Renaissance Deploys $3.4 Million in Loan Capital to Support NYC Small Businesses in 2017
Renaissance Economic Development Corporation has a long-track record of helping small businesses in New York City flourish within their communities. During the past two decades, we have made more than 1200 small business loans, funneling more than $46 million into New York’s immigrant and emerging neighborhoods. Reviewing 2017, we’re looking beyond the numbers to the people Renaissance supported and to the professional relationships that were cultivated.
Take Stephen Applegate and Jason Brown of the Manhattan food company Mayhem & Stout (JBSA LLC). We first met them in 2013 as the business partners were preparing to open their first brick-and-mortar restaurant. Renaissance provided Applegate and Brown with a $50,000 loan. The restaurant, specializing in slow-braised meat sandwiches, made a successful debut, creating nine new jobs and preserving three existing positions. A second $73,000 loan the following year helped Applegate and Brown open a second location in New York City. Renaissance later provided the business with extensive technical assistance to manage expenses and consolidate debt, which had accumulated due to the company’s rapid expansion. This past summer, the firm was approved for an SBA Community Advantage loan in the amount of $250,000. The loan enabled Applegate and Brown to create 15 jobs and retain 8 positions, while also launching a new venture, Farmstand, which sells salads made from locally sourced ingredients.
Here’s a snapshot of Renaissance’s work this year through Dec. 1, 2017:
- 573 clients provided with one-on-one technical assistance.
- 86 loans approved.
- $3.4 million in loan capital deployed.
- Approximately 150 jobs created through REDC loans.
- 300 jobs retained.
- 11 viable business plans created by graduates of Entrepreneurial Assistance Program.
- 4 MWBE’s certified (Minority and Women-Owned Business Enterprises)
In 2017, 90% of REDC’s clients were from minority groups, 50% of loan clients were female and 30% of REDC loans were awarded to startup businesses.
We were pleased to partner with so many great small businesses in the past year and are looking forward to making an even bigger impact in 2018. Click here if you would like to learn more about Renaissance’s loan products and here if you’re interested in our training programs.