New York, New York
Renaissance Economic Development Corporation, a nonprofit community development financial institution (CDFI), provides direct financing and technical assistance services throughout New York City, with a focus on Chinatown, Flushing, Queens, and Sunset Park, Brooklyn. Renaissance works to strengthen the capacity of small business owners and entrepreneurs in low-income, immigrant neighborhoods where the barriers of language, culture and conventional loan underwriting have stymied growth and limited access to affordable capital.
Scope of Work
Alembic Community Development offered a comprehensive range of organizational development assistance to Renaissance, developing a business plan that laid the groundwork for the substantial expansion of its lending and service provision, creating new loan underwriting and portfolio management systems and increasing the organizationâ€™s loan capital from $600,000 to $14 million. In the aftermath of the attacks on the World Trade Center, adjacent to Chinatown, Alembic assisted in the creation of a loan fund to serve immigrant small business owners in Chinatown and the Lower East Side. This $12 million emergency working capital loan pool provided low-interest loans of up to $150,000 on an expedited basis.
- Growth of Renaissance into a robust CDFI, with greatly increased lending capacity and community development impact.
- Creation of an emergency working capital loan fund to assist small business in the wake of September 11th.
- Expansion of Renaissanceâ€™s lending and service provision into additional immigrant communities in Brooklyn and Queens.