Overview
What is Grow America Fund Inc?
Grow America Fund Inc, based in New York City, is a nonprofit organization with a mission to stimulate investment and encourage entrepreneurship in low-income communities. They achieve this by offering long-term, lower interest rate loans to small businesses. This financial assistance enables these businesses to create jobs, expand, and strengthen their economic base, ultimately benefiting the community as a whole. As a licensed Small Business Administration (SBA) lending company and a Certified Community Development Financial Institution under the U.S. Department of the Treasury, Grow America Fund Inc provides affordable capital to businesses, which in turn, helps to employ low-income, unemployed, or under-employed individuals. This strategic approach ultimately fosters economic opportunity in disadvantaged communities.
Official website here: www.growamericafund.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: Needs Improvement
Grow America Fund Inc has received a Two-Star out of Four Star rating from Charity Navigator, reflecting a 70% overall score. This rating indicates that there are significant areas for improvement, particularly concerning governance and board independence, as evidenced by a lack of independent board members. While the organization has strong financial oversight and policies in place, such as a conflict of interest and whistleblower policy, the overall accountability and financial management aspects raise concerns.
The organization demonstrates strength in program efficiency, with a program expense ratio of 80.17%, indicating that a substantial portion of its resources is directed towards its programs. Furthermore, the financial statements show good audit and oversight practices, which is a positive aspect. However, the liabilities to assets ratio is relatively high at 64.19%, suggesting that the organization may have significant financial obligations relative to its assets, which could impact its sustainability.
Despite these strengths, the lack of transparency in terms of governance and public documentation, such as not posting their tax forms on the nonprofit's website, detracts from the organization’s overall accountability. This lack of independent oversight and potential transparency issues are critical areas that the organization should address to improve its rating and public trust.
This AI summary has been generated from information found on Charity Navigator.
Is Grow America Fund Inc legitimate?
Grow America Fund Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Grow America Fund Inc submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $1,512,746
For more financial information, click here
Official website here: www.growamericafund.org
What is the mission statement of Grow America Fund Inc?
Grow America Fund Inc, as a mission, aims to foster economic opportunities and stimulate investment in low-income communities. It achieves this by financing businesses and entrepreneurs who invest in disadvantaged communities or create jobs for underemployed and unemployed individuals. As a licensed Small Business Administration (SBA) lending company and a U.S. Department of the Treasury certified Community Development Financial Institution, Grow America Fund Inc provides accessible capital with longer amortization periods and lower interest rates. These terms help reduce debt service costs and improve a business's operating cash flow, benefiting both the business's economic foundation and the community as a whole.
Official website here: www.growamericafund.org
Who is the CEO of Grow America Fund Inc?
Daniel Marsh Iii is the Chairman of Grow America Fund Inc.
Official website here: www.growamericafund.org
What is the revenue of Grow America Fund Inc?
Grow America Fund Inc's revenue in 2022 was $3,801,712.
Official website here: www.growamericafund.org
Who are the executives of Grow America Fund Inc and what are their salaries?
Here are 11 key members and their salaries:
- Compensation: $0
- Related: $452,944
- Other: $190,813
- Compensation: $0
- Related: $220,109
- Other: $90,195
- Compensation: $0
- Related: $215,123
- Other: $73,474
- Compensation: $0
- Related: $216,670
- Other: $72,461
- Compensation: $0
- Related: $243,106
- Other: $90,436
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $209,259
- Other: $27,998
- Compensation: $0
- Related: $214,643
- Other: $85,560
- Compensation: $0
- Related: $214,066
- Other: $81,711
- Compensation: $0
- Related: $101,193
- Other: $77,225
- Compensation: $0
- Related: $164,163
- Other: $86,257
Official website here: www.growamericafund.org
Where can I find the form 990 for Grow America Fund Inc?
Grow America Fund Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.growamericafund.org
Learn more at the official website: www.growamericafund.org
Mission Statement of Grow America Fund Inc
Grow America Fund Inc, with its primary mission, aims to foster economic opportunities, encourage investment, and promote entrepreneurship in low-income communities. The organization accomplishes this by financing businesses and entrepreneurs who invest in disadvantaged communities or create jobs for underemployed and unemployed individuals in these areas. Grow America Fund Inc, functioning as a licensed U.S. SBA small business lending company and a U.S. Department of the Treasury certified Community Development Financial Institution, provides access to capital for business expansion. This access is structured with longer amortization terms and lower interest rates, thereby decreasing debt service costs and improving the borrower's operating cash flow. This financial advantage strengthens both the economic base of the business and the community, ultimately contributing to overall community development.
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Impact
October, 2024
Grow America Fund Inc significantly impacts low-income communities by providing access to small business loans with favorable terms. By offering longer-term loans at lower interest rates, the organization enables small businesses to thrive, expand, and create jobs. This support not only stimulates local investments but also fosters entrepreneurial growth in disadvantaged areas.
The fund specifically targets businesses and entrepreneurs who are committed to revitalizing their communities. As a licensed U.S. Small Business Administration lending company and a certified Community Development Financial Institution, Grow America Fund Inc plays a crucial role in enhancing the financial stability of both businesses and their surrounding communities. By reducing debt service costs and improving operating cash flow, the organization empowers borrowers to reinvest in their operations, thereby strengthening the economic base and providing employment opportunities for low-income, unemployed, and underemployed individuals.
Ultimately, Grow America Fund Inc's mission revolves around creating economic opportunity, encouraging investment, and nurturing entrepreneurship, leading to lasting positive changes within the communities it serves.
This information is meant to be a general summary of Grow America Fund Inc. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Program Service Revenue: $3,368,061
- Gross Receipts: $3,801,712
Assets and Liabilities:
- Total Assets: $53,966,443
- Total Liabilities: $34,642,183
- Net Assets: $19,324,260
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
INTEREST INCOME
Revenue
$2,925,257
LOAN SERVICE FEES
Revenue
$248,166
PREMIUM ON SALE OF LOA
Revenue
$164,689
FEE INCOME
Revenue
$29,949
Organization Details
Founding Year
1971
Phone
(212) 682-1106Principal Officer
Daniel Marsh Iii
Main Address
633 THIRD AVE 19J, NEW YORK, NY, 10017
Website
www.growamericafund.orgNTEE Category
Code: S31 - Community improvement
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