Looking back at 2019, it was a busy year for all of us at Growth Capital. Not only did we continue to impact our communities throughout Ohio through creative financing solutions that help local businesses grow, but we realized our own biggest achievement year to date as a company.
Notably, we surpassed our goal of securing 100 loans and worked with several partners to assist Ohioans in building success stories that have made their own impact. Growth Capital President John Kropf even traveled to testify in front of Congress on behalf of the Community Advantage loan to drive our mission at the national level.
Growth Capital’s Community Impact
Just take a look at Growth Capital’s overall numbers for 2019 and you can see the impact we have had on our communities through our business financial assistance services. We were ranked the top SBA 504 lender throughout Ohio and the top Community Advantage lender for the entire Midwest. We also had the second-highest number of SBA loan approvals in the Cleveland district.
Growth Capital surpassed a long-term goal of securing 103 loan approvals. Overall, this added up to $30.2 million in approved loans, with loan closing dollars for 2019’s fiscal year through September amounting to $21.5 million.
How does this translate to community impact?
SBA (Small Business Association) loans are crucial to thriving communities as they make it easier for small businesses to get the capital they need to start or grow at lower down payments, competitive rates, and flexible overhead requirements. These businesses, in turn, provide economic stimulation.
Ultimately, Growth Capital’s loan efforts leveraged more than $100 million in economic development investments and have allowed the addition of 416 jobs in Ohio. We couldn’t be more proud to help Ohio businesses thrive.
Our Partners’ Community Impact
It’s not only Growth Capital’s 2019 impact on our community that we recognize, but our partner businesses within the community that are also having a significant impact.
2019 IMPACT Award Winner
This year we awarded the Growth Capital IMPACT Award to Painesville-based company American Foam Products—a fabricator of engineered foam for product protection and packaging applications that’s been in business since 1979. Bruce Rosenbaum took over the company three years ago and in that time, the company has expanded from 22 to 27 employees with sales increasing by 17 percent.
When Rosenbaum realized he needed to expand the business, Growth Capital and KeyBank assisted in securing the loans he needed to grow. Since then, American Foam Products has been able to continue its positive impact in the communities of Lake and Ashtabula counties.
To learn more about American Foam Products’ impact, click to watch their video success story.
Other 2019 Winners
We were thrilled to present additional awards to recognize community impact efforts by Lisa Rucker and PNC Bank this past December.
Lisa Rucker received our Lender of the Year Award for her success in producing and referring the most SBA 504 and Ohio Regional 166 Loans and loan commitments with Growth Capital. PNC Bank was named the Bank of the Year for producing the most SBA 504 and Ohio Regional 166 Loans with Growth Capital during 2019.
A Thank you to Our Partners
We would like to acknowledge and thank all of Growth Capital’s partners, without whom we wouldn’t be able to assist in the economic growth and development of our Ohio communities.
We look forward to building even more success stories together for years to come.
Business Growth for Northeast Ohio in 2020
Looking ahead to 2020, we are unwaveringly committed to continuing to serve small businesses in Ohio and look forward to another successful year.
To be a part of that business momentum, reach out to our team to learn how we can assist you with your small business loan needs to start or grow your own business in 2020.
Contact a Growth Capital small business loan expert today at (216) 592-2332 or online.