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2018 Small Business Triumphs

2018 Year in Review

Hear from Kurt Chilcott, President + CEO, CDC Small Business Finance

, 2018 Impact Report, CDC Small Business

Empowering entrepreneurs to invest in their future through building and equipment ownership

, 2018 Impact Report, CDC Small Business

Catalyzing small business ownership with low-interest, sustainable working-capital loans

, 2018 Impact Report, CDC Small Business

Delivering targeted capital to empower and re-energize communities

SBA’s 2018 Jody C. Raskind Microlender of the Year

The SBA recognized CDC Small Business Finance as a lender that has gone above and beyond in helping the small business community. Read more

Achieving the ‘American Dream’

LOAN: SBA 504

While some people are fine coasting through life, others like Mia Davis only want to summit mightier mountains. Her last two-plus decades have encompassed immigrating to the U.S. from Guam, launching a new career while moonlighting as a restauranteur.

Upon learning a landmark sushi joint in Carlsbad, Calif. was set to close, she saw opportunity written all over this development. She’d go on to buy the business, Mikko Sushi, then freshen up the menu and branding. When she was ready to launch the second location of Mikko Sushi, in nearby Vista, Calif., her entrepreneurial instincts told her buy, not lease, a space for the new site.

CDC Small Business Finance provided her a $1.4 million SBA 504 loan to finance a 3,800-square-foot building to house this location. With this loan, Davis not only enjoys a low, fixed rate, she also came away knowing she is investing in her business’ future while building personal wealth. More of Mia’s story

I believe in the American Dream, to me, this is the American Dream.”
-Mia Davis, Owner, Mikko Sushi

‘I’ll find a way to fly even if I don’t have wings’

LOAN: SBA Community Advantage

By virtue of being born in the poor, west African nation of Guinea, Ousmane Condé saw entrepreneurship as a means of survival. He witnessed villagers like his mother and grandmother start their own simple enterprises, from selling bottled water to home-cooked meals, to make ends meet.

Channeling that determination, Condé is taking his software startup, Xoomdat, to the next level. While most lenders shy away from funding startups, CDC Small Business Finance saw the promise in Condé and his bold concept of an alternative search engine that boasts more relevant, timely results.

He received an SBA Community Advantage loan, which allowed him to hire more staff and in turn spend more time with family. “Entrepreneurship just comes naturally to me,” he said. “I’m not scared of jumping off the cliff; I’ll find a way to fly even if I don’t have wings.” Read more…

“CDC is not just some bank that gives you a loan and they say, ‘Bye-bye.’ They are personally invested to help you succeed.”
– Ousmane Condé, CEO + President, Xoomdat

As a non-profit organization, our passion is Impact

$401.2M

approved for small businesses

519

entrepreneurs financed

$146.5M

approved for women, veterans and minorities

8,344

jobs created and preserved

7,500

business advisory hours
provided at no cost

Impact Investing + CDC

Robert Villarreal, EVP, Economic Development + Allison Kelly, SVP, Strategic Initiatives

%

Increase in impact to Diverse Small Business Owners

IMPACT CAPITAL

We’ve proven time and time again that the ability to “do good” AND generate a financial return are not mutually exclusive.

With the help of strong allies, we can certainly achieve both. Maintaining these complementary goals is more important than ever as small business owners continue to face the pressing challenge of access to affordable and responsible financing to launch and grow their businesses. In turn, these loans support the growth and success of the communities in which these businesses are based. Want to make an impact? Connect with Allison Kelly at akelly@cdcloans.com or Robert Villarreal at rvillarreal@cdcloans.com

Finding a way to finance bullet train-like momentum

LOAN: SBA Microloan

What started as an a-ha moment involving so-called “healthy” diet choices has evolved in a successful natural frozen-food line that’s caught the attention of nationwide retailers.

Behind the wheel of this growing empire is Angela Bicos Mavridis. The former retail-shop owner turned holistic nutritionist says many of the protein bars and shakes she consumed were making her feel sick. This motivated her to launch Tribalí Foods — a meat product line that offers the convenience of frozen meals without the artificial ingredients you may find in other brands — all inspired by her Greek heritage.

To maintain her company’s bullet train-like momentum, she came to CDC Small Business Finance for an SBA Microloan, financing designed to help young companies get off the ground. Mavridis used the funds to keep the production pace strong and to buy raw materials. It also helped her focus on getting her product into more retail giants including Whole Foods, Target and Bristol Farms.

“We had great momentum, brand recognition and growth, we just needed a way to finance that growth,” she said. More on Tribali Foods

“The SBA and CDC were very easy to deal with. I had lots of confidence in the CDC soon after I met some of the representatives and didn’t feel the need to look elsewhere.”

– Angela Bicos Mavridis, Owner, Tribalí Foods

%

year-over-year growth
capital raised from investor network

CAPITAL PARTNERS

Prudential – $15M | CNote – $5M
Manufacturers Bank – $2M | US Bank – $1M
City of San Diego – $1M | Citizens Business Bank – $500k

GRANT PARTNERS

Grantors of over $25,000

Bank Of America

City of San Diego

Heron Foundation

JPMorgan Chase

Pacific Premier

SBA Microloan

Union Bank (MUFG)

US Bank

Wells Fargo Bank

$688M

total SBA 504 project (business owner + cdc + bank)

BUILDING OWNERSHIP’S RIPPLE EFFECTS

We’ve long believed in the far-reaching, transformative power of owning commercial real estate especially in communities that need the most support. Ownership allows entrepreneurs to take control of their own financial destiny. Business owners that purchase their building begin creating wealth for generations, not just household income but household wealth. Each and every SBA 504 loan project can have a profound rippling effect on our communities by generating more jobs, spurring improvement projects and ultimately elevating neighborhoods.

From ‘restricted’ franchisee to being your own boss

LOAN: African American Latino Loan

Air Force veteran Gustavo Ramos tired of the franchisee life, receiving little return on his investment and no support from the franchise company. Years of stagnation motivated him to launch his own firm, the Los Angeles Glass Company, which repairs and replaces glass in homes and businesses.

Ramos experienced the typical challenges of a startup. He needed financing to retain former clients and create a website that could effectively showcase his glass work. Traditional banks declined his request for a business loan, given the young age of his operation. But with the help of an arm of CDC Small Business Finance, he was able to get the affordable working capital he needed.

The Small Business Finance Fund — a community development financial institution and affiliate of CDC — was tailored specifically to help Latino or African American small business owners in the Los Angeles area like Ramos. The financing helped him fulfill outstanding purchase orders and expand his business throughout Los Angeles, Orange County and the San Fernando Valley. Learn more

“I didn’t expect that level of curiosity and service,”
– Gustavo Ramos, Owner, the Los Angeles Glass Company

We celebrated our 40th anniversary this year

Thank you to our Borrowers, Partners, Community and the heart of CDC, our Board and Staff, for helping us make a difference for small business.

Read more: Look Back at 40 Years of CDC

40 YEAR IMPACT BY THE NUMBERS

$18.4B financed • $96.8M approved for SBA Community Advantage
$9M in SBA Microloan financing • 203,000+ jobs created/preserved
Over 11,000 businesses funded

Thank you!

We’d like to send our deepest, sincerest thanks to everyone who played a part in helping entrepreneurs in 2018. Our appreciation in particular extends to our many partners and clients.

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