Nimaj Driscoll (left) is a Detroit-based loan officer ​​who provides financing to borrowers throughout Michigan for CDC Small Business Finance. He is pictured here — receiving the “Community Advantage Lender of the Year” award on behalf of CDC Small Business Finance — with SBA Regional Administrator Geri Sanchez Aglipay.

Press Release: CDC Small Business Finance Named “Community Advantage Lender of the Year” in Michigan by SBA

May 3, 2023

The mission-driven financial organization was also named a “Top 10 Lender” for its commitment to helping small business owners get access to the capital and opportunities they deserve

May 3, 2023 (Detroit, MI and San Diego, CA) – CDC Small Business Finance has earned two awards — “Community Advantage Lender of the Year” and “Top 10 Lender” — from the U.S. Small Business Administration’s (SBA) Michigan District Office.

Small business owners in Michigan received more than $1.6 million in Community Advantage loans from CDC Small Business Finance in the 2022 fiscal year, which ran from October 2021 through September 2022.

Community Advantage Loans Help Business Owners and Advance Racial Equity

The SBA’s Community Advantage program allows for loans of up to $350,000 for new and existing business owners with low-to-moderate incomes and those from disinvested communities. This makes capital more accessible to promising small business owners who have not been able to obtain traditional financing.

Community Advantage is a tool for advancing racial and financial equity: Community Advantage lenders lend to Black-owned businesses at double the rate of traditional financial institutions. For Hispanic-owned small businesses, the rate is nearly triple that of traditional financial institutions.

“Thanks to Community Advantage loans, people are able to start their business, or they can scale or expand, when they might not have otherwise had that opportunity,” said Nimaj Driscoll, a Detroit-based loan officer who provides financing to borrowers throughout Michigan for CDC Small Business Finance. CDC Small Business Finance is part of the Momentus Capital branded family of organizations, which also includes Capital Impact Partners and Ventures Lending Technologies, among other organizations.

“We’re not only helping these people build wealth — they’re also creating more jobs and boosting the communities that their businesses serve,” Driscoll said.

Capital Impact Partners has worked in the City of Detroit for more than a decade. Capital Impact and CDC Small Business Finance came together in 2021 with a shared mission and vision.

The Momentus Capital branded family of organizations works to close the racial wealth gap by offering a continuum of financial, knowledge, and social capital to help local leaders build inclusive and equitable communities and create generational wealth.

“Many communities in Michigan have been historically underserved,” said Susan Lamping, Vice President of Sales for CDC Small Business Finance. “We listen to community leaders and other stakeholders and continue to look for ways we can be impactful both to the Detroit area — and to Michigan as a whole.”

Helping Entrepreneurs Throughout Michigan Reach Their Goals

Nimaj Driscoll (left) is a Detroit-based loan officer ​​who provides financing to borrowers throughout Michigan for CDC Small Business Finance. He is pictured here — receiving the “Community Advantage Lender of the Year” award on behalf of CDC Small Business Finance — with SBA Regional Administrator Geri Sanchez Aglipay.

Nimaj Driscoll (left) is a Detroit-based loan officer ​​who provides financing to borrowers throughout Michigan for CDC Small Business Finance. He is pictured here — receiving the “Community Advantage Lender of the Year” award on behalf of CDC Small Business Finance — with SBA Regional Administrator Geri Sanchez Aglipay.

Among the small businesses that received Community Advantage loans from CDC Small Business Finance in Fiscal Year 2022 are:

  • An entrepreneur in Berkley who wanted to grow her in-home Pilates studio into a storefront location, but had been rejected by other lenders
  • An entrepreneur in Southfield who needed financing to fulfill a large purchase order for their health supplement products and ship them to 600 stores overseas, but had no collateral to qualify for traditional financing
  • An entrepreneur in Detroit who wanted to launch a business counseling center, but whose credit score did not qualify for traditional financing

“I want to hear their story and look for ways to help them reach their goals,” said Driscoll, who worked with all three of those entrepreneurs. “This is often the first time many of them have done this kind of financial transaction, and we want to make them feel comfortable. Our entire team at CDC Small Business Finance, including underwriters and loan processors, seeks to provide a very smooth process from start to finish.”

CDC Small Business’s products for small business owners include small business loans and commercial real estate loans.

Awards Won By the Momentus Capital Branded Family of Organizations

This is the latest recognition for the Momentus Capital branded family of organizations:

About CDC Small Business Finance:

CDC Small Business Finance is transforming how capital and investments flow into communities to provide people access to the capital and opportunities they deserve. As the nation’s leading mission-based small business lender, CDC delivers small business and commercial real estate loans paired with small business owner assistance to bolster entrepreneurship, economic development, and job creation.

CDC offers numerous financing products including the Small Business Administration (SBA) 504 commercial real estate loans; SBA Community Advantage working capital loans; and the SBA Microloan. We also offer non-SBA products to provide more equitable access to credit for those who are unable to qualify for traditional financing. CDC also provides free business advising to support both potential borrowers to get loan-ready as well as to help existing small business borrowers grow and expand their business.

Since 1978, CDC has provided more than $21.3 billion in funding to 12,000 borrowers and helped create and preserve over 214,000 jobs.

CDC’s subsidiary, Ventures Lending Technologies, offers Ventures+, a proprietary loan processing and portfolio management tool that has become one of the top resources for small business and community lenders. This cloud-based platform provides a low-cost way for smaller lenders to offer services throughout the entire lifecycle from a borrower prospect to loan payoff. Through this work, the Ventures+ team helps scale the ability of local lenders to create impact in their communities by providing access to high-level services they would otherwise be unlikely to manage on their own.

Learn more at cdcloans.com and venturesgo.com.

About the Momentus Capital Brand:

The Momentus Capital branded family of companies refers to the combined operations of Capital Impact, CDC Small Business Finance, and Ventures Lending Technologies. While each organization under the Momentus Capital brand still operates as a separate entity, their clients will now have access to more resources and products.

The Momentus Capital branded family of companies is transforming how capital and investments flow into communities to provide people access to the capital and opportunities they deserve. We are working to reinvent traditional financial systems that have failed to address systemic issues of inequality, economic empowerment, and the widening racial wealth gap by offering a continuum of financial, knowledge, and social capital to help local leaders build inclusive and equitable communities and create generational wealth. This includes a comprehensive package of loan products, impact investment opportunities, training and business advising programs, and technology services that advance locally-led solutions.

Leveraging 80 years of combined experience, nearly $3 billion in assets, and strong community engagement, we have delivered $23 billion in financing, created and preserved 250,000 jobs, and served 12,000 small businesses and five million people across their history.

With headquarters in Arlington, Virginia, and San Diego, California, Momentus Capital operates nationally with a focus on larger urban areas and cities in Arizona, California, Michigan, Nevada, New York, Texas, and the Washington metro area.

Learn more at momentuscap.org.

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