Excelsior Growth Fund Launches Online Lending Platform
Nonprofit Lender Provides Affordable Capital to Small Businesses through a Simple and Fast Online Portal
(NEW YORK) Excelsior Growth Fund (EGF), a nonprofit Community Development Financial Institution formed by New York Business Development Corporation (NYBDC) to address underserved markets and to implement targeted programs that address the needs of low-income and otherwise underserved small business owners, has created an online lending platform for small business owners.
Designed by EGF partner Mirador, the platform is customized to EGF's credit criteria and the entire application process is completed online at www.excelsiorgrowthfund.org. The signature loan product, the EGF SmartLoan™, provides flexible financing of up to $100,000 for working capital, machinery and equipment, or other uses. Applicants can pre-qualify within minutes. Completed applications can typically be approved within 24 hours and loans can be funded within one week. The new online loan application will be of particular interest to small businesses that prefer fast access to capital, but with lower payments and more attractive terms than many alternatives provide.
"Qualified small business owners can now apply for capital 24 hours a day, 365 days a year, and as a Community Development Financial Institution, we have a mission to support neighborhood businesses and provide capital quickly and at attractive terms. This new online lending platform, combined with EGF's growing suite of advisory services, will help these businesses secure the capital they need to create jobs and grow their business," said Steve Cohen, president of Excelsior Growth Fund.
"Small businesses, especially those that get turned down for traditional loans, are easy prey for predatory lenders. Yet they represent the future of our economy. We’ve got to draw the battle lines—as mission-driven lenders we must step up to help small businesses avoid these predators before it's too late. OFN applauds Excelsior Growth Fund for introducing this new online platform dedicated to responsible lending," said Mark Pinsky, president and CEO, Opportunity Finance Network, the nation's leading network of private financial institutions serving as community development financial institutions (CDFIs).
"Currently, online lending can be an extremely expensive proposition. While online lending offers small business owners a great deal of convenience, we are constantly working through our centers to educate the business community about accessing the best products. Having a trusted organization like Excelsior Growth Fund offering a fast and reasonable online loan product will be a truly responsible credit option for our small business clients," said Jim King, director of the New York State Small Business Development Center Network (NYS SBDC). NYS SBDC provides management and technical assistance to start-up and existing businesses across the state. The network is administered by State University of New York and funded by the U.S. Small Business Administration, the State of New York, and host campuses.
EGF's bank and community partners can also improve services to their clients by providing access to alternative financing solutions for small businesses not yet eligible for traditional financing. Partners will be able to provide customized access and links to the portal to their clients.
"The industry is changing," said Cohen. "More and more businesses want easy access to capital online and this innovative platform offers an affordable, credible, safe and convenient option for small businesses throughout New York State."
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About Excelsior Growth Fund
Excelsior Growth Fund (EGF) promotes economic development and job creation in New York State by providing streamlined access to small business loans and business advisory services. EGF 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 mission of Excelsior Growth Fund is to help businesses grow. EGF provides innovative financial solutions and business advisory services to underserved small businesses and markets in New York State. The signature EGF SmartLoan™ product is available through a secure online portal and has a maximum loan amount is $100,000. EGF and its affiliates offer a number of other lending products for businesses seeking higher loan amounts.