North Avenue Capital Surpasses $100 Million In USDA Rural Loans, Over 1,200 Jobs Created
PONTE VEDRA, Fla., Nov. 5, 2018 /PRNewswire/ -- North Avenue Capital (NAC), a specialized commercial lender headquartered in St. Johns County, is in its third full year of operations, closing out 2018 having exceeded its projected milestones for rural investment and job growth. With a focus on meeting its commitment to building businesses, growing economies, and creating jobs in rural America, NAC is approaching year-end having funded over $100 million in USDA Business & Industry (B&I) loans to rural businesses.
After only 3 years in the market, NAC has closed loans in 11 different states, and is working on projects in 14 other states and US territories. The firm has impacted rural communities around the nation by investing in manufacturing facilities, commercial real estate acquisitions, entertainment venues, food distribution, hotel development, and more. Along the way, NAC's borrowers have created or saved more than 1,200 jobs for hardworking Americans.
Operating one of the only businesses of its kind, NAC's team of 15 is dedicated solely to supporting Rural America, understanding the importance of cultivating job-creation and preserving economies by keeping businesses in small towns. Since its founding, NAC has emerged as a leader in the USDA B&I space, finishing in the Top 5 of the nation's largest B&I Lenders for 2 out of the last 3 years.
North Avenue Capital exclusively originates, underwrites, funds, and services USDA Rural Development loans nationwide. Ben Chatraw, the company's Chief Executive, is a motivated entrepreneur and said, "businesses operating outside of major metropolitan cities are still struggling to access the capital they need to grow." According to Chatraw, start-up companies are especially hampered by constraints among traditional lending sources. "While the economy is experiencing a meaningful recovery, rural communities are still not receiving all of the benefits," he added. For that reason, NAC believes the USDA B&I Loan Program is one of the best examples of how public-private partnerships can positively impact the economy.
NAC's strong performance has also led the team to grow by 50% in 2018, operating five offices across the country. Chatraw commented that, "when you combine a significant need for capital with an incredible team of focused professionals, our growth is not surprising." In addition to the team's direct sourcing efforts, NAC works with a network of partners throughout the US to identify rural companies seeking financing.
The company is on track to fund an additional $100 million of job-generating loans next year and they are wasting no time looking back. "The team is excited and working hard to expand our impact on rural businesses in 2019," he says. With nearly $250 million in the pipeline, North Avenue Capital is pressing forward to ensure the momentum of the economic recovery brings growth and development to rural communities.
Hear stories from their Borrowers and learn more about North Avenue Capital by visiting www.northavenue.com.
Contact: Joseph Rowell
Office: 904-562-2617
Cell: 404-822-7761
[email protected]
SOURCE North Avenue Capital
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