The KeyBank Business Boost & Build Program, powered by JumpStart, is celebrating National Small Business Week by awarding $100,000 to Excelsior Growth Fund (EGF) and Westminster Economic Development Initiative (WEDI). With this new funding, EGF and WEDI will deepen existing partnerships and together will offer loan options from $500 to $500,000 to minority and women owned business enterprises (MWBEs) in the City of Buffalo.
“Supporting small businesses and helping them thrive is [...]
At Excelsior Growth Fund, we team up with our valued network of bank partners to serve small business owners who do not qualify for traditional financing. Every bank partner who refers a small business owner to EGF is an active contributor to the fulfillment of our mission. Together, we’re working to help businesses access the capital they need to grow today andachieve a better position for bank financing tomorrow.
We recently launched our “Banker of the Year” award to [...]
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.
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 [...]
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 [...]