Excelsior Growth Fund in the News - Pace University
Excelsior Growth Fund (EGF) was recently featured at a conference hosted by the Small Business Administration (SBA) and Pace University’s Small Business Development Center. The conference sought to provide information and resources to small businesses that are overlooked by mainstream banks for accessing funds. Excelsior Growth Fund was one of six Community Development Financial Institutions (CDFIs) present at the conference, each sharing in their mission of providing financial services and support to underserved small business owners.
Bryan Doxford of Excelsior Growth Fund offered valuable insight on how small business owners can prepare themselves to obtain a loan. He says there are three questions they must answer when applying: “What, why, and how. Exactly what do you need the money for; why do you want this specific amount; and how are you going to pay it back. There’s a big difference between ‘I think I need this much’ and ‘I need this amount’.” With 1.6 million small businesses and 5 million small business employees in the SBA’s New York District, alternative lenders have a huge impact on the success and financial strength of this community, and allow them to create even more jobs.
Doxford also gave the audience an example of a business that received financial assistance from Excelsior Growth Fund. They had acquired high cost debt through an online lender, but with the help of EGF, they ended up with lower monthly payments and lower interest rates. If you’re interested in receiving benefits like these, explore our small business loans or contact us for more information.
About Excelsior Growth Fund
At Excelsior Growth Fund (EGF), our mission is to help New York businesses grow by providing small business loans and advisory services. As a nonprofit organization and a U.S. Treasury-certified Community Development Financial Institution (CDFI), we’re a responsible lender you can trust.
We understand that many small businesses can have difficulty getting traditional bank financing and EGF can help. Our products are affordable and flexible, and our advisory services can help you reach your business goals. Our signature product, the EGF SmartLoan™, provides up to $100,000 through a streamlined online platform.