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Posts Tagged ‘Grow America Fund’

Local Buffalo Manufacturing Company Celebrates Re-Opening with a Ribbon Cutting Event

Thursday, July 17th, 2014

Congratulations to GAF Borrower Niagara Lubricant! Today they celebrated a ribbon cutting to their new facility.  (ABC 7 News)

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 Grow America Fund Recertified as a CDFI

Thursday, May 22nd, 2014

Color_Certified_CDFI_Logo

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 County

Tuesday, 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.

GROW AMERICA FUND = MONEY FOR SALINAS BUSINESSES

Friday, April 4th, 2014

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.

 

April Issue of Salinas Business Journal

City of Salinas and NDC’s Grow America Fund Close Their First Loan

Tuesday, March 18th, 2014

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

NDC GROW AMERICA FUND RECIPIENT OF CDFI FINANCIAL ASSISTANCE AWARD

Tuesday, October 8th, 2013

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 MAYOR MIKE SPANO TO CUT RIBBON AT WARBURTON GARAGE

Thursday, February 21st, 2013

From Right: Gary Pertlow- Assembly Person, Mayor Mike Spano, Dan Marsh- NDC, Chuck Lesnick- City Council President, Joe Cotter- National Resources, Shelly Mayer- Assembly Person

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).
(more…)

THE GROW VALLEJO FUND ASSISTS LOCAL MANUFACTURER IN MANUFACTURER IN STRENGTHENING ITS FOUNDATION FOR FUTURE GROWTH

Monday, 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.

Read more: http://www.sfgate.com/business/prweb/article/City-of-Vallejo-Assists-Local-Manufacturer-4074656.php#ixzz2DeSeQl74

City of Vallejo Assists Local Manufacturer

GREEN BUSINESS PRACTICES PROMOTED BY NDC GROW AMERICA FUND AND THE CITY OF MORGAN HILL, CA

Monday, December 17th, 2012

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 edith.ramirez@morganhill.ca.gov.

MEMPHIS AND NDC GIVE LOCAL SMALL BUSINESSES THE “EDGE”

Friday, March 23rd, 2012

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.

Read More about the EDGE Impact Fund

GAF Borrower is Animatronics Innovator

Wednesday, April 28th, 2010

Garner Holt with one of his creations.

Garner Holt with his Yeti.

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 Welcomes New Business “Home” to Auburn

Monday, April 12th, 2010
Photo courtesy of Sam Tenney / The Citizen

Photo courtesy of Sam Tenney / The Citizen.

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…)

Santa Cruz Puts Dollars – and People – to Work

Friday, April 2nd, 2010

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.

GAF Helps Bring Dentistry to Kids in Downtown Newark (Don’t Worry Kids, You’ll Love It!)

Wednesday, October 14th, 2009

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

Ribbon Cutting Ceremony at Dental Kidz

Ribbon Cutting Ceremony at Dental Kidz

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…)

GAF’s Thomson Presents for OCC and SBA Webinar: “Small Business Lending in the New Environment”

Tuesday, September 29th, 2009
Pat Thomson

Pat Thomson

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.

(more…)

The Tile Studio in Seaside, CA Gets Money to Grow On from the New Grow Seaside Fund

Wednesday, July 29th, 2009

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…)

NDC In the News

Wednesday, July 22nd, 2009

NDC Grow America Fund borrower Stadium Thriftway in Tacoma, WA plans expansion and captures local media attention.  Read The News Tribune story.

GAF Partners With The Seattle Foundation To Create Revolving Loan Fund In Seattle & King County

Friday, July 10th, 2009

A new, $8 million revolving loan fund for small businesses in Seattle and King County will be launched this month by NDC’s Grow America Fund (GAF) together with the City of Seattle, King County and the Seattle Foundation.  GAF is NDC’s Small Business Lending Company, partnering with client communities throughout the U.S. to provide credit to small businesses.

(more…)

GAF Provides Financing For Vital Health Services In Long Beach, CA

Tuesday, July 7th, 2009

Across the country, NDC’s community partners know all too well that the “credit crunch” is not simply a Wall Street story, not just a Fortune 500 story.  They know that it is even more acutely a Main Street story, hurting small businesses who need credit for their daily operations or for their growth and expansion.

But Long Beach, California, is not idly standing by as a lack of credit threatens the potential of the city’s small businesses to survive and prosper.  The Grow Long Beach Fund, part of NDC’s Grow America Fund (GAF), has been in operation for more than twelve years, lending nearly $7 million to 21 businesses that have created 200 jobs.  But it has never been more important to the Long Beach economy.

(more…)

NDC Is Lending to Small Businesses and Speaking Out About It

Wednesday, March 25th, 2009
eagle-precision

Eagle Precision Products in Cuyahoga County, OH continues to prosper with a small business loan from NDC.

Despite the contracting credit markets and the decline in small business lending, NDC’s small business lending division, Grow America Fund (GAF), is busier than ever, speaking out about the need for increased measures to support small business lending and  making loans to small businesses throughout the country. During the first quarter of the year, GAF closed small business loans in New York City, Seattle and Cuyahoga County with a diverse subset of businesses. (more…)

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