Grow America (formerly NDC) provides small business lending, community development investments, and advisory services to nonprofits and entrepreneurs, with 30+ years of lending experience.
Editorially reviewed by Harvey Brooks
Grow America, formerly known as the National Development Council (NDC), is a mission-driven organization that has been operating for over three decades. The organization rebranded to Grow America to reflect its commitment to investing capital for equitable economic development. Based on their website and service offerings, they position themselves as a comprehensive community development finance provider rather than a traditional lender.
Grow America offers four primary service lines: small business lending and entrepreneurial support, housing and community development investments, advisory services for economic development, and training programs in development finance. Their small business lending program specifically targets nonprofits and small business owners, helping them develop equity and create jobs within their communities. They accept online loan applications and market themselves as having 30+ years of direct lending experience to this sector.
What distinguishes Grow America is their holistic approach that goes beyond simple lending. They provide technical assistance, help structure complex financing arrangements, offer advisory services with customized development plans, and operate a training program that has educated over 85,000 professionals in development finance. They work with local governments, nonprofits, and developers collaboratively from project inception. Their focus on community impact through documented stories of impact (Wilmington DE, Chicago IL, Syracuse NY) suggests they prioritize measurable community outcomes.
Grow America appears to be a legitimate community development financial institution (CDFI) focused on underserved markets rather than mainstream consumer lending. However, potential borrowers should note that specific loan terms, rates, and eligibility requirements are not disclosed on their website, and their primary focus seems to be on nonprofits and community-based projects rather than individual small business owners seeking straightforward financing.
Yes. Grow America Fund Inc is a registered company headquartered in One Battery Park Plaza, 1 Battery Pl # 710, New York, NY 10004. They hold a NR rating with the Better Business Bureau.
CreditDoc Diagnosis
Grow America is best for nonprofit organizations, social enterprises, and small businesses in underserved communities seeking mission-aligned financing with technical support and advisory services. The main caveat is that specific loan terms, rates, and eligibility requirements are not published online, requiring direct contact with the organization for transparent pricing and timeline information.
AAFE Community Development Fund is a HUD-certified housing counselor and CDFI offering free homebuyer education, down payment assistance loans, and homeowner repair financing for low- to moderate-income New Yorkers.
Best for: First-time homebuyers in NYC with low-to-moderate income seeking education and down payment help, Asian American and immigrant communities in NY seeking bilingual housing counseling
Bank of America's Kensington branch in Philadelphia offers full-service banking, walk-up ATM, notary, commercial deposits, and appointment-based specialist advice.
Best for: Existing Bank of America customers in the Kensington and North Philadelphia area, Small business owners needing commercial deposit services or business banking advice
Bank of America Financial Center in Philadelphia's Kensington neighborhood offering full-service banking, financial advice, and walk-up ATM access with extended Saturday hours.
Best for: Customers seeking comprehensive personal and business banking with professional financial guidance, Philadelphia residents needing multilingual banking support in non-English languages
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Read guide →New to credit and lending? Here are the key terms used on this page, explained in plain language with real-number examples.
The total yearly cost of borrowing money, including the interest rate plus any fees the lender charges. Think of it as the 'true price tag' on a loan.
Lenders must show APR by law (Truth in Lending Act) because the interest rate alone can hide fees. Comparing APR across lenders is the most reliable way to find the cheapest loan.
Example
You borrow $10,000 at 6% interest for 3 years, but there's a $300 origination fee. The interest rate is 6%, but the APR is 6.9% because it includes that fee. You'd pay $304/month and $946 total in interest.
The percentage a lender charges you for borrowing their money, calculated on the amount you still owe. It's the lender's profit for taking the risk of lending to you.
Even a 1% difference in interest rate can cost you thousands over a loan's life. Lower rates mean less money out of your pocket.
Example
On a $20,000 car loan for 5 years: at 5% you pay $2,645 in interest. At 8% you pay $4,332. That 3% difference costs you $1,687 extra.
The original amount of money you borrowed, before any interest or fees are added. It's the 'real' amount of your debt.
Your interest is calculated on the principal. Paying extra toward principal (not just interest) is the fastest way to reduce your total cost and pay off a loan early.
Example
You borrow $25,000 for a car. That $25,000 is your principal. Your first payment of $450 might split as $150 toward interest and $300 toward principal, bringing your balance to $24,700.
How long you have to repay the loan, measured in months or years. A shorter term means higher monthly payments but less total interest paid.
Longer terms feel more affordable monthly but cost much more overall. A 30-year mortgage costs almost double in interest compared to a 15-year mortgage on the same amount.
Example
Borrowing $200,000 at 6.5%: A 15-year term costs $1,742/month ($113,561 total interest). A 30-year term costs $1,264/month ($255,088 total interest). You save $141,527 with the shorter term.
A one-time fee the lender charges to process and set up your loan. It covers their costs for underwriting, verifying your information, and preparing paperwork.
Origination fees are usually 1-8% of the loan amount and are often deducted from your loan proceeds — so you receive less than you borrowed.
Example
You're approved for a $10,000 personal loan with a 5% origination fee. The lender deducts $500 upfront, so you receive $9,500 in your bank account but owe $10,000 plus interest.
A person who agrees to repay your loan if you can't. They're equally responsible for the debt, and their credit is affected by your payment behavior.
Cosigning helps people with thin credit get approved or get better rates. But it's a huge risk for the cosigner — they're on the hook for the full amount if you default.
Example
A parent cosigns their child's $30,000 student loan. The child stops paying after 6 months. The parent is now legally required to make the payments or face collections, lawsuits, and credit damage.
The process where a lender evaluates your finances — income, debts, credit history, assets — to decide whether to approve your loan and at what rate.
Understanding what underwriters look for helps you prepare a stronger application. They check your DTI ratio, employment stability, credit score, and the asset's value.
Example
You apply for a mortgage. The underwriter reviews your pay stubs (income), bank statements (savings), credit report (history), and orders an appraisal (home value). This takes 2-4 weeks.
Want to learn more? Read our Financial Wellness Guides for in-depth explanations and practical advice.
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