Anne-Marie Saint-John, Alva, Long Island City, NY >
Ascendus in 2022: Mission Growth Through Innovation
NEW YORK – February 3rd, 2023 – In 2022 Ascendus supported 10,947 small businesses nationwide, providing $38.4 million in loan capital to 1,156 individuals. We more than doubled the amount of capital we made available annually pre-pandemic. Our clients supported the creation or retention of more than 3,200 jobs through these loans.
We focused our work on key affinity groups and geographical expansion:
78% of our clients were Entrepreneurs of Color
72% of our clients were low-to moderate-income
We served 438 women with $14.7 million
We served 300 clients in new or emerging markets
We launched three innovative new products to drive inclusivity:
Line of Credit: We delivered $1.3 million in capital to 115 small business owners. 100% of clients served through the program were entrepreneurs of color
Rideshare Program: We delivered $1.4 million in capital to 105 small business owners. 100% of clients served through the program were entrepreneurs of color
Get Ready Line of Credit: Through this program we will manufacture better credit outcomes for Black entrepreneurs. We launched in November and closed our first loan in January 2023
We disbursed $25.6 million to 388 small business owners in the South, New York, and Washington. This was made possible through our regional Special Purpose Vehicle programs. In Massachusetts, we served 58 entrepreneurs with $1.3 million in capital – 100% of whom were entrepreneurs of color, many of whom are Brazilian immigrants, through an in-house special purpose fund. We spearheaded a new impact framework. Our vision of financial ascension drove a new understanding of the impact of our work. We launched a new impact framework supported by our partners’ thought leadership, best-in-class technology solutions, and actionable assessment tools. This framework positions our work’s role improving financial health outcomes for our clients and their families. We told the stories of our clients. We took viewers from a nail salon and beauty bar in Flatbush, Brooklyn, NY to an ice cream manufacturer in Miami, FL, all the way up to a Café in Boston, MA in season two of Stories of Ascension. Thank you for joining us on our journey of growth, innovation, and inclusivity. This Way Up!
Ascendus has a bold vision of financial ascension for all. Our mission is to empower low-to-moderate income business owners with access to capital and financial education. Since our inception over 30 years ago, we’ve dispersed $300 million in capital to 36,000 small business owners – primarily BIPOC, women, and immigrants.
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