Ohio’s newest CDFI makes loans to help start and grow businesses in Appalachian Ohio.
Appalachian Growth Capital (AGC) is a new CDFI that partners with local and regional banks as well as secondary lenders to support businesses in the region.
AGC can fill the gap credit loan needs between lenders and what businesses need for start-up, expansion, or balance sheet restructuring.
Funding growth can be a challenge for businesses but AGC understands that supporting business creates jobs and strengthens communities by growing the local economy. AGC’s flexible terms can help businesses that have a hard time qualifying for conventional lending.
CDFIs are 28% more likely to approve loans to companies than small banks and 71% more likely than large banks.
Numerous studies show that access to credit is one of the top issues that prevent business startups and impede small company growth.
Meeting a Need for Access to Credit
AGC started as a Loan Fund in July 2017 and has supported the following through September 2019:
- 21 client projects
- $33,416,413 in lender approved projects
- 7 for clients under $1MM in sales revenue
- 3 start-ups
- 69 retained/125 new FTE’s associated with client projects
2019 through Q3:
- 14 client projects
- $23,095,376 in lender approved projects
- 9 for clients under $1MM in sales revenue
- 1 start-up
- 163 retained/113 new FTE’s associated with client projects
To date, AGC has supported the following industries:
- Broadband: $2,000,000
- Sawmill: $500,000
- Retail: $150,000
- Meat Processing: $550,000
- Downtown Investment Real Estate: $927,000
- Tool Manufacturing: $35,000
- Metal Fabrication:$50,000
- Agriculture: $3,000,000
- Oil/Gas Service: $750,000
- Food Manufacturing:$200,000
- Servicing Company: $290,000