Excelsior Growth Fund Launches Online Lending Platform

Nonprofit Lender Provides Affordable Capital for Qualified
Businesses through a Simple and Fast Online Portal

NEW YORK–(BUSINESS WIRE)–Excelsior Growth Fund (EGF), a nonprofit Community Development Financial
Institution formed by New York Business Development Corporation (NYBDC)
to address underserved markets and to implement targeted programs that
address the needs of low-income and otherwise underserved small business
owners, has created an online lending platform for small business owners.

Designed by EGF partner Mirador,
the platform is customized to Excelsior credit criteria and the entire
application process is completed online. Applicants can pre-qualify
within minutes, and if eligible, can complete the entire loan
application online. Completed applications can be approved in one
business day and loans can be closed within one week. The new online
loan application will be of particular interest to small businesses that
prefer fast access to capital, but with lower payments and more
attractive terms than many alternatives provide.

“Qualified small business owners can now apply for capital 24 hours a
day, 365 days a year, and as a Community Development Financial
Institution, we have a mission to support neighborhood businesses and
provide capital quickly and at attractive terms. This new online lending
platform, combined with EGF’s growing suite of advisory services, will
help these businesses secure the capital they need to create jobs and
grow their business,” said Steve Cohen, president of Excelsior Growth
Fund.

“Small businesses, especially those that get turned down for traditional
loans, are easy prey for predatory lenders. Yet they represent the
future of our economy. We’ve got to draw the battle lines—as
mission-driven lenders we must step up to help small businesses avoid
these predators before it’s too late. OFN applauds Excelsior Growth Fund
for introducing this new online platform dedicated to responsible
lending,” said Mark Pinsky, President and CEO, Opportunity Finance
Network, the nation’s leading network of private financial institutions
serving as community development financial institutions (CDFIs).

“Currently, online lending can be an extremely expensive proposition.
While online lending offers small business owners a great deal of
convenience, we are constantly working through our centers to educate
the business community about accessing the best products. Having a
trusted organization like Excelsior Growth Fund offering a fast and
reasonable online loan product will be a truly responsible credit option
for our small business clients,” said Jim King, Director of the New York
State Small Business Development Center Network (NYSSBDC). NYSSBDC
provides management and technical assistance to start-up and existing
businesses across the state. The New York SBDC is administered by State
University of New York and funded by the U.S. Small Business
Administration, the State of New York, and host campuses.

EGF’s bank and community partners can also improve services to their
clients by providing access to alternative financing solutions for small
businesses not yet eligible for traditional financing. Partners will be
able to provide customized access and links to the portal to their
clients.

“The industry is changing,” said Cohen. “More and more businesses want
easy access to capital online and this innovative platform offers an
affordable, credible, safe and convenient option for small businesses
throughout New York State.”

About Excelsior Growth Fund

Excelsior Growth Fund (EGF) promotes economic development and job
creation in New York State by providing streamlined access to small
business loans and business advisory services. EGF is a not-for-profit
501(c)(3) and certified by the U.S. Department of Treasury as a
Community Development Financial Institution (CDFI). The mission of
Excelsior Growth Fund is to help businesses grow. EGF provides
innovative financial solutions and business advisory services to
underserved small businesses and markets in New York State. The
signature EGF SmartLoan™ product is available through a secure online
portal. The maximum loan amount is $100,000.

Excelsior Growth Fund is an affiliate of New York Business Development
Corporation (NYBDC). More information about NYBDC is available at www.NYBDC.com.
More information on EGF can be found at www.excelsiorgrowthfund.org.

Contacts

Pierce Communications
Jonathan M. Pierce, 518-427-1186
jon@albanypr.com