Abdoulaye, who has been working as a yellow cab driver since 1990, purchased a taxi medallion in 2006 that allowed him to operate his own cab with a 25-year loan. When his bank offered to reduce his loan principal if he could find re-financing for the balance on this loan, most banks and traditional lenders were reluctant to help medallion owners as the result of the recent steep decline in the value of medallions. Accompany Capital’s Community Advantage loan to refinance this debt has had a life changing impact by reducing his enormous financial burden by over $400,000.
When his income was dramatically affected by the COVID-19 pandemic, the Accompany Capital team was able to help process a PPP loan of $20,833 for him in May of 2021 that was then fully forgiven by the SBA. His loan officer also kept him informed about other relief options and, as a result, he benefited from both sets of CARES Act payment relief for a period of 11 months to help him with his loan repayments. As a result, with this financial support and guidance, Abdoulaye was able to maintain financial stability throughout the worst of the pandemic.
Accompany Capital, is a New York City based, SBA approved Microloan and Community Advantage Lender and certified as a Community Development Financial Institution (CDFI) by the US Department of the Treasury. As of 2021, Accompany Capital has made 3,474 microloans for a total of $20.9M from its SBA funded Microloan Program and 11 loans for $2,455,000 from its Community Advantage Program.
• Community Advantage Loan