North Avenue Capital (NAC), a specialized commercial lender headquartered in Ponte Vedra and in its third full year of operations, closed out 2018 having exceeded its projected milestones for rural investment and job growth.
With a focus on meeting its commitment to building businesses, growing economies and creating jobs in rural America, NAC is approaching year-end having funded over $100 million in USDA Business & Industry (B&I) loans to rural businesses.
After only three years in the market, NAC has closed loans in 11 different states and is working on projects in 14 other states and U.S. territories. The firm has impacted rural communities around the nation by investing in manufacturing facilities, commercial real estate acquisitions, entertainment venues, food distribution, hotel development and more. Along the way, NAC's borrowers have created or saved more than 1,200 jobs.
NAC's team of 15 is dedicated solely to supporting rural America. Since its founding, NAC has emerged as a leader in the USDA B&I space, finishing in the top five of the nation's largest B&I Lenders for two out of the last three years.
North Avenue Capital exclusively originates, underwrites, funds and services USDA Rural Development loans nationwide.
"Businesses operating outside of major metropolitan cities are still struggling to access the capital they need to grow," CEO Ben Chatraw said. "While the economy is experiencing a meaningful recovery, rural communities are still not receiving all of the benefits."
According to Chatraw, start-up companies are especially hampered by constraints among traditional lending sources. NAC believes the USDA B&I Loan Program is one of the best examples of how public-private partnerships can positively impact the economy.
NAC's strong performance has also led the team to grow by 50 percent in 2018, operating five offices across the country.
"When you combine a significant need for capital with an incredible team of focused professionals, our growth is not surprising," Chatraw said.
In addition to the team's direct sourcing efforts, NAC works with a network of partners throughout the U.S. to identify rural companies seeking financing.
The company is on track to fund an additional $100 million of job-generating loans next year.
"The team is excited and working hard to expand our impact on rural businesses in 2019," Chatraw said. With nearly $250 million in the pipeline, North Avenue Capital is pressing forward to ensure the momentum of the economic recovery brings growth and development to rural communities.”
