Anne-Marie Saint-John, Alva, Long Island City, NY >
This is What Making History Looks Like!
They say success has many fathers, and in April, many claimed credit. Ascendus broke all historical records by lending $5.5 million in non-PPP loans, more capital in one month than ever. Five words come to mind in reflecting on how we achieved this outcome: passion, products, process, programs, and people. The work was inspired by passion, one of our core values, to ensure no client was left behind. We introduced new financial products, such as the rideshare program. We relaunched our childcare provider initiative, which accelerated the delivery of capital to women of color. We adjusted the process for existing programs to improve the efficiency of our service. We executed vital programs, such as the line of credit pilot with EOCF, and the ongoing FLEX and SOAR SPV programs to expand our reach to small businesses in need. And finally, we succeeded because of the extraordinary performance of our people, who remained dedicated to leading clients, ‘This Way Up.’ At Ascendus, we focus on four areas: (1) vision, mission, and values; (2) innovating for impact; (3) collaboration; and (4) agility. We can achieve a transformative revolution by implementing daily, evolutionary changes in these areas, as we did in April.
Yours in awe, reflection, and enthusiasm,
Ascendus Breaks Historic Lending Record in April
Last month, Ascendus lent $5.5MM to 150 small businesses nationwide. This achievement was the most dollars lent in a single month in our entire history, excluding the one-time Payment Protection Program. This record-breaking lending was made possible through many factors, including the successful launch of the rideshare loan program, the continued momentum of our line of credit pilot, and the availability of loan offers for all our core markets. We primarily focused on minority entrepreneurs and those who typically have difficulty accessing capital. This essential lending will help these small businesses rebuild, recover, and thrive.
Ascendus Partners With the EOCF to Increase Loans to Minority Entrepreneurs
Ascendus has partnered with the Entrepreneurs of Color Loan Fund, which enhances our capacity to make more affordable loans available to local Black, Latino, and other minority-led businesses. The Local Initiatives Support Corporation (LISC) leads the EOCF program with grants and loan capital from JP Morgan Chase. The program will provide $100MM to accelerate the flow of money to minority-led businesses through partnering CDFI’s.
Ascendus Supports State Stox in Helping Small Businesses Access Equity
Last week, Ascendus led the opening of a State Stox event announcing a service that will add another rung on the ladder of financial ascension. State Stox will be helping small businesses in New York access equity of as small as $3MM. This capital can be essential for accelerating and transforming the growth trajectory of small business owners. Ascendus was honored to participate in this groundbreaking event that will help lower the bar for small businesses to access equity.
Celebrate AAPI Heritage Month with Ascendus Client Eric Ly
This month, celebrate AAPI-owned small businesses by reading about Ascendus client Eric Ly. Eric initially worked as a biotechnology lab manager, but he knew it wasn’t his dream career. He wanted to work in a field that was creative and allowed him to hone his people skills. On a trip to Vietnam, Eric became inspired to open a café specializing in Asian-inspired sweets. Thus, Coco Leaf was born. During the pandemic, Eric lost about 95% of his revenue. He turned to Ascendus for help and was able to restore his business and keep his employees on payroll successfully.
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