Grow America Fund Inc.
Grow America Fund Inc.
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About this organization
Mission
The Grow America Fund, Inc. ('GAF') has a primary mission to create economic opportunity, stimulate investment, and to encourage entrepreneurship in low-income communities by financing businesses and entrepreneurs that invest in those disadvantaged communities, and/or create jobs for low-income unemployed and under-employed individuals. GAF, a licensed U.S. SBA small business lending company, and U.S. Department of the Treasury certified community development financial institution, provides access to capital for business expansion structured with longer amortization terms and lower interest rates. These lending terms serve to decrease debt service costs and improve the borrower's operating cash flow, giving businesses a financial advantage that helps strengthen both the economic base of the business, and the community.
About
GAF provides long-term, lower interest rate small business loans that enable small businesses to create jobs, stimulate investment, and expand the entrepreneurial and small business base in low-income communities. GAF has assisted more than 610 small businesses owned by individuals previously lacking access to appropriately structured financing. Seventy-one percent of our loans have been made in CDFI-eligible census tracts or to minority borrowers. GAF not only provides loans with favorable below market terms but also provides individual business counseling at application and continuing through the entire term of the loan. Loans made through this program total over $241 million. Each loan is structured to fit the financing needs of the individual business and carry below market rates and terms. To assist the borrower, GAF caps closing costs and provides business counseling at no cost to the small businesses. GAF lends in distressed communities in a twelve state market where the poverty level is double the national average. Additionally, GAF operates its small business-lending program in five of the ten most distressed cities in America. Cleveland Ohio, Buffalo New York, Newark New Jersey, Cincinnati Ohio and San Bernardino California, have distress ratings ranging from 93.6 to 99.9 out of 100 according to the Economic Innovation Group Distressed Community Index. Businesses receiving financing from GAF have created and/or retained over 16,000 jobs, and 11,500 of those jobs are considered filled by low and moderate-income individuals. Over the past several years, GAF has received national recognition from a variety of institutions. The U.S. Small Business Administration has acknowledged GAF as a mission based lender for carrying out our mission to make credit available to disadvantaged businesses and helping those businesses to succeed through our technical assistance. GAF is a SBA preferred lender. In recognition of our work, the CDFI Fund awarded our loan fund more than $8 million in grants to carry out our mission. JPMorgan Chase made a $7 million grant to a consortium of small business lenders working with disadvantaged businesses in low income communities in Chase's community reinvestment areas. GAF is a member of the lending consortium and received $2.3 million of the $7 million grant. JP Morgan Chase, PNC Bank and Discover Bank support our efforts by making very low interest loans and grants available to us to carry out our mission in low-income communities and with disadvantaged businesses. The Longwood Foundation, Greater Tacoma Community Foundation and the Seattle Foundation have made grants and program related investments (PRIs) and grants to our small business loan fund totaling more than $4.5 million. Below are examples of disadvantaged businesses that GAF's small business loan fund has recently assisted.
Interesting data from their 2020 990 filing
The non-profit's mission, as described in the filing, is “The grow america fund, inc. ("gaf") has a primary mission to create economic opportunity, stimulate investment, and to encourage entrepreneurship in low-income communities by financing businesses and entrepreneurs that invest in those disadvantaged communities, and/or create jobs for low-income unemployed and under-employed individuals. gaf, a licensed u.s. sba small business lending company, and u.s. department of the treasury certified community development financial institution, provides access to capital for business expansion structured with longer amortization terms and lower interest rates. these lending terms serve to decrease debt service costs and improve the borrower's operating cash flow, giving businesses a financial advantage that helps strengthen both the economic base of the business, and the community.”.
When describing its duties, they were characterized as: “The grow america fund, inc. ("gaf") has a primary mission to create economic opportunity, stimulate investment, and to encourage entrepreneurship in low-income communities by financing businesses and entrepreneurs that invest in those disadvantaged communities, and/or create jobs for low-income unemployed and under-employed individuals. gaf, a licensed u.s. sba small business lending company, and u.s. department of the treasury certified community development financial institution, provides access to capital for business expansion structured with longer amortization terms and lower interest rates. these lending terms serve to decrease debt service costs and improve the borrower's operating cash flow, giving businesses a financial advantage that helps strengthen both the economic base of the business, and the community.”.
- The non-profit has complied with legal regulations by reporting their state of operation as DE.
- The filing shows that the non-profit's address as of 2020 is ONE BATTERY PARK PLAZA NO 710, NEW YORK, NY, 10004.
- As of 2020, the non-profit has reported a total of 0 employees on their form.
- Is not a private foundation.
- Expenses are greater than $1,000,000.
- Revenue is greater than $1,000,000.
- Revenue less expenses is $348,015.
- The organization has 1 independent voting members.
- The organization was formed in 1971.
- The organization pays $2,411,515 in salary, compensation, and benefits to its employees.
- The organization pays $0 in fundraising expenses.
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