Adding strength to business, ideas, and communities
[Norwood, Ohio] HCDC, a local economic growth marketplace that fuels growth through commercial lending, startup incubation, and economic development services announced that it will merge with Access Business Finance and will rebrand as Alloy Development Co. The merger takes effect on March 31, 2022.
The merger and rebrand have been underway for over two years and aligned to rollout together. The merger will allow the lending team to be able to better develop and grow the SBA 504 program in the State of Ohio and the Commonwealth of Kentucky. Combining both entities’ strong operational back rooms with a more focused sales strategy will allow Alloy to expand its connectivity with more businesses and third-party lenders to further grow this excellent lending and economic development tool. It is anticipated that this merger will strengthen Alloy’s presence in the Greater Cincinnati and Greater Dayton marketplaces. In 2021, HCDC experienced a record-setting year with SBA 504 loan approvals that reached $35.4 million. The combination of Access and HCDC’s loan portfolios will exceed $165 million in asset total. The merger will increase the Alloy Development Co. staff to 25, which includes former Access Business Finance CEO, Andy McCreanor, and Selena Cruces, SBA 504 Loan Specialist. McCreanor commented, “This merger promises to accelerate Alloy Development’s SBA 504 lending potential throughout the Greater Cincinnati and Northern Kentucky region. The merger combines the skill, knowledge, and experience of talented people who are more than capable of serving SBA’s lending mission.”
Name discussions have been ongoing at HCDC for numerous years. HCDC believed they collaborate well in the area of economic development and wanted a name that showcased how the company effectively fuels growth through its many programs. The Board and staff felt that the HCDC name wasn’t representative of all the products and services offered and there was name confusion in the marketplace. “An alloy is the combination of two or more metals to add strength, and that is what we do. Not only do we combine our departments to add strength to our businesses and communities but we collaborate with partners such as Hamilton County, the State of Ohio, U.S. Small Business Administration to add strength to our region,” said Patrick Longo, president, and CEO of Alloy Development Co.
The services and results that we have always provided will not change, they will only get better, as we are better when all of our programs are working together. The merger and rebrand will allow us to serve more people that could benefit from our services. “HCDC has always been the solution but has been in the shadows. We see the rebranding as an opportunity to bring us into the light”, said Patrick Longo, president, and CEO.
Alloy Development Co. is a marketplace where organizations, businesses, and communities can find the resources they need to grow. We are a commercial capital lender, a growth lab for startups, and an economic development partner all under one roof, which makes us an active and influential business partner, able to assist any organization at any stage of growth.