$2 Billion or Bust: Spring 2016 Update
It’s about numbers, but not
only about numbers.
This is going to sound corny, but so be it: we love what we do so much that we hate to think about it purely in terms of numbers. But sometimes it’s necessary, right? Success has to be measurable and has to be measured. That’s why we update you from time to time on how we’re doing — the number of loans we’ve closed, loan volume, jobs we’ve helped create and retain (625, $1.78 billion, and 9,875 to date, respectively).
$2 billion or bust…
At the beginning of 2015, we set a goal of getting to $2 billion in closed loans, by total project amount, by the end of 2016, and we needed to close about $500 million in total project costs in two years to do it. It was and is a big-hairy-audacious-goal, and lots of things have to go the right way for us to actually make it to $2 billion by year-end. But we’re aiming for it nonetheless. We closed $88 million in total project costs in the first quarter of 2016 which brings us to that $1.78 billion all-time total.
$2 Billion or Bust…
As 2014 came to a close, we had closed loans worth $1.56 billion in total project costs. We thought the $2 billion mark was within striking distance, so we decided to try to get there by the end of 2016. That’s almost $500 million in just two years. Over the last five years, our average loan size is about $3.88 million and we average about 58 loans per year. We think getting $2 billion by the close of 2016 will be pretty tough — maybe even impossible — but we’re always up for a challenge. If we manage to pull this off, we will have helped small business owners create and retain about 2,300 jobs in the process. That’s a big deal, and that’s why we’re setting this big hairy audacious goal. America’s small business owners are hungry for funding to grow and expand and create jobs and make this nation stronger. We believe we can help them do those things, and we hope you’ll follow along as we do our darndest to reach our goal.