NewCorp, Inc. is Community Development Financial Institution (CDFI) specializing in small, minority, and women owned businesses. It is NewCorp’s mission to be an economic catalyst by providing technical assistance and access to capital to many small business in the greater New Orleans community. As such NewCorp has provided technical assistance to over 4500 clients and responsible for the deployment of over ten million dollars ($10,000,000.00) in loan products thereby generating employment for well over 2,000 people in the community. These activities have an estimated economic impact of over $50 million dollars.
NewCorp distinguishes itself and is recognized as a leader in delivering financial and business services to historically disadvantaged businesses, minority businesses, women and physically challenged entrepreneurs.
NewCorp and the City of New Orleans partner to administer the Small Business Assistance Fund Program
- Friday, 14 September 2012
The Small Business Assistance Fund (SBAF) is a new financing program created in partnership with the City of New Orleans and NewCorp, Inc. (NewCorp), to support the growth of new and existing businesses. By providing access to capital, SBAF will encourage small business inclusion and job creation.
This $2 million fund provides 8% interest rate loans to for-profit and not-for-profit businesses for operating capital and equipment purchases. SBAF loans will range from $10,000 to $100,000. The maximum length of the term loan is up to 84 months and will depend on the financing need/use of funds of the borrower.
SBAF is partially funded by the City of New Orleans Economic Development Fund.
Applicants must complete the SBAF application. NewCorp will review each application to determine if the proposed project meets the eligibility criteria:
- For Profit or Not-for-Profit business (income generating only)
- Located in the City of New Orleans
- Demonstrate inability to access capital from traditional lending sources
- Demonstrate financial and economic viability (based on financial history or business plans)
- Provide living-wage employment and ownership opportunities to low-to-moderate income communities
LOAN UNDERWRITING REQUIREMENTS
NewCorp will evaluate eligible applicants to determine business viability and if applicants meet the minimum standard underwriting criteria:
- Project meets general program eligibility criteria
- Beacon credit score > 550 for all principal and guarantors
- Business debt coverage ratio of 1.10-to-1.00
- Personal debt coverage ratio of maximum 50%
- Personal guarantee, where applicable
- No prior history of bankruptcy at any time with the business nor recent bankruptcy (within the last seven years) for the principal
HOW TO APPLY
To find out if you are eligible for the SBAF, download the application from www.newcorpinc.com.
Complete the eligibility application and submit your form with attachments by e-mail, fax or mail to:
2924 St. Bernard Avenue
New Orleans, LA 70119
(Office hours M-F: 9:00 am-4:00 pm)
Have questions about the application process?
NewCorp, Inc. Chosen as Participant in Opportunity Finance Network and Goldman Sachs 10,000 Small Businesses CDFI Growth Collaborative
- Friday, 11 February 2011
New Orleans, Louisiana, May 31, 2011–Opportunity Finance Network (OFN), the nation’s leading network of community development financial institutions (CDFIs), and The Goldman Sachs Group Inc.’s 10,000 Small Businesses Initiative announced that NewCorp, Inc. is one of the 21 distinguished participants of the 10,000 Small Businesses CDFI Growth Collaborative. NewCorp, Inc. was selected from a pool of more than 50 applicants vying for a space in this innovative educational experience.
The CDFI Growth Collaborative is a three-year program that will provide participating CDFIs with a unique, “tuition paid” learning program to help CDFI loan funds address the needs of small businesses in underserved communities across the country. By participating in it NewCorp, Inc. will strengthen its capacity to lend to small businesses through practical peer learning opportunities. The CDFI industry will benefit from new technical assistance and resources published as a result of the program.
“CDFIs are an important vehicle through which the Goldman Sachs 10,000 Small Businesses initiative continues to spur and support lending to small businesses in underserved communities across the U.S.,” said Alicia Glen, Managing Director and head of the Urban Investment Group at Goldman Sachs. “Through a learning network of in-person peer exchanges and online education workshops, the CDFI Growth Collaborative will help CDFIs develop both the capacity and knowledge to grow their small business lending portfolio and stimulate the growth of more small businesses in their communities.Read more...