Anne-Marie Saint-John, Alva, Long Island City, NY >
July 20th, 2023, New York, NY: Ascendus is one of five CDFI (Community Financial Development Institutions) selected to participate in the second iteration of the New York Forward Loan Fund. This state-sponsored program will empower New York small business owners toward success, connecting them with working capital and business support services.
Ascendus played a pivotal role as a thought leader in getting the first iteration of the New York Forward Loan Fund off the ground. This was the country’s first COVID Relief Special Purpose Vehicle Program to launch and was replicated successfully in the Southeast through the Southern Opportunity and Resilience (SOAR) Fund and in the Pacific Northwest through the Small Business Flex Fund, expanding Ascendus’s reach to these regions.
“The ability to borrow is one of the pillars of financial health. Through the New York Forward Loan Fund 2.0 program, Ascendus hopes to increase the financial health of thousands of local New York business owners by helping them collectively borrow up to $150 million in affordable capital using our time-tested personal, one-on-one approach, quick process, and flexible underwriting standards.” – Ascendus CEO, Paul Quintero.
In the first iteration of this Fund, Ascendus lent $6.1 million to 161 New York small business owners, 63% of who were minority or women led businesses. The success of the New York Forward Loan Fund helped Ascendus transform its relationship to lending, serving triple the amount of capital compared to their pre-pandemic lending.
“I paid my mortgage, my debts I had gotten throughout the pandemic, and hired new employees. Ascendus was just a wonderful company that helped me and that saw the needs in my life and in my company and I will thank them eternally for the opportunity they gave me.” Lia Di Angelo Allan, Westbury Floral Designs.
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 have dispersed $336 million in capital to 47,000 small business owners – primarily BIPOC, women, and immigrants.
About The New York Forward Loan Fund
The New York Forward Loan Fund 2 is a mission-driven, relationship-based program that is accessible anywhere in the state through a virtual platform. It empowers small businesses and nonprofits toward success, connecting them with working capital loans and business support services.