NEW YORK — Grow America (formerly NDC) has received an ‘A+’ issuer credit rating (ICR) with a stable outlook from S&P Global Ratings. This rating highlights the organization’s significant financial stability and its long-standing commitment to increasing capital flow for community development in underserved urban and rural areas nationwide.
The ‘A+’ rating is underpinned by Grow America’s very strong capital equity adequacy, which reached $110.4 million at the end of the 2024 fiscal year. S&P Global also cited the organization’s strong strategy and management, noting a leadership team and board with an average tenure of 25 years.
“We are deeply humbled by this recognition from S&P Global,” said Daniel Marsh, President and CEO of Grow America. “While this ‘A+’ rating reflects our internal financial rigor, it is truly a testament to the resilience of the communities we serve. More importantly, we believe this is a milestone for the entire nonprofit community development field, proving that mission-driven organizations can maintain the highest standards of financial strength while driving meaningful social impact.”
Financial and Operational Highlights
- Capital Strength: Maintained a trailing five-year average net equity-to-assets ratio of 23.7%.
- Liquidity: Demonstrated strong liquidity to cover short-term financial needs, with significant cash and short-term investment reserves.
- Diverse Business Model: Successfully manages multifaceted activities including small business lending through the Grow America Fund (GAF) and the Community Impact Loan Fund (CILF).
- Strategic Management: Recognized for “exceptional” guiding documents and a proactive approach to navigating economic cycles.
The report also noted Grow America’s collaborative approach, working with partners and various state entities to support affordable housing and job creation.
About Grow America
Incorporated in 1969 as the National Council for Community Development Inc., Grow America is a 501(c)(3) nonprofit dedicated to providing training, technical assistance, and creative financing. The organization serves as a catalyst for new jobs and affordable housing opportunities in low-income and distressed neighborhoods across a national footprint.