Accompany Capital Receives a $5 Million Grant from Philanthropist MacKenzie Scott
Media Contact:
Yanki Tshering
917-602-7238
For Immediate Release - New York, NY - November 19, 2024 - Accompany Capital, a New York City based community development financial institution (CDFI) serving small business entrepreneurs, is proud to announce that we have received a $5 million grant from philanthropist and author MacKenzie Scott’s Yield Giving initiative. Scott has long been active in giving to organizations that promote economic equity and justice, including other CDFIs.
This generous grant will help Accompany Capital invest in more small business owners, thereby helping them secure better futures for themselves and their communities. It will also allow us to invest more in our new Green Lending and Sustainable Business support programs as well as our program to help taxi drivers who are struggling to refinance the often-crushing debt they incurred purchasing their New York taxi medallions.
“We are thrilled to be among the recipients of MacKenzie Scott’s generosity,” said Yanki Tshering, Executive Director of Accompany Capital. “The funds will make it possible to achieve our goal of lending $50 million in the next three years in loans ranging from $1K-$350K.”
In addition, the loans will enable us to:
- Continue our commitment to provide microloans of a few thousands dollars that are so critical for micro-businesses that are just starting out
- Set aside the required loan loss reserve to make larger loans and develop loan products that meet the needs of our growing clientele
- Build our clients’ financial resilience by providing them with complimentary life insurance policies as a measure of financial security for them and their families
- Increase one-on-one consultations and training on topics ranging from how to establish a good credit score to a series on how to use AI to manage a small business, topics that will help entrepreneurs and business owners acquire the skills they need to be competitive
- Invest in marketing and community outreach programs which educate businesses and other members of our community about CDFIs as a source of safe and affordable financial products and advice, so that CDFIs are no longer America’s “best kept financial secret”
“This generous donation will directly support our businesses run by refugees, immigrants, women, and people of color, groups that often struggle to access finance from mainstream financial services institutions.” added Board Chair Kwame Marfo. “We are thrilled to have partners like MacKenzie Scott support our mission.”
About Accompany Capital
Accompany Capital is an award-winning Community Development Financial Institution (CDFI) and Small Business Administration microlender that provides financial and in-kind support primarily to refugee and immigrant owned businesses. Accompany Capital has disbursed over $70 million in loans and assisted over 10,000 immigrant and refugee entrepreneurs in New York City since 1997, as well as provided workshops and one-on-one advice on business management and marketing to over 10,000 businesses.
For more information, please visit accompanycapital.org
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