Ascendus Recap on 2021 Program Numbers

NEW YORK – February 14^th, 2022 – In 2021 Ascendus made great strides in disbursing loan capital and support to small businesses nationwide. In total, they supported 10,590 small businesses and disbursed almost $42 million in loan capital. Through this, 2,138 individuals were able to receive direct access to funds that would help them move past the negative impacts of the COVID-19 pandemic. These numbers are double the impact of their work in 2020, and magnitudes above their pre-pandemic lending which tops at $15 million.

A highlight on their program numbers:

• Through the SBA’s Paycheck Protection Program (PPP) they disbursed $26.3 million in loans to 1.690 small businesses nationwide.
• Through regional SPV programs they delivered $13.4 million to 348 small businesses.
• Through the New York Forward Loan Fund, they delivered $6.1 million to 161 small businesses.
• Through the Southern Opportunity and Resilience program they delivered $3.1 million to 79 small businesses.
• Through the Washington Flex Fund, they delivered $2.3 million to 33 small businesses.

In 2021 Ascendus expanded their reach through creating their own programs through support from the Wells Fargo Foundation’s Open for Business Program and the Massachusetts Growth Capital Corporation. In partnership with the Restaurant Worker’s Community Foundation, they created the Restaurant Futures Loan Fund. Through this fund they were able to deliver $775,000 in zero-interest loans to 19 small businesses. They also launched their first ever revolving line of credit to provide flexibility on borrowing and repayment schedules.

Critically, this growth did not come at the expense of their mission and focus on under-resourced communities. 81% of their clients in 2021 were entrepreneurs of color, 66% were Black or Latinx, 63% were immigrants, and 45% were women.

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About Ascendus

Ascendus believes in the bold vision of achieving financial ascension for all. Our mission is to empower low-to-moderate income business owners with access to capital and financial education. For over 30 years, we’ve provided small business owners – primarily BIPOC, women and immigrants – with the tools to move up, improve their lives, care for their families, and contribute to their communities. Since our inception, we’ve dispersed over $255 million in capital to over 25,300 small business owners. For more information, visit https://www.ascendus.org/.