Updates

EGF was recently featured in American Banker in an article focused on partnerships between Community Development Financial Institutions (CDFIs) and banks. The article highlights our early use of technology to streamline the application and underwriting process for alternative business loans, as well as our partnerships with banks. Read the full article to learn more about how we’re transforming the lending process for small businesses: Excelsior Growth Fund in American Banker. ### About [...]

Read More

EGF President Steven Cohen speaks on a panel during the launch event

On February 13, JPMorgan Chase announced the creation of a South Bronx Entrepreneurs of Color Fund (EOCF). Excelsior Growth Fund (EGF) and Accion East are the administrating lenders for the new fund. The fund is part of JPMorgan Chase's $150 million Small Business Forward program. Several million dollars in capital are available for lending to S. Bronx businesses. EGF and Accion will also provide advisory services and training. “We applaud JPMorgan Chase for their leadership in [...]

Read More

Benefits of Community Development Financial Institutions

Here’s a great opportunity for banks looking to better serve their small business customers: According to a survey by the Federal Reserve Banks, 61% of small businesses faced financial challenges within the last year—access to credit was named as the number one challenge for these businesses, and only 45% of small businesses were successful in securing traditional financing for their needs. While these small businesses did not qualify for conventional financing, an alternative lender [...]

Read More

Partner Success Story Bank of America

Bank partnerships are so important to the work that we do. Together, we’re working to build stronger communities by helping small business owners find financing that meets their needs and supports their goals. Here’s an example of how we recently partnered with the banking community to support a local business. Situation Mandy Yip from Bank of America in Manhattan had a Brooklyn, NY-based client that needed funding for refinancing a high-cost online loan as well as  working [...]

Read More

EGF provides Terrell Wines with $100,000 Loan

Christopher Terrell, owner of Terrell Wines, is the only full-time employee in the Brooklyn, NY location of his wholesale wine distribution business. In addition to making wine deliveries on his bike, he’s in charge of negotiating with vineyards all over the world to purchase their wines for distribution in the U.S. With a diverse portfolio of primarily European winemakers, Christopher turned his sights to a burgeoning market: wines with ancient roots produced in the country of Georgia.  [...]

Read More