The 504 Company and Affiliate Excelsior Growth Fund Win National Award for Innovation in Economic Development
(WASHINGTON, DC) The 504 Company and its nonprofit affiliate, Excelsior Growth Fund (EGF), have been awarded the National Association of Development Companies’ (NADCO) 2016 Diamond Award for Innovation in Economic Development. The award recognizes EGF’s innovative online platform that provides access to affordable and responsible business loans to businesses seeking capital from the growing online lending marketplace.
The award comes at a critical time in small business lending. In recent years, the availability of fast, high cost loans offered by online companies has increased dramatically, as has the numbers of small businesses harmed by these predatory products. The EGF SmartLoan™ was launched to ensure that small businesses have a responsible and affordable loan options to consider when seeking the ease and speed of an online process. By leveraging a best-in-class technology platform, EGF prequalifies customers instantly, approves loans in two business days, and fully funds loans up to $100,000 in under five business days. The award also recognizes EGF’s advancements in business technical assistance, as the organization ensures additional borrower success by providing one-on-one consulting services pre- and post-loan.
Pat MacKrell, CEO at EGF and The 504 Company, accepted the award at a May 23rd luncheon in Washington, DC from Maria Contreras-Sweet, U.S. Small Business Administrator and presidential cabinet member. “We are very proud that Excelsior Growth Fund’s online lending product has been recognized by NADCO as a safe, efficient and cost effective means of providing online lending solutions to businesses in communities which need it most,” said Mr. MacKrell. “Our goal, as always, is to help small businesses in these communities and across New York grow and continue to drive our economy.”
"It is impressive how adeptly The 504 Company and its affiliate identified gaps in the online lending marketplace and developed products to help small businesses that fell into those gaps. We are very pleased to showcase an organization that demonstrates both strong commitment to the small business community and innovation,” said Barbara A. Vohryzek, NADCO's CEO.
About the 504 Company and Excelsior Growth Fund
The 504 Company (www.the504company.com) is a leading provider of SBA 504 and Community Advantage loans in New Jersey, New York and Pennsylvania. Our ability to process applications fast and professionally makes us the go-to partner for SBA loans throughout the region. Affiliate Excelsior Growth Fund (www.excelsiorgrowthfund.org) promotes economic development and job creation in New York State by providing streamlined access to small business loans and business advisory services. Excelsior Growth Fund is a not-for-profit 501(c)(3) and certified by the U.S. Department of Treasury as a Community Development Financial Institution (CDFI).
The National Association of Development Companies (NADCO) is the trade association of SBA lenders including Certified Development Companies (CDCs), nonprofit companies that have been certified by the Small Business Administration (SBA) to provide financing for small businesses under the SBA 504 Program. NADCO represents nearly 240 CDCs, serving all 50 states. In 2014, the industry provided $4.2 billion to nearly 5,700 U.S. small businesses.