Anne-Marie Saint-John, Alva, Long Island City, NY >
Ascendus Annual Lending Goal Achieved in Six Months
In June, we will have achieved our annual lending goal of disbursing $20 million in only six months. How was it achieved? In short, the answer is the use of special purpose vehicle (SPV) programs created during the pandemic and implementing collaboration with other mission-based organizations. These SPVs, including The Southern Opportunity and Resilience Fund (which covers 15 states) and the Small Business Flex Fund (in Washington state) provide a low cost, standardized offer that has increased our average loan size by 6x and has doubled the pre-pandemic productivity of our team. This month’s Credit Lines highlights a client story from each program and sends a reminder that unleashing liquidity can create greater mission scale. We are working with others to replicate these programs in additional states and look forward to setting a new high standard for lending in 2022.
Yours in scaling the mission,
Ascendus Allocated $15MM for The SOAR Fund
Ascendus has been allocated $15 million towards the Southern Opportunity and Resilience Fund to help small businesses recover from the effects of COVID-19. Sayblee of Sayblee Products is one of the recipients of the SOAR fund from Ascendus. During the pandemic, Sayblee was at a loss when her main source of sales, the farmers market, closed. She knew she had to transition to online sales and turned to Ascendus for help in securing a loan for creating a competitive online presence. Because of her loan, she was able to successfully create a new client base and keep her business running.
The City of Seattle Helps Ascendus Clients Pay Off Loans
The new Capital Access Program from The City of Seattle Office of Economic Development will lower the cost of Washington State Small Business Flex Fund loans for eligible small businesses. So far, the program has paid down 25% of the loan principal for 27 Ascendus clients who have received the Small Business Flex Fund. Alisha Weiss from Skyhawk Press is one of our Small Business Flex Fund recipients. She received the fund through Ascendus to help keep her business running during the onset of the COVID-19 pandemic.
Ascendus is part of The Miami-Dade Small Business Resource Navigator Program, a South Florida collaborative led by the Florida SBDC at FIU. The multi-organization partnership focuses on small businesses, including microbusinesses with fewer than 10 employees, owned by women, veterans, and socially and economically disadvantaged individuals. Through the program, Maria was able to find Ascendus. Maria wanted to keep up with the growing demand of her products and bring a taste Spain, her home country, to the USA. Ascendus was able to provide Maria with a loan for purchasing a warehouse and expanding her small business, Mariana Foods.
Thank you to our recent sponsors: