An expanded geographic footprint for AltCap will see the Kansas Metropolis-based small enterprise lender make capital extra accessible for entrepreneurs in Missouri, Kansas, Texas, and Colorado.
The mission-driven Group Improvement Monetary Establishment (CDFI) funds small companies and community-driven actual property growth tasks that create extra economically-inclusive communities.
“AltCap’s growth has higher positioned us for long run progress and success whereas furthering our impression in communities and creating extra accessible financing choices for extra entrepreneurs,” mentioned Ruben Alonso III, CEO of AltCap. “We’re excited to broaden our mission of offering honest entry to capital for underinvested communities and companies not adequately served by mainstream monetary establishments.”
Along with its Heartland growth, AltCap has created an affiliate — AltCap California — to make loans in California. This west coast workplace is led by CDFI-veteran and market president David R. Desai Ramirez.
As an ally to underestimated entrepreneurs, AltCap ignites the potential that conventional lenders could overlook with the purpose of empowering entrepreneurs all through our communities and constructing a extra inclusive, vibrant native economic system, the group mentioned in a press launch.
Entrepreneurs within the states now inside its service space can entry AltCap’s vary of financing merchandise, together with small enterprise loans, microloans, New Markets Tax Credit (NMTC), and enterprise growth providers that promote financial progress.
Over the previous three years, AltCap’s federal reduction efforts allowed it to establish new alternatives to increase our mission to extra small companies, Alonso mentioned.
Because the Kansas Metropolis-based workforce has expanded to assist an elevated mortgage quantity, AltCap’s operations in Texas are being led by market president Anthony Williams whereas AltCap’s outreach and lending efforts in Denver might be led by enterprise growth officer Ann Mosso.
“These additions convey a long time of monetary and enterprise acumen to our workforce and have already launched lending operations for entrepreneurs all through their states,” Alonso added.
AltCap has greater than 15 years of expertise in creating high-performing tax credit score funding and mortgage portfolios. So far, we’ve deployed greater than $250 million in New Markets Tax Credit and roughly $32 million in small enterprise loans and microloans.