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Chase New Markets Corporation
New York NYCDFI Awards for Chase New Markets Corporation
NMTC (2009) - $40,000,000
Chase New Markets Corporation (CNMC) will use its NMTC allocation to finance businesses, commercial real estate ventures, community based facilities, and CDFIs operating in low-income communities. With the NMTC allocation, CNMC will go into areas of higher economic distress and finance businesses that are otherwise unable to obtain adequate financing from conventional sources. CNMC assists these businesses by offering flexible financial products, including senior debt at below-market interest rates and with no fees; below-market interest rate loans; flexible loan structures and better than market underwriting terms.
NMTC (2008) - $85,000,000
Chase New Markets Corporation (“CNMC”) will use its NMTC allocation to finance small and middle market businesses, commercial real estate ventures, community based facilities, and CDFIs in Low-Income Communities. The NMTCs enable CNMC to go deeper into areas of higher economic distress and finance businesses that are otherwise unable to obtain adequate financing from conventional sources. CNMC will offer loans at interest rates significantly below market and subordinated debt financing with no fees. CNMC will also continue to incorporate flexible underwriting standards including higher-than-standard loan-to-value ratios, debt service coverage ratios and/or longer repayment terms in order to provide borrowers with greater access to capital.
NMTC (2007) - $60,000,000
Chase New Markets Corporation ("CNMC") will use its NMTC Allocation to offer products and programs that will meet the needs of small and middle market businesses, commercial real estate ventures, community based facilities, and CDFIs operating in Low-Income Communities. CNMC will offer loans at interest rates that are below market, with reduced up-front fees and relaxed underwriting standards for its borrowers, including higher-than-standard loan to value ratios and/or longer repayment terms in order to provide borrowers with greater access to capital than previously possible. CNMC plans to focus a substantial portion of its allocation in the Gulf Coast states that were devastated by Hurricanes Katrina and Rita.
(0) - $0
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