Alloy Development has record year in FY24

Alloy Development Co.’s Commercial Capital division announced that fiscal year 24 was its most successful year, breaking several company records and setting new industry benchmarks.

The nonprofit marketplace provides organizations, businesses and communities with resources they need to grow. It positions itself as a commercial capital lender, a growth lab for startups and an economic development partner focused on assisting organizations at any stage of growth.

In the fiscal year ending Sept. 30, Alloy’s Commercial Capital team achieved a total Small Business Association approval volume of $51.8 million, a 56% year-over-year increase. The organization stressed that figure not only reflects a company record but also marks a “significant achievement within the broader industry, which remained flat nationwide.” 

Alloy’s approval volume is a record for 504 volume among Ohio-based Community Development Corporations. Of this total, $30.9 million (60%) was directed toward loans that met public policy goals, including minority, women and veteran-owned businesses, as well as rural development, leading to a total investment of over $89 million.

Jon Main, Vice President of Alloy’s Commercial Capital team, called FY24 “a landmark year for us.”

More than meets the eye

Other notable accomplishments for Alloy’s Commercial Capital division in FY24 include:

• A company-record $4.1 million in Ohio Regional 166 loan approvals.
• A total approval volume of $55.9 million, representing a 46% increase over the previous record in FY22, leading to over $172 million in total investment.
• Creation of 325 jobs across 20 different industries.
• Partnerships with 27 different financial institutions, 9 of which were new collaborations for Alloy.

In February 2024, the company expanded its presence by opening a Columbus office, led by new hire Kevin Goehring, who has already made significant contributions to the company’s continued growth.

“We’ve grown substantially, thanks to the dedication of our team and the trust of our clients and partner,” Main said. “It’s rare to see this level of growth in our industry, and I couldn’t be prouder of what we’ve achieved together.”