The Grow America Accelerator Fund: A forward-thinking lending approach to provide support to women and entrepreneurs of color and historically underserved small businesses.
The loan fund provides training, capacity building, and capital: small business and management training, access to flexible loan capital, and cash equity to small businesses.
Our model includes a distinctive feature: a portion of each loan can be forgivable, creating an opportunity for entrepreneurs to build wealth, increase equity in their small business, and improve the company’s balance sheet.
Related: Learn about our Entrepreneur Academy
Here’s how our Loan Fund stands out
- Targeted training and capacity building for small business excellence
- Flexible, accessible loan capital
- A chance for small businesses to improve their balance sheets with forgivable loans
- Dedicated to assisting Minority and Women-Owned Business Enterprises (MWBEs)
Apply today—grow tomorrow: Our team is ready to support you at every stage of your growth with the right resources and guidance.
How it works
Businesses must be located in:
- OH: Cuyahoga County
- FL: Broward & Miami/Dade
- NY: NYC (Kings, Queens, NY, Bronx)
- WA: King County
- MO/IL: Metro St Louis
Uses of Proceeds: Flexible working capital, equipment, eligible refiancing
Sample Loan Terms:
- Loan Amount: $25,000 to $100,000
- Rate: 6.5% (can vary depending on market)
- Term: 60 months
- Personal Guarantees: Required of every owner of 20% or more
- Collateral: General UCC filing on “All Business Assets,” regardless of priority or value
* Program parameters, like rate and percentage of forgiveness, may vary in some areas.
Sample Loan Repayment:
- Amortizing principal and interest until the outstanding balance = % of the original loan amount (% depends on the terms and conditions outlined for the program in your community). Then:
SCENARIO 1: if the borrower has done all the following, the balance of the loan is forgiven:
- Paid their loan as agreed;
- Filed Federal and State Business & Personal Tax Returns each year, and provided copies of Federal returns to NDC CILF;
- Paid all necessary Sales & Business taxes;
- Completed the Entrepreneurship Academy financial management program;
- Maintained employee levels (# of FTE employees at end of Year 3, compared with number of FTE employees at the time of application),
SCENARIO 2: If the borrower has not done all 5 things above, the balance of the loan is amortized over the remaining term.
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