Growth Capital Corp
- Assets
- $19.5m
- Revenue
- $2.7m
- Investments
- $0.0
- Employees
- 6
- Location
- Cleveland, OH
- Founding
- 09/1991
- Data as of
- 12/2020
- EIN
- 34-1567708
Organization Overview
Growth Capital Corp is located in Cleveland, OH. The organization was established in 1991. According to its NTEE Classification (S30) the organization is classified as: Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2020, Growth Capital Corp employed 6 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Growth Capital Corp is a 501(c)(4) and as such, is described as a "Civic League, Social Welfare Organization, and Local Association of Employees" by the IRS.
For the year ending 12/2020, Growth Capital Corp generated $2.7m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 7.4% each year. All expenses for the organization totaled $2.7m during the year ending 12/2020. While expenses have increased by 8.1% per year over the past 6 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2020
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE FINANCING ASSISTANCE TO AREA BUSINESSES AS PART OF AN OVERALL MISSION TO FOSTER ECONOMIC GROWTH AND JOB CREATION IN NORTHEAST OHIO.
Describe the Organization's Program Activity:
Part 3 - Line 4a
WHILE FEAR GRIPPED MANY SMALL BUSINESS OWNERS AND OUR COMMUNITIES AS A WHOLE DURING THE INITIAL PHASES OF ECONOMIC SHUT DOWNS CAUSED BY THE PANDEMIC, SEVERAL NEW OPPORTUNITIES AROSE FROM THE CARES ACT AND WE DILIGENTLY EXPLORED THOSE OPPORTUNITIES. AFTER CAREFUL CONSIDERATION WE STEPPED UP TO PARTICIPATE IN THE SBA PAYCHECK PROTECTION PROGRAM (PPP) WITH THE FULL SUPPORT OF THE BOARD. I WAS ABLE TO SECURE A 25MM WAREHOUSE LINE OF CREDIT, NEGOTIATED WITH OUR LOAN SERVICE PROVIDER FOR REDUCED SERVICING FEES FOR OUR PPP LOANS, FIGURED OUT THE COMPLEX AND EVER CHANGING REGULATORY LANDSCAPE, TIED INTO NEW LOAN MANAGEMENT SOFTWARE OPTIONS AND BUILT OUT AN ENTIRELY NEW BUSINESS PLATFORM FOR PPP LENDING. THE ENTIRE STAFF WAS COMMITTED TO DELIVERING ON OUR MISSION LENDING AND WE PROCESSED, APPROVED, CLOSED, FUNDED AND SERVICED NEARLY 300 PPP LOANS, SUPPORTING THE PAYROLLS OF HUNDREDS OF SMALL BUSINESSES HERE IN OHIO. WE ALL WORKED TIRELESSLY, IN THE OFFICE DURING THE DAYS AND REMOTELY AT NIGHT, CLOCKING IN 60-80 HOURS PER WEEK AT THE HEIGHT OF OUR PPP LENDING IN THE SECOND AND THIRD QUARTERS OF FISCAL YEAR 2020 AND THE HARD WORK AND DEDICATION PAID OFF BY FUNDING NEARLY 17MM IN PPP LENDING BEFORE THE EXPIRATION OF THE PROGRAM AND SUPPORTING SO MANY SMALL BUSINESS MANY OF WHOM RELAYED THAT WE LITERALLY SAVED THEIR COMPANIES. WE THEN BEGAN TO PIVOT TO OUR CORE SBA 504 BUSINESS AND OUR BANKING PARTNERS ARE RECOGNIZING THE CREDIT ENHANCEMENT AND HISTORICALLY LOW RATES OF OUR LENDING AND WE FINISHED THE YEAR STRONG WITH 36 504 LOANS AND ONCE AGAIN EARNED THE NUMBER ONE CDC IN OHIO STATUS ALONG WITH WINNING THREE SBA AWARDS FOR THE CLEVELAND DISTRICT, INCLUDING CDC OF THE YEAR, TOP 5 SBA 7A LENDER AND NUMBER ONE COMMUNITY ADVANTAGE LENDER HAVING PRODUCED 37 CA LOANS AND INCREASING OUR CA LENDING TO LMI AND SBA UNDERSERVED MARKETS TO 88% AND 75% RESPECTIVELY AND ADVANCING OUR MISSION IMPACT. THESE STRONG CORE LOAN NUMBERS WERE POSSIBLE ONLY AFTER SEVERAL MONTHS OF NEARLY ZERO LENDING DURING THE EARLY HEIGHTS OF THE PANDEMIC. ADDITIONALLY, WE WERE ABLE KEEP OVERALL LOAN DELINQUENCY IN CHECK WITH MODEST INCREASES IN GUARANTEE PURCHASES ALONG WITH SEVERAL LOAN COLLATERAL LIQUIDATIONS THAT HELPED MINIMIZE CREDIT LOSSES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John Kropf President/ex | Officer | 40 | $269,174 |
Alan Scheufler President | OfficerTrustee | 3 | $0 |
Daniel Prendergast Treasurer | OfficerTrustee | 3 | $0 |
Gloria Gates Director | Trustee | 1 | $0 |
Timothy Breckner Director | Trustee | 1 | $0 |
Wesley Gillespie Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $4,196 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $4,196 |
| Total Program Service Revenue | $2,688,653 |
| Investment income | $25,613 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,718,462 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $299,174 |
| Compensation of current officers, directors, key employees. | $44,876 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $532,559 |
| Pension plan accruals and contributions | $66,123 |
| Other employee benefits | $94,371 |
| Payroll taxes | $50,238 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $327,176 |
| Fees for services: Accounting | $35,880 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $105,499 |
| Information technology | $55,402 |
| Royalties | $0 |
| Occupancy | $114,558 |
| Travel | $24,319 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $484,502 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $2,708,403 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $5,043,142 |
| Savings and temporary cash investments | $948,741 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $68,406 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $13,312,282 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $11,095 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $67,158 |
| Total assets | $19,450,824 |
| Accounts payable and accrued expenses | $267,967 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $16,939,557 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $17,207,524 |
| Net assets without donor restrictions | $2,243,300 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $19,450,824 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Pidc Financing Corp Philadelphia, PA | $6,556,052 | $18,403,713 |
Visit Indy Inc Indianapolis, IN | $20,981,890 | $14,589,218 |
Purchase Area Development District Inc Mayfield, KY | $0 | $14,269,202 |
The Convention And Visitors Bureau Of Greater Cleveland Inc Cleveland, OH | $25,296,918 | $17,425,666 |
Ridc Regional Growth Fund Pittsburgh, PA | $36,670,171 | $9,947,122 |
Columbus Downtown Development Corporation Columbus, OH | $118,710,723 | $12,117,471 |
Delaware County Economic Development Oversight Board Media, PA | $2,255,958 | $10,697,300 |
Metropolitan Detroit Convention & Vistors Bureau Detroit, MI | $36,765,048 | $14,015,809 |
Alleghenies Planning And Development Commission Altoona, PA | $25,721,818 | $9,986,298 |
Greater Philadelphia Tourism Marketing Corporation Philadelphia, PA | $11,403,385 | $8,019,397 |
Detroit Economic Growth Corp Detroit, MI | $7,209,211 | $10,420,774 |
Lawrence Economic Development Corporation South Point, OH | $62,339,240 | $9,945,474 |