Excelsior Growth Fund (EGF), a nonprofit Community Development Financial Institution formed by New York Business Development Corporation (NYBDC), has created an online lending platform for small business owners.
Designed by EGF partner Mirador, the platform is customised to Excelsior credit criteria and the entire application process is completed online. Applicants can pre-qualify within minutes, and if eligible, can complete the entire loan application online. Completed applications can be approved in one business day and loans can be closed 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 neighbourhood 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,” says Steve Cohen (pictured), 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,” says 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 centres to educate the business community about accessing the best products. Having a trusted organisation like Excelsior Growth Fund offering a fast and reasonable online loan product will be a truly responsible credit option for our small business clients,” says Jim King, Director of the New York State Small Business Development Center Network (NYSSBDC). NYSSBDC provides management and technical assistance to start-up and existing businesses across the state. The New York SBDC 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 customised access and links to the portal to their clients.
“The industry is changing,” says 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.”
