Renaissance Economic Development Corporation

New York, New York

Partner

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 organization’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.

Impact

  • 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 Renaissance’s lending and service provision into additional immigrant communities in Brooklyn and Queens.

Renaissance Economic Development Corporation - Chinatown

A busy Chinatown street, reliant on the strength of its small business community.