SMALL BUSINESS LENDER EXPANDS SERVICES TO LONG ISLAND Renaissance Economic Development Corporation, an SBA lender with locations in Manhattan and Flushing, has expanded its serves to Nassau and Suffolk counties, as well Hudson Valley and northern New
Jersey. JPMorgan Chase has made a $300,000 investment over two years to support Renaissances’ community outreach, technical assistance and lending. Other public and private funders have also supported this initiative, which is designed to serve clients that include immigrant and low-to-moderate income entrepreneurs and communities. “For several years we have been hearing from small business owners beyond New York City about the pressing need for low-interest small business loans and counseling services to fuel their success,” Renaissance Managing Director Jessie Lee said in a news release about the expansion. “Our programs have helped thousands of immigrant and low-income families in the five boroughs forge a path out of poverty, creating sustainable businesses that bring good jobs and economic vitality to their communities,” Lee added. “We’re thrilled to be extending our programs to Metro New York and New Jersey, where we know they will help fuel economic empowerment.” Founded in 1997, Renaissance provides small business financing and multilingual counseling services. To date, the organization, a U.S. Treasury-certified Community Development Financial Institution, has provided 2,500 small business clients with more than $70 million in affordable financing, helping create or preserve 7,000 jobs, according to the news release Renaissance expanded services into communities across New York City as the Asian American population grew and established roots in new neighborhoods. Today, Renaissance offers services in English, Chinese, Korean and Spanish. Reniassance is an affiliate of Asian Americans for Equality (AAFE), a 50-year-old community development organization. “We at AAFE are proud of the tremendous positive impact Renaissance has made in New York City,” AAFE Executive Director Thomas Yu said in the news release. “AAFE and Renaissance have always grown and adapted as the communities we serve have transformed and grown. So it’s fitting that in this year, as we celebrate a major milestone, Renaissance is once again extending itself to meet evolving needs.” “Supporting diverse small business owners and increasing their access to market opportunities is a critical step in closing the racial wealth gap and advancing inclusive economic growth for New Yorkers of color,” Jeanique Druses, northeast regional executive of JPMorgan Chase, said in the news release. “Renaissance EDC is at the forefront of this work and finding innovative solutions to best serve minority entrepreneurs and this investment from JPMorgan Chase enables them to continue driving their mission forward and serving more people across the tri-state area,” Druses added. According to a report from the Asian American Federation, the Asian American population in poverty grew 23% on Long Island in the last decade. In 2023, Renaissance disbursed more than $14 million in small business loans to 180 small businesses. This helped create or retain more than 1,000 jobs across New York City, according to the news release. source from internet