We expanded to Michigan and
Georgia, welcoming
new team
members
in those
locations
![](/wp-content/themes/ascendus/assets-annual-report-2023/assets/Art/Paul.png)
We Believe in
The Power of Up.
Ascendus is a leading CDFI with a mission to serve low- to moderate-income small business owners through access to capital and financial education. A bold, new vision of financial ascension centers our work today on the improved financial health of our clients and their households. By building small business owners, we can unlock generational mobility that supports families and communities on their financial journey. This Way Up!
Growth
![](https://www.ascendus.org/wp-content/themes/ascendus/assets-annual-report-2023/assets/Icons/BG Yellow Oval.png)
Lending Growth for Small Business Owners
We remain steadfast in our commitment to create financial inclusion via access to capital. We’ve grown 4x the amount of capital made available annually since 2019 – putting us on a path to lend $250 million over the next 3 years.
Loan capital deployed to 1,348 small businesses
Small businesses supported nationwide
Jobs created and saved
Average loan size
Ascendus Small Business Owners
![](https://www.ascendus.org/wp-content/themes/ascendus/assets-annual-report-2023/assets/Icons/Ethnicity with Type.png)
We’re focused on creating inclusion for populations who face persistent and long standing barriers to economic opportunity.
In 2023, 95% of our small business owners were entrepreneurs of color, women and / or low- to moderate-income.
![](https://www.ascendus.org/wp-content/themes/ascendus/assets-annual-report-2023/assets/Icons/Gender with Type.png)
![](https://www.ascendus.org/wp-content/themes/ascendus/assets-annual-report-2023/assets/Icons/Income with Type.png)
With our inclusive loans, we remove deep-rooted obstacles for the communities that need access to economic opportunities most.
Where We Serve
Ascendus serves small business owners nationally, with a focus on 5 key geographies. 90% of our lending happens across New York, Florida, New England, Georgia, and Michigan; with the remaining 10% across the rest of the country.
We expanded to Michigan
and Georgia, welcoming
new team members
in
those locations
Michigan
Georgia
Other Markets
New England
Florida
New York
We celebrated our 20th
anniversary in Florida
We celebrated our 20th
anniversary in Florida
Ascendus serves small business owners nationally, with a focus on 5 key geographies. 90% of our lending happens across New York, Florida, New England, Georgia, and Michigan; with the remaining 10% across the rest of the country.
Ybelia Almonte, owner of DCAG Daycare in New York, used her $50,000 Ascendus loan to implement a pickup and drop-off program, giving parents more freedom and flexibility. She was also able to create an after-school program, furthering her goal of helping women in her community balance both work and childcare.
Pictured: Ybelia Almonte, DCAG Daycare, Bronx, NY
Innovation
Growing Capital
Access through
Innovative
Partnerships
To scale access to capital, we partnered with public, private, local, and national partners. Together with New York City, we deployed $18.2 million through the New York City Opportunity Fund. With New York State, Calvert, and others, we deployed $8.9 million through the New York Forward Loan Fund. Together with our partners at JP Morgan Chase, we deployed $16 million through the Entrepreneurs of Color Loan Fund.
Pictured: Edwing Dangelo, Life is a Runway, Harlem, NY
Through her $25,000 loan, Jenny Africa, owner of Jenny with the Pot in Miami Florida, moved from operating out of a tent to purchasing a food trailer.
“Before the loan, we were just operating out of a tent. Now, we have an entire food trailer. We’re protected from weather changes, and we can get into festivals, events, and concerts. Our business grew tremendously.”
Pictured: Jenny Africa, Jenny with the Pot, Broward, FL
![](https://www.ascendus.org/wp-content/themes/ascendus/assets-annual-report-2023/assets/Art/Christian Herrera - Pueblo Querida.jpg)
Providing
Financial Security
through the
Nation’s
First
Microinsurance
Program
The program, piloted in New York, provided small businesses that received a loan from Ascendus with $100,000 in Life and AD&D (Accidental Death and Dismemberment) insurance — at no cost to the clients during the loan. Through the pilot we provided $9.4 million in coverage to 94 small business owners.
Pictured: Christian Herrera, Pueblo Querido, Brooklyn, NY
Building Credit
with the Get
Ready Program
Our new Get Ready Program provides a credit-building product tailored for Black small business owners needing support to improve credit. The Get Ready loan starts at $500 and grows to $5,000 within three to six months. Through the program, we’ve deployed $54K to 69 small business owners.
Pictured: Lytia Wright, Chictreatz, Brooklyn, NY
![](https://www.ascendus.org/wp-content/themes/ascendus/assets-annual-report-2023/assets/Art/Lytia Wright - Chic Treatz.jpg)
![](https://www.ascendus.org/wp-content/themes/ascendus/assets-annual-report-2023/assets/Art/Reina Coto - Catrachitos Family Daycare.jpg)
Supporting
Home-based
Childcare
The Childcare Provider Initiative supports home-based childcare providers, an industry dominated by women, especially women of color. The Initiative offers term loans up to $25,000 that can be approved within 48 hours. Through the program, we deployed $1.7 million in capital to 90 small business owners, 100% of whom were entrepreneurs of color. These women provide employment opportunities, access to childcare, and access to the workforce for working moms and parents.
Pictured: Reina Coto, Catrachitos Family Daycare, Boston, NY
Best in Class
Credit Coaching
with Credit
Builders
Alliance
To ensure our clients have the premier tools to build and improve their credit, we’ve launched a partnership with Credit Builder’s Alliance. We have one of the countries few Master Credit Trainers, and 100% of our frontline staff are trained as credit coaches to ensure we infuse this into all our work with clients.
Pictured: Quontay Turner, Emerald City Plant Shop, Boston, NY
![](https://www.ascendus.org/wp-content/themes/ascendus/assets-annual-report-2023/assets/Art/Quontay Turner - Emerald City Plant Shop.jpg)
Impact
Supporting the
Financial Health
Journey
Ascendus has a simple vision: improved financial health for every small business owner. We believe that our work should build businesses, turning them into engines of opportunity for our clients and their employees. And as their businesses grow, our clients should reap the rewards: the income and tools to build their households and communities.
To support the financial journey of our clients, we have created a proprietary, nine-point impact framework and theory of change that measures success over time for their businesses, households, and communities. We’ve defined success collaboratively – in partnership with our clients and the expertise of the Financial Health Network. Ultimately, this framework will ensure every client who works with us is not only accessing capital and support to build thriving businesses, but also that those businesses are building the financial health of the borrower and their household – creating lasting and generational resiliency and access to opportunity. Ascendus stands at the helm of impact in the CDFI small business lending industry – ready to move our organization and clients beyond inclusion to deep and lasting mobility.
Telling
Meaningful
Stories
We are proud to continue our Stories of Ascension video series featuring six Ascendus clients, from a STEM robotics business in New York to a custom tailor in Florida. We celebrate the impact that these videos have, and our multi-faceted partnerships with Dime Bank, TD Bank, Wells Fargo, Bank United, and Santander.
Pictured: Laura Hart, Robofun, New York, NY
![](https://www.ascendus.org/wp-content/themes/ascendus/assets-annual-report-2023/assets/Art/Laura Hart - Robofun mobile.jpg)
Sherry Hightower, Trauma Specialist and Owner of Clinical Care Offices, used her $80,000 Ascendus loan to purchase her office building, creating a stable and safe environment for her 150 patients receiving care. Through her practice, Sherry has made a significant change in her community regarding mental health and the social stigma it comes with.
Pictured: Sherry Hightower, Clinical Care Offices, Boston, MA
Financials
We had a strong financial position
with
total net assets of $18MM
We dedicated over 72%
of our
total
expenses to program services
Our overall delinquency rate was 2%
(30 DPD)Our total portfolio outstanding (before participations) grew to $97MM from $60MM (a 63% increase)
63%
2022
$59.7MM
2023
$97MM
Thank You
Your support is powerful.
It creates resiliency and supports access to opportunity. It allows business owners to invest in their businesses, their family and the community. It allows them to invest in their future.
Institutional Donors | Individual Donors |
Amazon.com | Alan Cody and Edith Moricz* |
Amplify Her Foundation | Aliou Diop |
Bank Of America Charitable Foundation | Amy Hellen |
BankUnited | Anne and Joseph Cerami |
BMO Bank | Anne Fish |
Cambridge Savings Charitable Foundation | Barbara Romani Carroll |
Capital One Bank | Cheryl Myers and Steve Stockton* |
Community Development Financial Institution | Clara Diaz-Leal |
Dime Community Bank | Colleen Galvin* |
Eastern Bank Foundation | Cristina Shapiro* |
Empire State Development | Daniel Delehanty* |
EverBank | Diana Waterbury |
Fidelity Charitable Gift Fund | Edward Van Gundy |
FinRegLab | Elaine Bovaird |
HAB Bank | Fabiana Estrada |
HSBC Bank USA | Fazeela Yasin |
Hyde & Watson Foundation | JJ Singh |
Investors Bank Charitable Foundation | Jennifer Waters |
JPMorgan Chase | Jerry Weiss* |
JPMorgan Chase Foundation | Jessica Daniels |
M&T Bank | Jorge Ramirez |
Massachusetts Growth Capital Corporation | Joseph Hernandez* |
MetLife Foundation | Laura Miller* |
Morgan Stanley | Laura Rodda |
Moses Kimball Fund | Lisa Safian |
New York City Council | Luke Taylor |
Renaissance Charitable Foundation | Marsha Tucker |
Santander | Matthew Zlatnik |
TD Bank | Max Myers and Victoria Richardson* |
TD Charitable Foundation | Michael and Bernice Carnahan |
The Boston Foundation | Mihai Vrasmasu* |
The Clark Foundation | Myrna Sonora |
The Lawrence Foundation | Nancy Atherton* |
The Schwab Charitable Fund | Pablo Cortina |
The Vidda Foundation | Patrick Peterson and Shirley Tsai |
Truist Charitable Fund | Paul and Marieta Quintero* |
US Small Business Administration | Paul Blackborow |
Valley Bank | Paul Dominguez* |
Webster Bank | Paul Hunt* |
Wells Fargo | Perri Richman |
Wells Fargo Foundation | Peter Salas |
Richard Clarke* | |
Rodrigo Cerveira | |
Roshelle Nagar* | |
Russell Gee* | |
Selina Yasin | |
Shameer Yasin | |
Sherry and David Cook* | |
Shirlei Aube | |
Stephen Cassell | |
Steven Dinanno | |
Suhir Jain | |
Suzanne Lipsky | |
Thomas McDermott | |
Todd Flolo* | |
Tyler Van Gundy | |
William Rosenfeld* | |
Zara Ingilizian |
*Thank you to our recurring donors.