Growth Capital Corp
- Assets
- $4.9m
- Revenue
- $2.1m
- Investments
- $0.0
- Employees
- 6
- Location
- Cleveland, OH
- Founding
- 09/1991
- Data as of
- 12/2022
- 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 12/2022, 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 12/2022, Growth Capital Corp generated $2.1m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 2.1% each year. All expenses for the organization totaled $2.1m during the year ending 12/2022. While expenses have increased by 2.5% per year over the past 8 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
2022
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
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
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John Kropf President/ex | Officer | 40 | $263,093 |
Juan Hernandez Business Dev | 40 | $154,440 | |
Jeffrey Sozio Sba Loan Off | 40 | $131,180 | |
Alan Scheufler President | OfficerTrustee | 3 | $0 |
Daniel Prendergast Treasurer | OfficerTrustee | 3 | $0 |
Tim Breckner Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $42,000 |
| 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 | $42,000 |
| Total Program Service Revenue | $2,020,805 |
| Investment income | $6,877 |
| 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 | $2,083,745 |
| 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. | $302,986 |
| Compensation of current officers, directors, key employees. | $90,896 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $499,003 |
| Pension plan accruals and contributions | $61,803 |
| Other employee benefits | $123,511 |
| Payroll taxes | $52,954 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $116,042 |
| Fees for services: Accounting | $35,850 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $12,023 |
| Advertising and promotion | $0 |
| Office expenses | $88,552 |
| Information technology | $103,988 |
| Royalties | $0 |
| Occupancy | $118,670 |
| Travel | $25,657 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $114,105 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $35,629 |
| All other expenses | $0 |
| Total functional expenses | $2,067,747 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,943,350 |
| Savings and temporary cash investments | $1,300,963 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $13,890 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $492,132 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $15,450 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $121,246 |
| Total assets | $4,887,031 |
| Accounts payable and accrued expenses | $261,544 |
| 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 | $2,325,888 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $33,822 |
| Total liabilities | $2,621,254 |
| Net assets without donor restrictions | $2,265,777 |
| 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 | $4,887,031 |