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
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.
Here 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
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?
- Daniel Marsh Iii (Chairman) [Trustee/Director]
- Kevin Gremse (Board Member) [Trustee/Director]
- Adam Ennis (Treasurer) [Trustee/Director]
- David Trevisani (Board Member/Interim President) [Trustee/Director]
- John Paylo (President) [Trustee/Director]
- Raquel Favela (Board Member) [Trustee/Director]
- Stephanie Dugan (Board Member) [Trustee/Director]
- Daniel Choi (Cfo)
- Charley Depew (Board Member) [Trustee/Director]
- Jennie Vertrees (Secretary)
- Patricia Thomson (Board Member) [Trustee/Director]
Official website here: www.growamericafund.org
Where can I find the form 990 for Grow America Fund Inc?
The 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.
Impact
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.
Thursday, August 15, 2024
Grow America Fund Inc's impact lies in its ability to provide longer-term, lower-interest small business loans that foster job creation, stimulate investment, and expand the entrepreneurial and small business landscape in low-income communities. By offering access to capital for business expansion with favorable lending terms, Grow America Fund empowers businesses in disadvantaged areas to strengthen their economic foundation and improve their operating cash flow. This not only benefits the businesses themselves but also contributes to the overall growth and prosperity of the communities they operate in.
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.
- Assets and Liabilities:
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) 682-1106
Principal Officer
Daniel Marsh Iii
Main Address
633 THIRD AVE 19J, NEW YORK, NY, 10017
Website
www.growamericafund.org
NTEE Category
Code: S31 - Community improvement
If you are a representative of Grow America Fund Inc and wish to learn more about how Give Freely can help you raise funds, please click here: https://givefreely.com/nonprofits/. Our services are offered at no cost to your organization.