economic vitality of the City of Wilmington,” said Mayor Williams. “The Grow Wilmington Fund will allow the City to support the expansion of existing businesses and attract new businesses to provide increased job opportunities to local residents.”
Discover Bank’s participation in this program represents its commitment to the continued economic development, growth and vitality in Delaware.
“Discover is proud to be part of this program that supports small size businesses and the City of Wilmington,” said James J. Roszkowski, president of Discover Bank. “We look forward to continuing to build upon our longstanding commitment to supporting local businesses and communities since we first established Discover Bank in Delaware.”
NDC will work with the City of Wilmington through its affiliate Community Development Financial Institution, the Grow America Fund (GAF), a SBA licensed Small Business Lending Company, to deliver professional underwriting, servicing, and portfolio management services; along with technical assistance to local established businesses.
“Participating in the Grow Wilmington Fund, a truly unique public/private business lending partnership, allows NDC to assist Wilmington small businesses and support Mayor Williams’ community revitalization efforts,” said Bill Young, board member of The National Development Council.
“NDC would like to thank both of our partners for their investment, and Discover Bank for their generous grant funding which makes this effort to promote investment and create jobs in the City of Wilmington possible,” said Daniel Marsh EVP of the National Development Council.
The Grow Wilmington Fund is available to qualified, existing businesses in operation for at least three years, with less than 500 employees, and revenues generally between $500,000 and $20 million.
Grow Wilmington Fund loans will range from $150,000 to $4,000,000. However, the amount a business can borrow is subject to underwriting guidelines and loan fund availability. Once obtained, loan funds may be used for:
- Working Capital – to be repaid over 10 years
- Machinery and Equipment – to be repaid over 10 years
- Real estate acquisition and/or renovation of owner-occupied businesses – to be repaid over 25 years
- Tenant improvements – to be repaid over the life of the lease
As a mission-driven loan fund, Grow Wilmington is focused on the creation of new jobs in the City. Serving as a mechanism to invite new businesses into the City of Wilmington, the Grow Wilmington loan fund can help generate commerce and foster a supportive environment for businesses to succeed.
More Media coverage below,
The U.S. Department of Treasury’s Community Development Financial Institutions Fund (CDFI Fund) awarded NDC’s Grow America Fund, Inc. (GAF) a $1.75 million grant under its financial assistance program. The announcement was part of $160 million to more than 150 organizations who applied for the fiscal year 2014 round of the CDFI Program. The CDFI Fund’s Financial Assistance Program creates opportunity in America’s underserved communities by providing access to affordable financial products and services by investing in private, for-profit and nonprofit organizations serving rural and urban low-income people and communities across the nation that lack access to affordable financial products and services.
This is the fifth award from the CDFI Fund to GAF. The grant funds will be used to make loans to small business in more than fifty distressed communities across the United States. GAF is the nation’s first and until recently was the only U.S. Small Business Administration-licensed small business lending company (SBLC) owned and operated by a nonprofit organization. GAF’s mission is aligned with the parent organization, National Development Council, to create jobs, stimulate investment, and build the strength of the entrepreneurial and small business base in low-income communities by lending to small businesses.
Ponty Bistro to Celebrate Grand Opening of Second Location with Support from NDC’s Grow America FundMonday, August 4th, 2014
August 4, 2014- Today, Ponty Bistro Chef Cisse and Chef Cheick will welcome project partners to the Grand Opening of the restaurant’s second location in Harlem, NY. Ponty Bistro Harlem, located on West 139th and Adam Clayton Powell Boulevard will offer patrons fusion cuisine with influences from France, The Mediterranean and West Africa. The Harlem menu will be similar to what is offered at the restaurant’s first location in Manhattan’s Gramercy Neighborhood.
NDC’s Grow America Fund (GAF) provided Ponty Bistro with a loan to expand the restaurant to a second location in Harlem. The GAF loan provided equity to support tenant improvements, refinancing of existing debt, working capital and project soft and closing costs. The expansion has created 6 FTEs for the Harlem neighborhood.
Executive Chef and owner of Ponty Bistro, Elhadji Cisse entered the restaurant business over 15 years ago, Cisse started as a dishwasher and worked his way to acting Sous-Chef for internationally renowned chefs at Michelin-star restaurants, such as Daniel Boulud. This restaurant experience prepared him to achieve his dream of opening his own restaurant.
More information about the grand opening can be found in the links below.
Three years ago, Niagara Lubricant’s former location burned in a devastating fire in July of 2011. In an effort to keep the business afloat, Chairman of Niagara Lubricant, Leon Smith III, moved the third generation family-owned business into a competitor’s space but found the location was inadequate.
“The space was not safe for my employees to work in, and not large enough for us to meet the demand of our customers.” Said Leon Smith III, “We had insufficient space to store inventory and to take advantage of supplier discounts, this also drove up shipping costs. We spent too much time moving inventory around the facility rather than manufacturing, packaging and shipping products. I needed a new facility to overcome these challenges and grow the business. I reached out to a local SBA 504 lender and they turned us down. No one would give us a loan! Until the Eerie County IDA connected us to NDC Grow America Fund.”
Niagara Lubricant is the first business in Buffalo to benefit from JP Morgan Chase Foundation’s SME Collaboration Grant. The grant adds capital to an existing loan fund that is administered by the National Development Council, through its Grow America Fund, in partnership with Erie County Industrial Development Agency, the Buffalo Urban Renewal Agency and the City of Niagara Falls.
“Without Grow America Fund, the Chase SME Grant, and Eerie County IDA, I wouldn’t have been able get into the new facility.” Said Leon Smith III, “This loan was amazing. Let’s face it, it got me into a building I couldn’t have otherwise afforded. A building that is safer for my staff and allows my family business to be even more productive than it was before the fire.”
Speakers at the event included Leon Smith III, Buffalo Mayor Byron Brown, Leon Smith III, and GAF Loan Officer Sheldon Bartell.
NDC’s Grow America Fund received notice that it has been recertified as a Community Development Financial Institution (CDFI). As a certified CDFI, GAF is a member of a select group of financial institutions that distinguish themselves by continuously working to transform the lives of America’s most underserved populations. GAF first received CDFI Certification recognition in 1997.
GAF’s dedicated mission to providing opportunity in the face of ongoing obstacles to economic development in distressed communities is critically important, and every day communities across the country benefit from the products and services provided by certified CDFI’s like GAF. We are looking forward to continuing to deliver financial solutions in economically underserved areas. Learn more about GAF here
JPMorgan Chase Launches $7 Million Community Development Financial Institution Collaboratives Loan Program in Buffalo and Erie CountyTuesday, May 20th, 2014
The funds will be available through the City of Buffalo and the Erie County Industrial Development Agency to small and mid-sized businesses
In partnership with the City of Buffalo and the Erie County Industrial Development Agency (ECIDA), National Development Council’s (NDC) Grow America Fund is launching the JPMorgan Chase “Small and Medium Enterprises (SME) Collaboratives” lending program in Buffalo, N.Y. The new lending program is a $33 million commitment to help CDFIs and small business lenders build capacity and jumpstart job creation in low- and moderate-income communities across the United States.
NDC Grow America Fund is a small business loan program that provides small business lending across the country. Using capital provided by the JP Morgan Chase SME Collaboratives Grant, the Grow America Fund will provide low-interest loans to existing small businesses in Buffalo and Erie County.
“The NDC’s Grow America Fund is welcome news as it will provide an important funding tool that links private and public partners, like JPMorgan Chase, the City of Buffalo and the ECIDA, to support and strengthen small businesses in our community,” said Congressman Brian Higgins. “Improving the lending capacity to provide resources to existing businesses looking to stay and grow here takes collaboration and confidence in the marketplace and helps build on the job growth and positive momentum building in our region”
“Small businesses and entrepreneurs are important drivers of job creation and innovation in Buffalo, spearheaded by people who have a vested interest in our neighborhoods, schools and our quality of life,” said Buffalo Mayor Byron W. Brown. “With over $4.3 billion in new economic development activity underway, we continue to work hard and cooperatively with our many great partners to retain, attract and expand small business in the city. We are thrilled that the National Development Council Grow America Fund is launching the JPMorgan Chase small business lending program in Buffalo that will further contribute to our city’s entrepreneurial community.”
NDC’s Grow America Fund Buffalo lending program is open to qualified existing businesses in operation for at least three years, with between two and 500 employees. Real estate investments or development projects and financing entities are not eligible. The loans will range from $150,000 to $2.5 million, however the amount an eligible business can borrow is subject to underwriting and available cash flow.
“It is great news for local small business that the NDC Grow America fund is expanding small business lending here in Erie County,” said Erie County Executive Mark C. Poloncarz. “Small businesses are the backbone of our economy and are a vital component of our regional economic success. These businesses can now apply for a loan to build capacity, add jobs or product lines, or otherwise grow and improve their companies, which is good news for everyone in Erie County.”
In 2012, the ECIDA partnered with the NDC to create the “Grow Erie” fund.” That $4 million fund included $3 million in seed money from the EDC, combined with $1 million from the ECIDA.
That loan program, like the new infusion of “Grow America” fund, is much more flexible than traditional lending programs. The “Grow Erie” fund, which offers loans ranging from $100,000, up to $2 million, features repayment schedules of up to 25 years and lower rates than those offered by traditional banks and other financial institutions.
“This is a great new tool to assist smaller businesses looking to grow and prosper across Erie County. It’s a wonderful companion program to the Grow Erie fund,” said ECIDA President and CEO Steve Weathers.
The National Development Council’s Grow America Fund is hard at work creating opportunity for small businesses in Salinas Valley, CA. Check out the April Issue of The Salinas Valley Chamber of Commerce Business Journal to learn more about the Grow Salinas Fund- a partnership between GAF and the City of Salinas which created a $2.2 million revolving loan fund to assist eligible small businesses.
Viajes America Inc. is the first recipient of a loan from the Grow Salinas Fund, a small business lending program that provides low-interest capital to successful small businesses in Salinas that are unable to attain conventional bank lending or are held back by higher interest rates. The Grow Salinas loan fund is a partnership between the City of Salinas and the National Development Council’s small business lending arm, Grow America Fund.
Read the Full Release HERE! http://www.ci.salinas.ca.us/PressReleases/2014/20140317_NDCGrowSalinasFundClosesFirstLoan.pdf
National Development Council’s (NDC) small business lending arm, Grow America Fund, Inc. (GAF), is the recipient of a $1,347,000 award from the United States Treasury’s Community Development Financial Institutions Fund (CDFI). These funds will be used to increase GAF’s lending to healthy and growing small businesses in low-income and distressed communities served by NDC throughout the United States.
NDC’s Grow America Fund was one of 191 organizations selected from over 400 applicants to receive allocations totaling $150 million by the CDFI Fund. To date, GAF has been the recipient of more than $5 million in CDFI Financial Assistance awards.
“The CDFI FA Award is an indispensable resource to NDC as we pursue our mission to create jobs, stimulate investment, and build the strength of the entrepreneurial and small business base in low-income communities across the United States” stated Bob Davenport, NDC President. “We feel privileged to be recognized again by the CDFI Fund and look forward to continuing our support to viable small businesses that are creating jobs and strengthening neighborhoods.”
The 2013 round of the CDFI Program provided the most awards in the program’s history, funding a range of institutions including credit unions, depository institutions, loan funds, and venture capital funds. Since its creation, the CDFI Fund has awarded over $1.8 billion to community development organizations and financial institutions.
About the CDFI Fund
Since its creation in 1994, the CDFI Fund has awarded over $1.8 billion to CDFIs, community development organizations, and financial institutions through the CDFI Program, the Bank Enterprise Award Program, the Capital Magnet Fund, the Financial Education and Counseling Pilot Program, and the Native American CDFI Assistance Program. In addition, the CDFI Fund has allocated $36.5 billion in tax credit authority to Community Development Entities through the New Markets Tax Credit Program. Learn more about the CDFI Fund and its programs at http://www.cdfifund.gov.
Yonkers, NY (February 21, 2013) – Yonkers Mayor Mike Spano will officially announce the completion of the new $14 Million Warburton Garage at a ribbon cutting ceremony on Friday February 22, 2013. The development was financed as a Public Private Partnership with $3.8 million in tax-exempt bonds, $4.0 million in municipal grants, a $2.7 million taxable mortgage and $3.5 million in New Markets Tax Credit (NMTC) equity from Solomon Hess CDE in partnership with Goldman Sachs, Yonkers Industrial Development Agency, Yonkers EDC, Hudson Valley Bank and the National Development Council (NDC).
THE GROW VALLEJO FUND ASSISTS LOCAL MANUFACTURER IN MANUFACTURER IN STRENGTHENING ITS FOUNDATION FOR FUTURE GROWTHMonday, December 17th, 2012
The Grow Vallejo Fund, an innovative economic development finance program created by the City of Vallejo, in partnership with the National Development Council (NDC), is assisting a local manufacturer in strengthening its foundation for future growth. Alamillo Rebar, a family-owned company in Vallejo that manufactures and installs reinforcing steel bars, has received $740,000 in financing from the Grow Vallejo Fund to redesign its capital structure and improve its cash flow, giving it flexibility to meet future growth opportunities. The program was created to stimulate the local economy and create jobs, making loans to eligible small businesses with capital from both the City of Vallejo and NDC, as part of NDC’s Grow America Fund (GAF). The Grow Vallejo Fund is capitalized, in part, by $200,000 from the City’s federal Community Development Block Grant program allocation.
NDC GAF Co-sponsors a Green Business Symposium in Morgan Hill on November 8 from 8 AM to 10 AM at the Community and Cultural Center located at 17000 Monterey Road. Businesses will learn how to save money by going green and how to become a Green Certified Business. Businesses will have an opportunity to network and hear from industry experts who will discuss new products, rebates and resources. Event partners include PG&E, the Santa Clara County Water District, Recology, the Grow Morgan Hill Fund and the Opportunity Fund. Register for the event at www.morgan-hill.ca.gov/gogreen or contact Edith Ramirez at 408-310-4633 or email@example.com.
Innovative EDGE Impact Fund Promises to Create Much-Needed Jobs
Memphis and Shelby County have a powerful new tool designed to create jobs and improve the local economy. The EDGE Impact Fund, just approved by the Economic Development Growth Engine (EDGE) Board, will pump $500,000 into a new loan fund for expanding small and medium-sized businesses. Leverage will turn the initial capitalization into a pool of $3.0 million for loans available to businesses in underserved areas. NDC, through its Grow America Fund, will administer the EDGE Impact Fund and get good financing to expanding small businesses that are creating jobs. This is just the latest initiative in the City’s and NDC’s over two-decade partnership that has seen the design of programs and financing of projects that benefit the area’s low and moderate-income people.
San Bernardino, CA – After two years of research and development on a project that would take his company and with it, the animatronics industry, to a new level, Garner Holt, president of Garner Holt Productions (GHP) in San Bernardino, California, was ready for a working capital loan. He approached the City of San Bernardino for financing.
Since 1999, the City of San Bernardino (where NDC has provided technical assistance since 1986) has been a participant in NDC’s Grow America Fund (GAF) through its Grow San Bernardino Fund, and Holt was referred to NDC Field Director Scott Rodde for his loan. (more…)
Auburn, NY – - Talic, Inc., a manufacturer of storage and display systems for kayaks, canoes and rowing shells, celebrated the move of its operations to Auburn with a ribbon-cutting ceremony today, at their headquarters on 7 Bellnier Lane. Owners Tim and Jeanne Tucker were joined in the celebration by Auburn Mayor Michael Quill, Cayuga County Chamber of Commerce President Andrew Fish, Robert Sweet of the Grow America Fund and other well-wishers. (more…)
Through a partnership with NDC’s Grow America Fund (GAF), the City of Santa Cruz, CA has created the Grow Santa Cruz Fund to provide critically-needed funds to its small businesses. Like all GAF loan funds, the Grow Santa Cruz Fund will leverage at least three times the City’s initial investment, making over $1 million available to support local businesses and job creation. Read local press coverage in the Silicon Valley/San Jose Business Journal.
For Immediate Release
MAYOR BOOKER AND BRICK CITY DEVELOPMENT CORPORATION CUT THE RIBBON ON DENTAL KIDZ, A NEW PEDIATRIC DENTISTRY IN DOWNTOWN NEWARK
Local husband and wife team open 8,000 square foot state-of-the-art pediatric dentistry and orthodontic practice; $710,000 project financed by the Grow Newark Fund
Newark, NJ – October 13, 2009 – Mayor Cory A. Booker was joined today by Deputy Mayor for Economic Development Stefan Pryor, Brick City Development Corporation Executive Vice President Darryl Godfrey, Grow America Fund (GAF) President Pat Thomson and Loan Officer Charlie Giuliano, and Christopher and Dr. Lezli Harvell, Newark residents and BCDC Grow Newark Fund Recipients, to mark the opening of Dental Kidz, a new pediatric dentistry and orthodontic practice at 24 Commerce Street, in the City of Newark’s downtown district. GAF, NDC’s small business lending program is partnering with Brick City Development Corporation to make credit available to qualified small businesses in Newark. (more…)
Pat Thomson, President of NDC’s small business lending company, Grow America Fund (GAF), was part of a panel of experts for the recent webinar, “SBA Lending Programs and the American Recovery and Reinvestment Act of 2009.” Thomson’s presentation, “Small Business Lending in the New Environment,” described GAF’s business model and provided lenders with advice on identifying lending partners and surviving the current credit environment.
The Tile Studio, an authorized dealer of fine American and European art tiles, opened its doors in April of 2003. Since then, owner Frank DiMercurio has turned his fledgling business into the premier source for high quality tiles for retail and wholesale clients from the Monterey Peninsula and beyond. A third generation tile installer with long-term relationships in the tile and construction industries, Mr. DiMercurio leveraged his skills and network of contacts so well that in just six years The Tile Studio had outgrown its 1,200 square foot retail space. With tiles displayed on every surface, and additional tiles kept in storage, it was clear The Tile Studio needed a new home. (more…)