NewCorp, Inc. is Community Development Financial Institution (CDFI) specializing in small, minority, and women owned businesses. It is NewCorp’s mission to be an economic catalyst by providing technical assistance and access to capital to many small business in the greater New Orleans community. As such NewCorp has provided technical assistance to over 4500 clients and responsible for the deployment of over ten million dollars ($10,000,000.00) in loan products thereby generating employment for well over 2,000 people in the community. These activities have an estimated economic impact of over $50 million dollars.
NewCorp distinguishes itself and is recognized as a leader in delivering financial and business services to historically disadvantaged businesses, minority businesses, women and physically challenged entrepreneurs.
NewCorp, Inc. Chosen as Participant in Opportunity Finance Network and Goldman Sachs 10,000 Small Businesses CDFI Growth Collaborative
- Friday, 11 February 2011
New Orleans, Louisiana, May 31, 2011–Opportunity Finance Network (OFN), the nation’s leading network of community development financial institutions (CDFIs), and The Goldman Sachs Group Inc.’s 10,000 Small Businesses Initiative announced that NewCorp, Inc. is one of the 21 distinguished participants of the 10,000 Small Businesses CDFI Growth Collaborative. NewCorp, Inc. was selected from a pool of more than 50 applicants vying for a space in this innovative educational experience.
The CDFI Growth Collaborative is a three-year program that will provide participating CDFIs with a unique, “tuition paid” learning program to help CDFI loan funds address the needs of small businesses in underserved communities across the country. By participating in it NewCorp, Inc. will strengthen its capacity to lend to small businesses through practical peer learning opportunities. The CDFI industry will benefit from new technical assistance and resources published as a result of the program.
“CDFIs are an important vehicle through which the Goldman Sachs 10,000 Small Businesses initiative continues to spur and support lending to small businesses in underserved communities across the U.S.,” said Alicia Glen, Managing Director and head of the Urban Investment Group at Goldman Sachs. “Through a learning network of in-person peer exchanges and online education workshops, the CDFI Growth Collaborative will help CDFIs develop both the capacity and knowledge to grow their small business lending portfolio and stimulate the growth of more small businesses in their communities.
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