TRUE ACCESS CAPITAL2021 Annual Report

CHARLY BASS, FOUNDER
JERRY DEEN’S FAMILY RESTAURANT

We feel that knowledge is as important as capital to help our borrowers thrive and grow their businesses, and our courses are open to our borrowers at any time, not just at the origination of the loan.

— Vandell Hampton, Jr. , President & CEO

Investing in People and Impacting Communities.

As I reflect on our year in 2021, I am reminded of the positive impact that organizations like True Access Capital can have on the people and communities we serve. We know that successful small businesses are a mainstay for thriving communities. It is also well known that traditional funders often have lending criteria that preclude some small businesses from acquiring the capital they need to sustain or grow. True Access Capital is re-writing this scenario across Delaware and southeastern Pennsylvania.

Since 1992, True Access Capital has put more than $50 million to work to meet the needs in underserved communities, building up more than 1,400 small businesses and community organizations, creating jobs, enhancing communities, and transforming lives. By investing in deserving entrepreneurs and their dreams, we build stronger, safer communities.

Last year was a record lending year for True Access Capital. We distributed $5.9 million in loans to 38 businesses. Loans to BIPOC (Black, Indigenous, People of Color) businesses, primarily African American and Latino-owned enterprises, represented 66% of our total lending. Our expansion into southeastern Pennsylvania resulted in $1.95 million in loans in Philadelphia, Delaware, Montgomery, Bucks and Chester Counties.

One of the unique aspects of True Access Capital, is that our support goes beyond funding. Last year, we provided technical assistance, training and business support to over 1,500 business owners through our in-person and online courses, one-on-one business coaching and networking events. We feel that knowledge is as important as capital to help our borrowers thrive and grow. The support that we provide our borrowers, many times begins before we make a loan and continues long after the loan is closed. We are with them for the long run.

True Access Capital’s own growth last year was notable. Our assets grew from $14.5 million in 2020 to over $20 million in 2021, a previously unseen rate of growth of 28 percent. Raising resources to support our work remains a constant challenge, and we extend our sincere gratitude to those who stand with us.

Now we turn our attention to the future, as we embark upon a new strategic plan looking out to the next five years. Much of what we do will not change but will evolve. We will continue our expansion into southeastern Pennsylvania, but may even look at other geographies. We will develop communication and outreach strategies so that more, small and minority-owned businesses can learn that there is a resource dedicated to their needs.

Much will evolve but one thing is certain: True Access Capital is a contributing community partner for all. We will continue Investing in People and Impacting Communities.

Sincerely,

signature: Vandell Hampton, Jr. President & CEO

This year’s annual report, Investing in People and Impacting Communities, tells the story of True Access Capital, expanding its lending and technical assistance services to underserved communities throughout our region. Our expansion into southeastern Pennsylvania, has yielded nearly $2 million in loans to small and Black, Indigenous, People of Color (BIPOC) businesses, which represents, 33% of our total lending in 2021.

To raise our visibility, we increased our marketing and outreach efforts. We reached out to, and developed partnerships with organizations in the communities in which we hoped to reach, who were known to local residents as trusted advisors. These organizations had close relationships and deep and wide reach in Black and Brown communities. We continually evaluated our financial products, services and educational offerings, to ensure we met the needs of the populations we served.

We make these special efforts because we know that investing in small businesses, means investments in long-term wealth that will carry through to future generations. Each thriving business adds jobs, provides a local service or product, revitalizes a vacant space, and contributes to the health and safety of our neighborhoods.

We are honored to invest in people, whose success impacts their communities!

Sara A. Crawford
Program Director
The Women’s Business Center at True Access Capital

2021 Accomplishmentsby the Number

1,187

persons received training

2,864

training hours were conducted

123

separate training sessions were held

307

businesses received counseling

1,163

counseling hours were conducted

As a woman entrepreneur, with my own lifestyle brand, I learned firsthand the obstacles that start-up businesses experience and the barriers entrepreneurial women face, as they begin and grow businesses.

Having worked with many aspiring and existing business owners at the Women’s Business Center (WBC) for the past seven years, I have observed that the businesses that survive and thrive are those whose owners understand that success is more than just a great product or service; it has to do with actively and intentionally managing all aspects of the business, from budgeting and understanding the financial intricacies of their given industry, to marketing. I’ve seen that many individuals starting a business lack knowledge in these specific areas and need coaching and mentoring to aid in their understanding.

This is why I am proud of our work at the WBC: our dedication to providing education, continued mentorship, ongoing support, and business training and programming, for all stages of business ownership.

Now, after more than two years, our community is still navigating through COVID-19. The WBC has continued many of the virtual initiatives and trainings we implemented before and during COVID, such as the Virtual Blueprint, Woman-Owned Small Business Certification, Finance 101, E-Commerce Boot Camp and more.

As I move around our community, I see so many entrepreneurs I recognize from WBC initiatives and events. These businesses are thriving, after completing our training sessions, received one-on-one counseling, or participated in our networking events. These businesses are creating jobs, impacting our communities, enriching families and creating generational wealth. We are pleased to be part of this exciting journey. When people come to us with their ideas and goals, we support the development of their business strategies and plans. We share their joy in seeing their dreams come to fruition.

I feel a tremendous sense of achievement and at the same time, I see how much more needs to be done. I am fortunate to be in an organization that allows me to serve our community in such a great way.

Sincerely,

Sara A. Crawford, Director WBC

WBC Programmatic Achievements

Held the First Annual H.E.R. Business Plan Competition, awarding $15,000 in prizes. From the announcement date in March 2021 to the submission deadline in August later that year, women-owned businesses received business counseling on their business plans.
Established an E-Commerce Boot Camp. The boot camp included four weekly, virtual sessions, which taught participants how to conduct business, via the internet, including understanding online functionality, marketing, and assistance setting up Shopify stores.
Led and curated the Sixth Annual Her Story, Our History event, during Women’s History Month. This event honored ten women who excelled in business or were community changemakers.
Hosted our second virtual Connect Series that allows Women and Entrepreneurs to meet and engage with other innovative business owners. This series encourages women to be more confident, meet new contacts, and learn new ideas on how to grow their business.

Case Study 1

Jerry Deen’s Family Restaurant

Charly Bass, Founder

Union jobs are great jobs, except if you have one that involves layoffs. Charly Bass’ job cooking at the oil refineries in Delaware City involved frequent layoffs, leaving her with periods of no work and little income. But Charly had a skill she could; she would cook and sell food when she wasn’t on the job. It was during one layoff that she got the idea to open a restaurant. more >

Charly honed her business skills by taking training courses through True Access Capital. “They helped me become business savvy – to be prepared and know what I was doing before I opened the doors. They helped me build back-office systems that would work for the long term.”

Case Study 2

“Working with True Access was so different from my experiences with traditional banks who just wanted me to show up and have everything in order. My loan officer, Phyllis McCollum, was absolutely wonderful. She was willing to instruct me on the process and answer all the questions I had,” Tony said.

Snow and Associates General Construction

Tony Snow, President

It is some people’s dream to have a family business they could step into once they finish school. But that wasn’t the case with Tony Snow. He grew up as the son of the owner of a construction company, and it was assumed he would join the business after high school. more >

Case Study 3

Express Printing and Graphics, Inc.

Sara D. Vasquez, Owner

Sara D. Vasquez was born in Cúcuta Norte de Santander, Colombia. At the age of 18, Sara came to the United States, along with her mother, to make a change in her life that would benefit her and her yet, unborn child. The two arrived in Miami and began to work various jobs before relocating to Philadelphia to join extended family. In Philadelphia, Sara began working for her cousin, the previous owner of Express Graphics and Printing. It was here where Sara realized she had a natural affinity for business sales. more >

Sara’s loan officer at True Access Capital, Lorenzo Merino, assisted her in completing all the requirements for the business loan. “The best part was that he spoke Spanish,” said Sara. “He had a checklist and explained every step of the process clearly.”

Case Study 4

The thought that they could qualify for a loan to acquire a building that included retail space, an office and two apartment units, was a long shot… But then James heard about True Access Capital and that they specialized in financing owner-occupied commercial real estate, in communities like the one where Clark’s Cellphone Corner was located.

Clark’s Cellphone Corner

Sahira and James Hutson, President

The building that housed Clark’s Cellphone Corner was being foreclosed on by the bank and James and Sahira Hutson, the proprietors, were facing an inconvenient and costly relocation, plus the prospect of having to rebuild a clientele in a whole new location. These were not business moves that that they looked forward to. more >

Case Study 5

Cibao Fried Chicken

The Peraltas, Owners
Nelson, Jr., Reyna, and Nelson, Sr.

On a corner property in North Philadelphia you’ll find a small, unassuming business named Cibao Fried Chicken, in an area surrounded by other small businesses and residences. Being part of a large city, the area is fairly quiet and appealing. Inside, it’s a lot less quiet. Owners Nelson Peralta, Sr., and his wife are working in a hot kitchen, cranking out the fried chicken and other Dominican specialties that the neighbors have found to be local favorites. more >

“The process was fairly easy,” Nelson, Jr., said. “My parents only speak Spanish, and they did all the work with senior community lending officer, Lorenzo Merino, who is fluent in the language.” Nelson said the process was very smooth, completing the required documentation, mostly through phone calls and emails.

Case Study 6

They’re there when you need them. You can reach out through texts, calls and email. You don’t need to wait for an appointment, It’s more personalized. I would definitely recommend True Access Capital to other people, especially to the Spanish community.”

Lis Flor Creations

Florangel De La Cruz, Owner

First-generation Dominican American Florangel De La Cruz explains the origins of Lis FLor Creations. “It was always my dream to open a business. I made that a challenge I needed to achieve and it was very satisfying to accomplish it. What really gives me joy is to help others feel confident about themselves. I like what I do because I interact with people who may not feel good about themselves and when they get out of my chair, they feel like a million dollars.” more >

Case Study 7

Blyss by Couryei

Couryei Cobb / Founder

When Couryei Cobb was working on her senior project at the Academy of Massage and Body Work in 2017, she thought that putting together a business plan for a beauty business was a great exercise that she enjoyed working through. It didn’t occur to her right away that she had actually designed her future! The plan was on point, and after graduation as a licensed aesthetician, she referred to it often as she created Bliss By Couryei, a beauty station in Newark, Delaware that offers waxing, facials, lashes and other personal services. more >

“I was inspired to open my own business,” said Couryei. “I wanted to create a lifestyle that offered me freedom – creative freedom as well as freedom of time.”

Financials

Consolidated Statement of Financial Position

December 31, 2021 and 2020

ASSETS	2021	2020
Cash and Cash Equivalents	$3,354,700	$3,286,568
Restricted Cash	5,726,836	2,835,721
Investments	48,535	48,515
Grants Receivable, Net	411,498	140,051
Miscellaneous Receivable	19,387	24,161
Accrued Interest Receivable	66,925	168,019
Prepaid Expenses	60,586	54,446
Servicing Asset	18,033	38,371
Loans Receivable, Net	10,020,352	7,503,994
Equity in Investment - Related Party	263,940	258,393
Security Deposit	1,427	1,427
Property and Equipment, Net	184,389	184,898
TOTAL ASSETS	20,176,608	$14,544,564

LIABILITIES AND NET ASSETS	2021	2020
Accounts Payable	24,341	$29,633
Accrued Expenses	15,550	21,532
Deferred Revenue	420	1,899
Compensated Absences	65,000	57,997
Loan Escrow	11,507	18,245
Participation Balance Due to DEDA	62,432	62,432
Paycheck Protection Program Loan - Conditional Grant	-	159,275
Loans Payable, Net	8,822,895	8,728,041
Bonds Payable	500,000	500,000
TOTAL LIABILITIES	9,502,145	9,579,054

NET ASSETS	2021	2020
Without Donor Restrictions	5,295,256	2,128,093
With Donor Restrictions	5,379,207	2,837,417
TOTAL NET ASSETS	10,674,463	4,965,510
TOTAL LIABILITIES AND NET ASSETS	20,176,608	14,544,564

Investors & Contributors

Investors
Artisans’ Bank
Barclays
Bank of Delaware
Borough of Kennett
Catholic Health Initiatives
Citizens Bank Customers Bank
Delaware Community Foundation
First Unitarian Church of Wilmington
Google
HSBC Bank USA, N.A.
M&T Bank
Northern Trust
Opportunity Finance Network
Sisters of St. Francis of Philadelphia
TD Bank, N.A.
USDA — Rural Development
U.S. Small Business Administration
WSFS Bank

Individual Contributors
Glenn Christman
Gloria Diodato
William Grimes
Vandell Hampton, Jr.
Sheila Harrigan
Deborah Harrison
Steve Horvath
Wanda Johnson
Daniel Kempski
Jonathon Klass
Delores Lee
Glenda Machia
Phyllis McCollum
Justin Poser
Ronaldo Tello
Clinton Tymes
Pedro Viera
Abdullah Weeks

Contributors
Artisans’ Bank
Ashley Biden Livelihood Foundation
Bank of America
Charitable Foundation
Citizens Bank
City of Wilmington
Comenity Bank
Community Development Financial Institution
Delaware Alliance for Nonprofit Advancement
Delaware Community Foundation
Discover Bank
Economic Development Administration
JPMorgan Chase Foundation
Laffey-McHugh Foundation
Losco & Marconi
M&T Bank
PNC Bank
Santander Bank
State of Delaware
TD Bank, N.A.
USDA - Rural Development
U. S. Small Business Administration
Wells Fargo Foundation
Wilmington University
WSFS