An expanded geographic footprint for AltCap will see the Kansas City-based small business lender make capital more accessible for entrepreneurs in Missouri, Kansas, Texas, and Colorado.
The mission-driven Community Development Financial Institution (CDFI) finances small businesses and community-driven real estate development projects that create more economically-inclusive communities.
“AltCap’s expansion has better positioned us for long term growth and success while furthering our impact in communities and creating more accessible financing options for more entrepreneurs,” said Ruben Alonso III, CEO of AltCap. “We’re excited to broaden our mission of providing fair access to capital for underinvested communities and businesses not adequately served by mainstream financial institutions.”
In addition to its Heartland expansion, AltCap has created an affiliate — AltCap California — to make loans in California. This west coast office is led by CDFI-veteran and market president David R. Desai Ramirez.
As an ally to underestimated entrepreneurs, AltCap ignites the potential that traditional lenders may overlook with the goal of empowering entrepreneurs throughout our communities and building a more inclusive, vibrant local economy, the organization said in a press release.
Entrepreneurs in the states now within its service area can access AltCap’s range of financing products, including small business loans, microloans, New Markets Tax Credits (NMTC), and business development services that promote economic growth.
Over the past three years, AltCap’s federal relief efforts allowed it to identify new opportunities to extend our mission to more small businesses, Alonso said.
As the Kansas City-based team has expanded to support an increased loan volume, AltCap’s operations in Texas are being led by market president Anthony Williams while AltCap’s outreach and lending efforts in Denver will be led by business development officer Ann Mosso.
“These additions bring decades of financial and business acumen to our team and have already launched lending operations for entrepreneurs throughout their states,” Alonso added.
AltCap has more than 15 years of experience in creating high-performing tax credit investment and loan portfolios. To date, we’ve deployed more than $250 million in New Markets Tax Credits and roughly $32 million in small business loans and microloans.