Local Non-Profit Lender, Justine PETERSEN, Participates In National Program Improving Capital Access For Small And Micro Businesses

ST. LOUIS, June 9, 2015 /PRNewswire-USNewswire/ -- Justine PETERSEN, a non-profit lender based in St. Louis, announced today that it is participating in the TILT Forward Initiative, which has received a $2.7 million grant from the Sam's Club Giving Program to improve access to capital for millions of small business owners and entrepreneurs across the country.

Launched by the Association for Enterprise Opportunity (AEO), the TILT Forward Initiative brings best-in-class product, capital and marketing solutions to a network of community and non-profit lenders, such as Justine PETERSEN.  The Initiative allows small businesses, including 11 million Main Street businesses located in underserved communities, to have better, quicker and fairly-priced access to capital.  

"As a lender that is forever in need of an additional source of capital to meet the seemingly unabated demand from small businesses, we at Justine PETERSEN view the TILT Forward Initiative as a vital part of the solution to this capitalization conundrum," said Rob Boyle, founder and CEO of Justine PETERSEN.

During a TILT Forward pilot program, more than $1 million in loans were originated by Justine PETERSEN, and The Intersect Fund in New Jersey, two high-performing non-profit lenders known as CDFIs (community development financial institutions). AEO licensed the technology enabling the screening, servicing and underwriting of loans from OnDeck® (NYSE: ONDK), a leading platform for small business loans.

The $2.7 million grant from the Sam's Club Giving Program is enabling AEO to launch TILT Forward nationwide.

AEO President and CEO Connie Evans said the TILT Forward Initiative addresses a "market failure" in business lending, noting that 8,000 business loan applications are declined each work day by financial institutions, according to the Treasury Department. Those declines cause an estimated capital shortfall of $44 to $52 billion annually, which is slowing job growth and negatively impacting the nation's economy.   

"The TILT Forward Initiative is a cross-sector collaboration with non-profit lenders that will provide community and non-profit lenders, such as Justine PETERSEN, with cutting edge technology and innovative products to simplify the loan process, help create jobs, and boost local economies," Evans said. "We want to remove the barriers for small businesses so their owners can do what they do best: run their businesses."

Michael Temm, owner of Wedding Wonderland Cake Shop in Florissant, Missouri, is a Justine PETERSEN client. When a local wholesale cake shop went out of business, his bakery picked up 33 new accounts. But Mr. Temm had to max out his credit cards to purchase more equipment to service the new customers. He also needed the funds to pay his employees. After paying back high interest credit cards for several years, he sought bank loans, but was repeatedly turned down despite his good credit.

Finally, a local bank told Temm about TILT Forward. He was approved, and within days the funds were deposited into his account and his business was on the road to solvency. "It wasn't stressful at all," he said. "It was a hassle to apply to the traditional banks. It's wonderful to know that I can go back to the same program and get the funds that I need to keep growing my business."

AEO, a trade association representing more than 400 mission-driven lenders and business support organizations, developed the TILT Forward Initiative to help community and non-profit lenders and business service providers dramatically expand their capacity to empower entrepreneurs to start and grow businesses.  The program benefits small businesses and microbusinesses (businesses with five or fewer employees) from coast to coast. 

To learn more or schedule an interview with Rob Boyle, please contact Galen Gondolfi, Justine PETERSEN'S chief communications officer, at 314-565-2223 or Kimberly N. Alleyne at  [email protected]  202-650-5580, X56.

Learn more about Tilt Forward at http://www.tiltforward.com/.
Learn more about the Association for Enterprise Opportunity at http://www.aeoworks.org/.

Contact:
Galen Gondolfi, 314-565-2223

Kimberly N. Alleyne
[email protected] 202-650-5580, X56

SOURCE Association for Enterprise Opportunity (AEO)

Related Links

http://www.aeoworks.org/