Newark Non-Profit - The Intersect Fund - Participates In National Program Improving Capital Access For Small And Micro Businesses

NEWARK, N.J., June 9, 2015 /PRNewswire-USNewswire/ -- The Intersect Fund, a non-profit lender based in Newark, 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 The Intersect Fund. 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.

"We are excited to participate in an Initiative that will improve our ability to assist entrepreneurs and small business owners," said Rohan Mathew, CEO and president of the Intersect Fund.  "It will expand our ability to invest in people who need help so they can build strong businesses and create jobs."

During a TILT Forward pilot program, more than $1 million in loans were originated by The Intersect Fund and Justine PETERSEN in St. Louis, 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.

TILT Forward and The Intersect Fund helped save the business of Jonathan Loor, whose family runs Local Battles Entertainment, LLC, a video game parlor in Fort Lee, New Jersey.  The chairs for gamers were worn out, but Loor said they didn't have funds for new ones and were turned down by traditional lenders. Through TILT Forward, the business received a $10,000 and purchased the chairs essential to their operation.

"Without our TILT Forward loan a time sensitive opportunity to purchase the best gaming seats would have been lost," Loor said. "It did save our business."

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 requests 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 The Intersect Fund, 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."

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 Rohan Mathew or Jonathan Loor please contact Kimberly N. Alleyne at 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:
Kimberly N. Alleyne
[email protected] 202-650-5580

SOURCE Association for Enterprise Opportunity (AEO)