GROW AMERICA FUND INC
Programs
Program 1 [2020]
GAF PROVIDES LONGER TERM, LOWER INTEREST RATE SMALL BUSINESS LOANS THAT ENABLE SMALL BUSINESSES TO CREATE JOBS, STIMULATE INVESTMENT, AND EXPAND THE ENTREPRENEURIAL AND SMALL BUSINESS BASE IN LOW-INCOME COMMUNITIES. GAF HAS ASSISTED MORE THAN 3,200 SMALL BUSINESSES OWNED BY INDIVIDUALS PREVIOUSLY LACKING ACCESS TO APPROPRIATELY STRUCTURED FINANCING. SEVENTY-ONE PERCENT OF OUR LOANS HAVE BEEN MADE IN CDFI-ELIGIBLE CENSUS TRACTS OR TO MINORITY BORROWERS. GAF NOT ONLY PROVIDES LOANS WITH FAVORABLE BELOW MARKET TERMS BUT ALSO PROVIDES INDIVIDUAL BUSINESS COUNSELING AT APPLICATION AND CONTINUING THROUGH THE ENTIRE TERM OF THE LOAN. LOANS MADE THROUGH THIS PROGRAM TOTAL OVER $462 MILLION. IN 2020, GAF VOLUME INCREASED AS A RESULT OF ITS LENDING ACTIVITY UNDER THE PAYCHECK PROTECTION PROGRAM (PPP). GAF PROVIDED $130 PLUS MILLION TO BORROWERS NATION-WIDE. LOANS WERE MADE TO BOTH FOR PROFIT AND NONPROFIT BORROWERS. OVER 60% OF THE BORROWERS WERE EITHER MINORITY OR LOCATED WITHIN A CDFI ELIGIBLE CENSUS TRACT. LOANS OTHER THAN PPP ARE STRUCTURED TO FIT THE FINANCING NEEDS OF THE INDIVIDUAL BUSINESS AND CARRY BELOW MARKET RATES AND TERMS. TO ASSIST THE BORROWER, GAF CAPS CLOSING COSTS AND PROVIDES BUSINESS COUNSELING AT NO COST TO THE SMALL BUSINESSES. GAF LENDS IN DISTRESSED COMMUNITIES IN AN ELEVEN-STATE MARKET WHERE THE POVERTY LEVEL IS DOUBLE THE NATIONAL AVERAGE. ADDITIONALLY, GAF OPERATES ITS SMALL BUSINESS-LENDING PROGRAM IN FIVE OF THE TEN MOST DISTRESSED CITIES IN AMERICA. CLEVELAND OHIO, BUFFALO NEW YORK, NEWARK NEW JERSEY, CINCINNATI OHIO, AND SAN BERNARDINO CALIFORNIA, HAVE DISTRESS RATINGS RANGING FROM 93.6 TO 99.9 OUT OF 100 ACCORDING TO THE ECONOMIC INNOVATION GROUP DISTRESSED COMMUNITY INDEX. BUSINESSES RECEIVING FINANCING FROM GAF HAVE CREATED AND/OR RETAINED OVER 42,000 JOBS, AND 30,250 OF THOSE JOBS ARE CONSIDERED FILLED BY LOW AND MODERATE-INCOME INDIVIDUALS. OVER THE PAST SEVERAL YEARS, GAF HAS RECEIVED NATIONAL RECOGNITION FROM A VARIETY OF INSTITUTIONS:- THE U.S. SMALL BUSINESS ADMINISTRATION HAS ACKNOWLEDGED GAF AS A MISSION-BASED LENDER FOR CARRYING OUT OUR MISSION TO MAKE CREDIT AVAILABLE TO DISADVANTAGED BUSINESSES AND HELPING THOSE BUSINESSES TO SUCCEED THROUGH OUR TECHNICAL ASSISTANCE. GAF IS AN SBA PREFERRED LENDER. - IN RECOGNITION OF OUR WORK, THE CDFI FUND AWARDED OUR LOAN FUND MORE THAN $10 MILLION IN COMMUNITY FACILITY GRANTS TO CARRY OUT OUR MISSION.- IN THE EARLY 2000'S JPMORGAN CHASE MADE A $7 MILLION GRANT TO A CONSORTIUM OF SMALL BUSINESS LENDERS WORKING WITH DISADVANTAGED BUSINESSES IN LOW-INCOME COMMUNITIES IN CHASE'S COMMUNITY REINVESTMENT AREAS. GAF IS A MEMBER OF THE LENDING CONSORTIUM AND RECEIVED $2.3 MILLION OF THE $7 MILLION GRANT.- JP MORGAN CHASE, PNC BANK AND DISCOVER BANK SUPPORT OUR EFFORTS BY MAKING VERY LOW INTEREST LOANS AND GRANTS AVAILABLE TO US TO CARRY OUT OUR MISSION IN LOW-INCOME COMMUNITIES AND WITH DISADVANTAGED BUSINESSES.- THE LONGWOOD FOUNDATION, BALLMER GROUP, GREATER TACOMA COMMUNITY FOUNDATION, INHERENT FOUNDATION AND THE SEATTLE FOUNDATION HAVE MADE GRANTS AND PROGRAM RELATED INVESTMENTS (PRIS) AND GRANTS TO OUR SMALL BUSINESS LOAN FUND TOTALING MORE THAN $6.5 MILLION. BELOW ARE EXAMPLES OF DISADVANTAGED BUSINESSES THAT GAF'S SMALL BUSINESS LOAN FUND HAS RECENTLY ASSISTED:INTERIOR INNOVATIONS: INTERIOR INNOVATIONS (CUEVA CONTRACT) IS A RETAILER OF OFFICE FURNITURE. THE COMPANY SELLS COMMERCIAL FURNITURE DIRECT TO CONSUMERAND SERVICES A SERIES OF NEW YORK STATE AGENCIES WITH THEIR OFFICE DESIGN AND FURNITURE NEEDS. FOR YEARS INTERIOR INNOVATIONS OPERATED FROM UTICA, NY, BUT SOUGHT TO PURCHASE THEIR OWN FACILITY TO STORE LARGE INVENTORY AND CREATE A SHOWROOM. AFTER CAREFUL EXPLORATION OF THE LOCAL MARKET, THE SBC WAS ABLE TO IDENTIFY A 35,000 SQUARE FOOT SPACE IN SYRACUSE, NY THAT PROVIDES AMPLE SPACE FOR THE COMPANY TO GROW, WITH A LOADING DOCK, ELEVATOR, AND OTHER UNIQUE FEATURES. THE NEW FACILITY ALLOWS INTERIOR INNOVATIONS OFFICE SPACE, A SHOWROOM AND STORAGE.GAF WAS ABLE TO PROVIDE A $660,000 LOAN WITH A LOW RATE OVER A 25-YEAR TERM ENABLING INTERIOR INNOVATIONS TO ACQUIRE THE SYRACUSE PROPERTY. HARNESS CYCLE: WOMAN OWNED HARNESS CYCLE, LOCATED IN CLEVELAND, OH WAS FORMED IN 2012 AS A BEAT-DRIVEN CYCLE STUDIO OFFERING EXERCISE FOR MIND AND BODY. GAF PROVIDED A LOAN OF $205,000 TO REFINANCE DEBT SAVING THE COMPANY OVER $9,300 A MONTH IN DEBT PAYMENTS AND PROVIDE PERMANENT WORKING CAPITAL. ORION SYSTEMS INTEGRATION, INC.: ORION SYSTEMS INTEGRATION, INC. WAS ESTABLISHED IN 2006 AS AN IT CONSULTING FIRM BASED OUT OF PEMBROKE PINES, FLORIDA. THE COMPANY PROVIDES OUTSOURCED INFORMATION TECHNOLOGY (IT) SOLUTIONS TO SMALL AND MID-SIZE BUSINESSES THAT DO NOT HAVE OR CANNOT AFFORD AN IN-HOUSE IT STAFF.DURING THE PANDEMIC GAF PROVIDED A $25,870 PPP LOAN. ONCE THE ECONOMY SHIFTED TO RECOVERY GAF MADE A $108,000 7A LOAN TO ASSIST THE SBC IN ACQUIRING A COMMERCIAL SPACE.AFRICAN AND CARIBBEAN MARKET: AFRICAN & CARIBBEAN CENTRAL MARKET (ACCM) IS AN AFRICAN MARKET LOCATED IN SYRACUSE, NY AND WAS FOUNDED IN 2008. THE WBE WAS FOUNDED BY AN IMMIGRANT FROM GHANA WHO RELOCATED TO UPSTATE NY WHERE THERE IS A LARGE POPULATION OF WEST AFRICAN IMMIGRANTS. REALIZING A NEED, THE SBC PROVIDES BOTH HOT FOODS AND FOOD STAPLES NATIVE TO GHANA AND OTHER WEST AFRICAN COUNTRIES.GAF PROVIDED A $325,000 LOAN TO ACQUIRE A 12,300 SQUARE FOOT BUILDING TO OPERATE THE SBC IN DOWNTOWN SYRACUSE. COLOR RIN INC.: COLOR RIN INC., LOCATED IN VERNON, CA, IS A WHOLESALE APPAREL MANUFACTURER WITH SPECIALTY IN COLOR DEVELOPMENT AND FABRIC DYEING. THE BUSINESS WAS ESTABLISHED IN JANUARY 2016 AS A MINORITY OWNED BUSINESS, AND 100% OWNED BY ITS FOUNDER MR. YOUNG H. LEE. SINCE ITS INCEPTION, THE COMPANY HAS EMERGED AS AN INDUSTRY LEADER IN THE SOUTHERN CALIFORNIA GARMENT DYEING INDUSTRY, PROVIDING ITS EXPERTISE IN THE AREAS OF DYEING, TEXTILE, AND FABRIC SERVICES.GAF PROVIDED A LOAN OF $325,000 TO FUND PERMANENT WORKING CAPITAL. WIREBIDS: FORMED IN 2011, WIREBIDS LLC IS AN ONLINE AUCTION PLATFORM FOR COMMERCIAL PRINTERS, BOOKBINDERS, AND OTHER RELATED TRADES WHO WISH TO DISPOSE OF OR ACQUIRE EQUIPMENT FOR THEIR OPERATIONS. IT DEVELOPS AND MAINTAINS ITS OWN SOFTWARE, WHICH IS NOW ON ITS THIRD GENERATION. PRESENTLY, IT HAS 13,000 ACTIVE USERS AND FACILITATE SALES OF OVER $5 MILLION PER YEAR. WIREBIDS DOES NOT BUY OR SELL EQUIPMENT ITSELF IT FACILITATES SALES BY PROVIDING THE PLATFORM AND CHARGING A COMMISSION TO SELLERS OF 5%-10% OF THE SALE PRICE, WHICH THE SELLER MAY CHOOSE TO PASS ON TO THE BUYER AS A BUYER'S PREMIUM. WIREBIDS ALSO CREATES A COMBINED AUCTION EVENT ONCE A MONTH WHEREIN A SELLER OF A FEW ITEMS MAY PARTICIPATE IN A LARGER EVENT WITH SEVERAL SELLERS TO MAXIMIZE EXPOSURE AND CREATE A NETWORK EFFECT. GAF FINANCED A LOAN OF $610,000 TO PURCHASE A BUILDING TO HOUSE ITS BUSINESS. VIRTAIR: VIRTAIR INC. (VAI) WAS ESTABLISHED IN 2014 AND PROVIDES HOSPITALS AND OTHER MEDICAL CLINICS WITH THE TIMELY DELIVERY OF OXYGEN AND OXYGEN TANKS. THE COMPANY SUPPLIES TO NEW YORK CITY METROPOLITAN HOSPITALS, CLINICS, AND NURSING HOMES. GAF PROVIDED A LOAN OF $660,000 TO REFINANCE USURY DEBT AND PROVIDE THE COMPANY WITH PERMANENT WORKING CAPITAL TO FUND ITS GROWING INVENTORY.GeographiesNot indicatedDatesJan 1, 2020 – Dec 31, 2020Source990No causes providedNo populations provided–$3.6MSmall Business Development Loans
GAF PROVIDES LONGER TERM, LOWER INTEREST RATE SMALL BUSINESS LOANS THAT ENABLE SMALL BUSINESSES TO CREATE JOBS, STIMULATE INVESTMENT, AND EXPAND THE ENTREPRENEURIAL AND SMALL BUSINESS BASE IN LOW-INCOME COMMUNITIES. (CONT. ON SCHEDULE O)GeographiesNot indicatedDatesJan 1, 2024 – Dec 31, 2024Source990No causes providedNo populations provided–$3.3M
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