Overview

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Est.

1971

Latest Fiscal Year

Not available

Organization Type

Grantseeker

AI Summary

GROW AMERICA FUND INC is a nonprofit focused on urban development that works to create economic opportunity, stimulate investment, and encourage entrepreneurship in low-income communities by financing businesses and entrepreneurs that invest in disadvantaged areas and create jobs for low-income, unemployed, and under-employed individuals. In filing year 2024, it reported an operating budget of $4.1M and total revenue of $3.5M, with funding that included NATIONAL COUNCIL FOR COMMUNITY DEVELOPMENT INC, POTTAWATTAMIE COUNTY DEVELOPMENT CORPORATION, DETROIT ECONOMIC GROWTH ASSOCIATION, and NDC HOUSING & ECONOMIC DEVELOPMENT CORPORATION - GROUP RETURN; no single listed funder appears to account for 50% or more of total revenue.

Mission Statement

THE GROW AMERICA FUND, INC. ("GAF") HAS A PRIMARY MISSION TO CREATE ECONOMIC OPPORTUNITY, STIMULATE INVESTMENT, AND TO ENCOURAGE ENTREPRENEURSHIP IN LOW-INCOME COMMUNITIES BY FINANCING BUSINESSES AND ENTREPRENEURS THAT INVEST IN THOSE DISADVANTAGED COMMUNITIES, AND/OR CREATE JOBS FOR LOW-INCOME UNEMPLOYED AND UNDER-EMPLOYED INDIVIDUALS. GAF, A LICENSED U.S. SBA SMALL BUSINESS LENDING COMPANY, AND U.S. DEPARTMENT OF THE TREASURY CERTIFIED COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION, PROVIDES ACCESS TO CAPITAL FOR BUSINESS EXPANSION STRUCTURED WITH LONGER AMORTIZATION TERMS AND LOWER INTEREST RATES. THESE LENDING TERMS SERVE TO DECREASE DEBT SERVICE COSTS AND IMPROVE THE BORROWER'S OPERATING CASH FLOW, GIVING BUSINESSES A FINANCIAL ADVANTAGE THAT HELPS STRENGTHEN BOTH THE ECONOMIC BASE OF THE BUSINESS, AND THE COMMUNITY.
Revenues
$3.5M
Expenses
$4.1M
Net Income:
-$552.9K
Assets
$45.2M
Liabilities
$26M
Net Assets:
+$19.2M
Operating Budget
$4.1M
Operating Budget by Year

Due Diligence

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Charity Verification Snapshot
IRS EO Business Master File Status
Listed as tax-exempt
IRS Pub 78 Status
Eligible for tax-deductible gifts
IRS Revocation Status
Not in Automatic Revocation of Exemption List
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Total No. of Grants
2
Median grant size
$200K
Largest grant received
$200K
R
Raquel Favela
Board Member
K
Kevin Gremse
Board Member
P
Patricia Thomson
Board Member
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  • 4 funders
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  • 12 historic 990s & financials
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Frequently Asked Questions

What is GROW AMERICA FUND INC’s budget?
In 2024, GROW AMERICA FUND INC reported an annual operating budget of around $4.1 million. More detailed financial information is available to registered users.
What causes does GROW AMERICA FUND INC support?
GROW AMERICA FUND INC supports work in Urban development.
Where does GROW AMERICA FUND INC operate?
GROW AMERICA FUND INC is headquartered in Brooklyn, NY.
Who funded GROW AMERICA FUND INC recently?
In 2020, GROW AMERICA FUND INC received grants from NATIONAL COUNCIL FOR COMMUNITY DEVELOPMENT INC, NATIONAL COUNCIL FOR COMMUNITY DEVELOPMENT INC, and DETROIT ECONOMIC GROWTH ASSOCIATION. More information on this organization’s funders is available to registered users.
What is the largest grant GROW AMERICA FUND INC received in 2020?
The largest grant to GROW AMERICA FUND INC in 2020 exceeds $200 thousand.