PONTE VEDRA, Fla., Dec. 02, 2019 (GLOBE NEWSWIRE) -- North Avenue Capital (NAC), a specialized commercial lender headquartered in Northeast Florida, has its eyes set on closing 2019 with over $140 Million in USDA Rural Loans to businesses across America. The USDA Rural Development Program works to create and save jobs in areas outside of metro areas, and NAC is committed to exclusively offering USDA Business & Industry (B&I) Loans nationwide with a focus on building businesses, growing economies, and creating jobs.
Since its founding, NAC has emerged as a leader in the USDA B&I space, moving up the rankings and finishing the most recent year as the 4th largest B&I Lender in the nation. NAC has closed over 28 loans nationwide that encompass a variety of industries including manufacturing, commercial real estate, family entertainment, food distribution, hospitality, oil & gas exploration, and more. With projects spanning 20 different states and territories, NAC is proud to have developed relationships with USDA decision-makers and help create or save nearly 1,500 jobs nationwide.
By combining an innovative use of data analytics and digital marketing with a timeless focus on building relationships and establishing trust, NAC’s team has grown by over 30% in 2019, recently opened its 5th office in Memphis, TN, and has laid a solid foundation for a world-class marketing and business development engine.
Chief Executive, Ben Chatraw, understands that NAC’s impact on rural America is tied directly to the caliber of men and women it attracts to the business. “Our employees share a heart for and connection with the importance of unearthing the real needs of our clients.” According to Chatraw, existing and start-up companies alike are still hampered by constraints among traditional lending sources. “We all see the signs of the broader economic recovery, but the full extent of that recovery simply hasn’t yet reached rural communities,” he added. For that reason, NAC is convinced more than ever that the USDA B&I Loan Program is one of the best options positively impacting the economy with public-private partnerships.
The Company is gearing up to fund an additional $100 million of job-generating loans next year and they are not looking back. “The team is excited and working hard to expand our impact on rural businesses,” says Chatraw. With over $300 million of prospective loan opportunities in the pipeline, North Avenue Capital is working diligently to contribute to the positive momentum of the economic recovery bringing growth to rural America.
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