EIN 34-1567708

Growth Capital Corporation

IRS 501(c) type
501(c)(4)
Num. employees
6
State
Year formed
1981
Most recent tax filings
2022-12-01
Description
Growth Capital Corporation fosters economic growth and job creation in Northeast Ohio by providing financing assistance to area businesses. Amid the pandemic-induced economic shutdowns, the corporation explored new opportunities arising from the CARES Act to continue its mission. The company is located in Cleveland, OH.
Also known as...
Img Center
Total revenues
$2,083,745
2022
Total expenses
$2,067,747
2022
Total assets
$4,887,031
2022
Num. employees
6
2022

Program areas at Growth Capital Corporation

Growth Capital certainly continued creating real value for small business with its loan activity. This year, we had 52 loans approvals and maintained the number one sba 504 and community advantage lender status in northeast Ohio. While sba 504 lending in the district decreased last year, we were able to hold our own and increase our market share at 49% in the sba cleveland district with total project financing of 65mm. Growth Capital had an excellent year with 35.6 million in approved loans which leveraged over 100 million in economic development investment in our communities during 2022. Our participation has adding significantly to the overall economic activity of our region with the potential to add over 439 new jobs for Ohio workers. Loan closing production for fiscal year 2022 totaled 60 loans funded through september 30, 2022 with loan closing dollar volume reaching 29.7mm. The Growth Capital loan portfolio demonstrates the hard work being undertaken to support our economic development mission. Our portfolio Growth and performance is indicative of our commitment to prudent credit underwriting as we take very seriously our fiduciary responsibility. Sound loan Growth is our objective. The sept. 30, 2022 value of the Growth Capital loan portfolio was 130,286,446 with 418 active loans. Sba 504 - 350 loans community advantage - 96 loans during fiscal year 2022, there were 60 loan prepayments, amounting to 13,117,793.18, a 5.6% decrease over the previous year. The new loan activity over prepayments caused the portfolio to increase by 7,252,215.11 or 5.1%. Growth Capital managed no loans in liquidation during fiscal year 2022. There were 0 charge-offs of loans in liquidation. As of fiscal 2022 year-end, Growth Capital has no loans in the process of being liquidated. As of 09/30/2022 Growth Capital had a delinquency rate of 14.6% compared to a peer group rate of 2.04%. For the fiscal 2022 year, the sba lender risk rating has risen to 4. In fy 2022: o Growth Capital made 59 loans totaling 29,445,000 to entrepreneurs, which supported 48,586,379 in additional investment o 39% of loans were made to women-owned businesses o 17% of loans were made to minority-owned businesses o 10% of loans were made to veteran-owned busine

Personnel at Growth Capital Corporation

NameTitleCompensation
John KropfPresident and Executive Director$263,093
Juan HernandezBusiness Development$154,440
Alan ScheuflerPresident$0
Daniel PrendergastTreasurer$0
Jonathan GreenBoard Member / Chair$0

Financials for Growth Capital Corporation

RevenuesFYE 12/2022
Total grants, contributions, etc.$42,000
Program services$2,020,805
Investment income and dividends$6,877
Tax-exempt bond proceeds$0
Royalty revenue$0
Net rental income$0
Net gain from sale of non-inventory assets$0
Net income from fundraising events$0
Net income from gaming activities$0
Net income from sales of inventory$0
Miscellaneous revenues$14,063
Total revenues$2,083,745

Form 990s for Growth Capital Corporation

Fiscal year endingDate received by IRSFormPDF link
2022-122023-06-21990View PDF
2020-122021-10-13990View PDF
2019-122021-06-08990View PDF
2018-122019-08-17990View PDF
2017-122018-10-16990View PDF
...and 8 more Form 990s
Data update history
August 1, 2023
Posted financials
Added Form 990 for fiscal year 2022
July 22, 2023
Used new vendors
Identified 1 new vendor, including
June 27, 2023
Posted financials
Added Form 990 for fiscal year 2020
May 17, 2023
Used new vendors
Identified 1 new vendor, including
March 30, 2023
Used new vendors
Identified 2 new vendors, including , and
Nonprofit Types
Business and community development organizations
Issues
Economic developmentBusiness and industry
Characteristics
State / local levelReceives government fundingFundraising races, competitions, and tournaments
General information
Address
1360 E Ninth St Rm/ste 950
Cleveland, OH 44114
Metro area
Cleveland-Elyria, OH
Website URL
growthcapitalcorp.com/ 
Phone
(216) 592-2332
IRS details
EIN
34-1567708
Fiscal year end
December
Taxreturn type
Form 990
Year formed
1981
Eligible to receive tax-deductible contributions (Pub 78)
No
Categorization
NTEE code, primary
S43: Management Services for Small Business, Entrepreneurs
NAICS code, primary
522120: Savings Institutions
Parent/child status
Independent
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