Creating Financial Ascension For All
Michael Ventura once said “There is no finish line. There are only mile markers.” We find that statement to be remarkably true when speaking about small businesses. Every day the needs of our entrepreneurs are changing, and it is our duty to meet those needs. A prime example is the COVID-19 pandemic, an unpredictable event that forced us to shed a brighter light on the unmet core needs that small business owners face. Through the pandemic, we were able to collaborate with our partners and quickly create relief and recovery programs to meet those needs. At Ascendus, there is never an end game. Every step we take is towards the goal of financial ascension for all, and the needs of “for all” are always changing. That is why we are constantly looking outwards and reflecting inwards to provide what is most necessary for small business owners in the present time. From relaunching the Childcare Initiative, providing forgivable loans, and creating programs in core geographies that need them the most, Ascendus is always aiming for ways to create sustainable, measurable impact.
Yours in innovating for impact,
Ascendus Relaunches its Childcare Provider Initiative
As part of Ascendus’s strategy to deepen impact among women of color, the Childcare Provider Initiative gives home-based providers the resources they need to support their employees and the families they serve. Access to affordable, quality childcare provides a triple bottom line to communities: children who benefit from early education; parents who benefit from participation in the workforce; and childcare providers who create jobs and income for themselves and their employees. The program originally launched in October 2018 in the Bronx and provided over $3M in capital to 300 childcare providers before being paused due to COVID-19.
Learn More About the Childcare Provider Initiative Relaunch
93% of Ascendus Payment Protection Program Loans Forgiven So Far
Since the start of the PPP, Ascendus has delivered 2,225 loans to small business with an average loan of $14,000. Of those, 2,079 were submitted for forgiveness so far and 2,069 were fully forgiven by the Small Business Administration. When forgiven, the PPP serves as an essential resource. Pictured above is Marquita, the co-owner of NHK Electrical Contractors. During COVID-19, all construction and major projects stopped for her. She turned to Ascendus and was able to receive two fully forgivable rounds of PPP funding to keep her employees on payroll and prevent them from applying for unemployment.
See How the PPP Helped Keep Marquita’s Business Alive
Ascendus Brings Relief to New Yorkers Through the NYFLF
Through the New York Forward Loan Fund, Ascendus delivered $6.1 million to 161 small businesses. The New York Forward Loan Fund served as a critical resource for many small businesses in New York. The fund focused on vulnerable populations, where 51% of loans distributed were to BIPOC owned businesses. Of those that received the funds, 20% said they would have closed permanently if not for accessing the loan fund, and 58% say their stress levels related to finances have decreased because of the loan.
Lean About Ascendus’s Full Impact in 2021
How Ascendus Client Javier Created a New Food Fusion Experience
Javier Zamora fused Latin and Japanese cuisines in his Miami based restaurant, Sushi Kong. His restaurants are a popular franchise in Venezuela, and he has a dream of becoming a recognized franchise in the USA. To accomplish this, he took out two loans with Ascendus, one to make changes to the restaurant and a SOAR loan to expand to a wider audience. “Ascendus has believed in us the most since the beginning of our relationship. I am sure that absolutely all our achievements as a company, and our franchises to come, will be hand in hand with you.”
Read Javier’s Story