Solomon Hess provides liquidity to lenders that are originating community development loans, primarily through the SBA 7(a) program. Since inception in 2004, we have invested over $250 million in more than 4,000 different loan participations. These small businesses, in whose loans we have invested, have created or retained approximately 25,000 jobs, primarily in lower income communities.
In addition, Solomon Hess manages a CDFI Fund designated Community Development Entity (The Solomon Hess SBA Loan Fund, LLC) that was awarded a $50 million allocation of New Markets Tax Credits (NMTC) in May, 2009. This allocation allows us to provide subsidized loans to small businesses located in lower income areas through a network of community focused lending partners. For more information on the NMTC program, please click here.