Small, minority-owned businesses need a supportive team to make their dreams a reality. And that valuable support structure is exactly what Community Capital New York (CCNY) provides these eager entrepreneurs in relationship with financial institutions like TD.
CCNY is a Community Development Financial Institution (CDFI) that provides financing to small businesses, contractors and affordable housing developers that lack access to or may not qualify for mainstream credit. They also provide educational classes and one-on-one support.
For example, small business owner Nadia Newman turned adversity into opportunity when she used severance money from a previously held executive position to launch Absolute Best Home Care (ABHC), a licensed home care agency serving seniors and individuals with disabilities in the suburban New York City area. Her business launched providing a much-needed service with trained, certified nursing assistants (CNAs). But like many entrepreneurs, she needed help along the way to sustain her business long-term.
CCNY bridges the gap
Nadia, a single mother to a teenage son and a self-starter, was orphaned at four years old and came to the U.S. from South Africa when she was 21. She worked as a housekeeper, nanny and au pair, and eventually advanced to an executive role in the beauty industry, only to have her position eliminated at the start of the 2020 pandemic. This change sparked her entrepreneurial spirit.
Nadia’s business and home health care background gave ABHC a strong start, but small business owners often struggle with the administrative demands of operating a business as they continue to grow. When Nadia realized just how challenging managing all aspects of the business could be, she turned to CCNY.
“Having access to safe, affordable capital is life-changing for these small business owners,” said Yanush Sanmugaraja, processing manager at CCNY. “When they learn that it's not just about the capital, that you could also get access to support from people who actually care, they are really surprised.”
While small business owners like Nadia depend on CDFIs, the organizations themselves rely on conventional funding resources to help bridge critical gaps. TD Charitable Foundation grant in fiscal year 2024 helped CCNY double its small business portfolio to $3.5 million, supported more than 75 low- to moderate-income, women and minority business owners, and provided more than 7,500 hours of free advisory services. What's more, TD helped CCNY expand affordable housing for 190 additional New Yorkers and supported 230 jobs created or retained.
Providing tailored support
In addition to financing and personalized care, CCNY focuses on providing educational programs that directly address the needs of small business owners.
“Minority-owned businesses, women-owned businesses and veteran businesses all benefit from our services,” said Robert Benitez, President and CEO at CCNY. “Wherever there's a gap, we're quick to create specific products where they're needed. The idea is, if there’s anything and everything that we can do to support a business, we're going to figure it out.”
Funding from TD supports training programs, including a 10-week program focused on basics such as bookkeeping, marketing and setting up an accounting system. Nadia has completed many of these programs, all of which have helped her better manage her business.
“A lot of people who don't have access to these resources will typically try to do everything themselves,” Yanush said. “They run their social media and do their bookkeeping all on their own, and they also aren’t paying themselves well. They end up being stretched too thin, burning out and shutting down.”
After participating in the CCNY programs, these entrepreneurs are better able to manage and grow their businesses and serve their communities.
Fueling growth
Since she began working with CCNY, Nadia has been able to stay ahead of her payroll needs and grow her business by leaps and bounds. ABHC expanded from 20 employees to 88, creating 68 jobs in their local community in Fairfield County, Connecticut. They’ve also quadrupled their revenue in the past four years.
For CCNY, the goal is to move small businesses into a position where traditional banks, such as TD, can work with them directly. And even once they reach that stage, the CCNY team remains a long-term resource.
“Our relationship with these minority-owned small businesses is very personal,” said Robert. “Even when they move on to work with a mainstream bank, we stay connected and continue to foster that relationship going forward.”
TD strives to be part of those businesses' journeys from the beginning as well.
"TD works closely with multiple CDFIs like CCNY to offer resources, provide funding and seek out opportunities to work together for their clients' success," said Ralph Bumbaca, Regional President of Metro New York, TD Bank. "Our goal is to ensure that many more small businesses have access to needed capital while they start up and expand into local growth engines."
Looking to the future
Nadia plans to continue growing her business, create more jobs in her community and pay forward the support she received from CCNY with backing from financial institutions like TD Bank. Because of the support Nadia has received, she’s able to give back to her community and help others who started out the same way she did. In addition to ensuring her clients are well cared for, she supports her caregiving staff, so they know they are appreciated.
“We help the caregivers so they can get into better positions for their children, for their families,” said Nadia. “At the end of the day, I never forget where I came from.”
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