Renaissance Economic Development Corporation (REDC) is a 501(c)(3) nonprofit organization and a U.S. Treasury-certified Community Development Financial Institution. REDC’s mission is to transform low-to-moderate income and immigrant communities in New York City by providing low-interest small business loans, training and counseling services. Renaissance was founded more than 20 years ago by Asian Americans for Equality, one of this country’s leading community development nonprofits. As an organization deeply rooted in the neighborhoods it serves, REDC works hand-in-hand with local business owners to ensure their long-term success. REDC maintains offices in Manhattan’s Chinatown/Lower East Side; Flushing and Jackson Heights Queens. Services are available in English, Chinese, Korean and Spanish. REDC is a Small Business Administration-approved microlender and Community Advantage lender.
REDC is the U.S. Small Business Administration’s #5 microloan intermediary nationwide (in total dollars dispersed)
REDC has dispersed more than $50 million in loans to over 1,200 small businesses
REDC has helped create and retain 5,000 jobs
REDC is the U.S. Small Business Administration’s #5 microloan intermediary nationwide (in total dollars dispersed). To date, REDC has made over $50 million in loans to over 1,200 small businesses and provided financial literacy services and comprehensive technical assistance to more than 10,000 entrepreneurs, resulting in the creation and retention of 5,000 jobs. Nearly 78% of REDC’s clients are low-income; more than 82% are minority entrepreneurs, and 42% women entrepreneurs.
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Renaissance Economic Development Corporation was founded in 1997 by Asian Americans for Equality to help immigrant and low-income communities in New York City access desperately needed capital for small business creation. REDC served a critical role in the aftermath of the September 11th terrorist attacks, establishing emergency loan funds and leading a comprehensive neighborhood planning initiative. Renaissance has frequently served as a “first responder” in times of crisis, during such disasters as Hurricane Sandy and a devastating 2015 explosion on Second Avenue in Manhattan’s East Village. Today, the organization is increasingly focused on expanding economic opportunity in emerging communities across the five boroughs.