GRANT PURPOSE & IMPACT
Amplify Her Foundation will support Ascendus’ New York City Small Business Lending and Financial Education for Women Program. This program will empower women entrepreneurs with the knowledge and means to grow their personal financial health, support their families, and create employment opportunities for other women in New York City.
Ascendus’ model of service provides two key resources: 1) education and 2) loan capital. Ascendus provides loan capital through affordable and flexible small business loans. They accept lower credit scores than other financial institutions, and design products that make repaying the loan easy and accessible. Women especially benefit from Ascendus’ loan program, as they traditionally have less access to capital from traditional institutions and are forced to leverage their own savings to finance their businesses – making them more financially vulnerable than men. Ascendus considers themselves to be a transformational lender, not a transactional lender; they ensure that the benefits of working with Ascendus extend beyond the immediate impact of a loan. When a woman entrepreneur applies for a loan with Ascendus, she is also provided with one-on-one business counseling, as well as group-based workshops and other mentorship support.
With support from the Amplify Her Foundation, Ascendus will provide one-on-one customized business coaching to 1,695 women, access to $1.1 million in capital for 320 women to invest in their businesses, and ongoing mentorship and workshop programing for 175 women.
