Updates

We’ve Lowered Interest Rates for Loans Under $50,000

We’re proud to announce that Excelsior Growth Fund can now offer loans up to $50,000 at a reduced interest rate of just 9.125% through the SBA Microloan program! EGF is now the only lender in New Jersey, New York, and Pennsylvania that offers the SBA Microloan program through a digital process, with loans approved in just two business days and fully funded within five days. EGF has been allocated $3.25 million in SBA microloan funds and has already been leveraging the program to support [...]

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We’re Celebrating Our $25 Million Milestone in Community Lending

We’re pleased to announce that Excelsior Growth Fund (EGF) recently topped $25 million in community business lending through our SmartLoan™ and ImpactLoan™ products. More than 300 business owners have received affordable and responsible capital through our rapid approval process, designed to streamline access to alternative capital when bank financing is not possible. This achievement has been fueled by explosive growth this fiscal year. Since October 1, 2017, EGF has provided [...]

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Ready to Refinance: A Closer Look at the EGF SmartLoan

For small businesses, unaffordable debt can be debilitating. At best, owners struggle with tight cash flow. At worst, they become trapped in a debt cycle that’s virtually impossible to break.  Because of this, nearly a quarter of small businesses that apply for funding today do so to refinance debt.* This debt is frequently incurred from credit cards, predatory online loans, or simply conventional loans at higher rates than the borrower would qualify for today. NYBDC has historically [...]

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Bank of America Launches $20 Million Lending Program for U.S. Military Veteran Entrepreneurs

Today, Bank of America announced a $20 million Veteran Entrepreneur Lending Program to connect U.S. military veteran business owners with affordable and responsible capital to help start and grow their businesses. Excelsior Growth Fund, along with four other Community Development Financial Institutions (CDFIs) in seven U.S. states, will administer the loans and offer an interest rate reduction on loans for qualifying borrowers. Prior to receiving funding, borrowers will have the opportunity to [...]

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Working with CDFIs Can Help You Reach More Small Businesses

Conventional banks and Community Development Financial Institutions (CDFIs) work best when working together. By doing so, we create significant and measurable ripples of success that strengthen our organizations, the clients we assist and the communities we serve. Excelsior Growth Fund (EGF) has worked with many bankers to create win-win situations for them and their clients in New Jersey, New York and Pennsylvania. In this article, we take a closer look at the positive impact of partnerships [...]

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