Minneapolis, MN (PRWEB) March 11, 2015
Community Reinvestment Fund, USA (CRF), a Minneapolis-based national non-profit and Community Development Financial Institution (CDFI), has reached a key milestone, closing $100 million in SBA 7(a) small business loans. CRF has been providing SBA 7(a) loans to small businesses for a little more than three years and is already one of the top 90 SBA 7(a) lenders in the country and an SBA 7(a) Preferred Lender. The SBA has also given CRF’s SBA 7(a) loan operations and loan portfolio a risk rating of 1, signifying the lowest potential risk to the SBA.
“As a non-profit lender, CRF is committed to providing capital to underserved small business owners who face challenges securing financing from traditional lenders,” said Frank Altman, President and CEO of CRF. “With our highly skilled, passionate team and the power of our proprietary loan origination platform, we have been able to assist more than 200 business in 33 states. I am proud of the impact we have been able to generate.”
Impact from $100 million:
- 3,617 jobs created and retained
- 73 businesses located in low-income communities
- 62 minority-owned businesses
- 40 women-owned businesses
- 29 immigrant-owned businesses
“We were turned down by seven banks and close to throwing in the towel,” says James McGreehan, a US Army veteran and co-owner of the Dog Stop Monroeville. “CRF helped us accomplish our version of the American dream and we just can’t say thank you enough.”
Under CRF’s SBA 7(a) program, small businesses can borrow from $50,000 to $4 million for permanent working capital, refinancing existing debt, business equipment, real-estate and leasehold improvements.
About CRF: CRF’s mission is to improve the lives of disadvantaged people and strengthen distressed communities through innovative finance. A national leader in bringing capital to underserved areas, CRF has injected more than $1.5 billion into low-income and economically disadvantaged communities in 46 states to help stimulate job creation and economic development, provide affordable housing, and support community facilities. CRF is one of 14 non-bank SBA 7(a) lenders.