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Nonprofit · EIN 34-1567708

GROWTH CAPITAL CORP

Also known as IMG CENTER

Tax-exempt · CLEVELAND, OH 44114

Financials

$2.1M$1.9M2025
Revenue Expenses · by fiscal year end
Financials of GROWTH CAPITAL CORP by year, from its e-filed returns
Year endedFormRevenueExpensesNet incomeTotal assetsLiabilitiesNet assets
December 31, 2025990$2,059,430$1,890,321$169,109$3,732,333$922,694$2,809,639
Financial details: 990 for the year ended December 31, 2025

Revenue

Contributions, gifts and grants
$0
Program service revenue
$1,955,769
Investment income
$62,201
Other revenue
$41,460

Expenses

Grants and similar amounts paid
$0
Compensation of officers, directors and key employees
$309,693
Other salaries and wages
$548,218
Salaries, compensation and benefits (total)
$1,099,488
Professional fundraising fees
$0
Legal fees
$77,886
Accounting fees
$34,643
Occupancy
$101,188
Travel
$55,424
Program services (functional)
$1,622,825
Management and general (functional)
$267,496

Balance sheet and other

Total assets, start of year
$3,629,501
Total assets, end of year
$3,732,333
Total liabilities, end of year
$922,694
Net assets, end of year
$2,809,639
Net assets without donor restrictions
$2,809,639
Gross receipts
$2,059,430
Employees
9
Volunteers
12
Year formed
1981
State of legal domicile
OH

From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.

Officers, directors and key employees

As listed on the 990 for the year ended December 31, 2025, highest compensation first.

NameTitleHours / weekCompensationOther / benefits
JOHN KROPFPRESIDENT/EX
Officer
40$278,445$73,520
JUAN HERNANDEZBUSINESS DEV
Highest-paid employee
40$160,127$24,660
JEFFREY SOZIOSBA LOAN OFF
Highest-paid employee
40$128,837$6,605
WESLEY GILLESPIECHAIR
Trustee or director, Officer
3$0$0
DANIEL PRENDERGASTTREASURER
Trustee or director, Officer
3$0$0
TIM BRECKNERDIRECTOR
Trustee or director
1$0$0
GLORIA GATESDIRECTOR
Trustee or director
1$0$0
DAVID KINZELDIRECTOR
Trustee or director
1$0$0
CHRISTOPHER KOLARDIRECTOR
Trustee or director
1$0$0
JAY RUTTERDIRECTOR
Trustee or director
1$0$0
KEVIN SCHMOTZERDIRECTOR
Trustee or director
1$0$0
KELLY SMITHDIRECTOR
Trustee or director
1$0$0

Address and contacts

Address (IRS master file)
1360 E 9TH ST STE 950, CLEVELAND, OH 44114-1734
Principal officer (990 for 2025)
JOHN KROPF, 1360 EAST NINTH STREET, IMG CENTER SUITE 950, CLEVELAND, OH 44114
Signed the 990
JOHN KROPF, PRESIDENT/EXEC DIR
Phone
(216) 592-2332
Return prepared by
H & J CERTIFIED PUBLIC ACCOUNTANTS INC

Mission

TO PROVIDE FINANCING ASSISTANCE TO AREA BUSINESSES AS PART OF AN OVERALL MISSION TO FOSTER ECONOMIC GROWTH AND JOB CREATION IN NORTHEAST OHIO.

990 for the year ended December 31, 2025

Program accomplishments

  • DURING FISCAL YEAR 2025, THE ORGANIZATION EXCEEDED ITS ANNUAL LOAN PRODUCTION GOAL FOR THE FIRST TIME IN THREE FISCAL YEARS. A TOTAL OF 43 LOANS WERE APPROVED, CONSISTING OF 22 SBA 504 LOANS AND 21 SBA 7(A) LOANS, REPRESENTING 103% OF THE ANNUAL PRODUCTION GOAL AND REFLECTING A BALANCED MIX OF LENDING ACTIVITY ACROSS PROGRAMS. LOAN PRODUCTION INCREASED SIGNIFICANTLY COMPARED TO THE PRIOR YEAR, WITH APPROVED LOAN VOLUME INCREASING BY MORE THAN 42% BASED ON THE NUMBER OF LOANS APPROVED. THE ORGANIZATION APPROVED APPROXIMATELY 22.7 MILLION IN FINANCING DURING THE FISCAL YEAR, INCLUDING 19.4 MILLION THROUGH THE SBA 504 PROGRAM AND 3.3 MILLION THROUGH THE SBA 7(A) PROGRAM. WHILE TOTAL APPROVED LOAN DOLLARS REACHED APPROXIMATELY 82% OF THE ANNUAL DOLLAR- VOLUME GOAL, AVERAGE LOAN SIZE DECLINED DUE TO A GREATER NUMBER OF SMALLER LOANS. MANAGEMENT BELIEVES THESE LOANS CONTINUE TO SUPPORT THE ORGANIZATION'S MISSION OF PROVIDING GROWTH CAPITAL TO SMALL BUSINESSES AND UNDERSERVED BORROWERS. DURING FISCAL YEAR 2025, 32 LOANS CLOSED, INCLUDING 18 SBA 504 LOANS TOTALING APPROXIMATELY 14.7 MILLION AND 14 SBA 7(A) LOANS TOTALING APPROXIMATELY 2.7 MILLION. LOAN CLOSINGS EXCEEDED THE ANNUAL PRODUCTION GOAL AND CONTRIBUTED POSITIVELY TO OPERATING RESULTS. THE ORGANIZATION'S LOAN PORTFOLIO GREW BY APPROXIMATELY 10.9 MILLION DURING THE FISCAL YEAR. PORTFOLIO GROWTH BENEFITED FROM THE FUNDING OF SEVERAL LARGER SBA 504 LOANS AND A SLOWER PACE OF LOAN PAYOFFS COMPARED TO PRIOR PERIODS. PORTFOLIO GROWTH EXCEEDED ESTABLISHED ANNUAL TARGETS AND REPRESENTED THE STRONGEST YEAR-END GROWTH ACHIEVED IN RECENT YEARS. THE LENDING ENVIRONMENT CONTINUED TO BE AFFECTED BY PREVAILING INTEREST RATES. HOWEVER, STABILIZATION OF THE 10-YEAR TREASURY RATE SUPPORTED SBA 504 LENDING ACTIVITY, WHILE REDUCTIONS IN INTEREST RATES DURING THE YEAR ARE EXPECTED TO PROVIDE PAYMENT RELIEF TO CERTAIN BORROWERS AND SUPPORT FUTURE PORTFOLIO PERFORMANCE. THE ORGANIZATION ALSO EXPERIENCED IMPROVEMENTS IN PORTFOLIO QUALITY DURING FISCAL YEAR 2025. THE SBA 504 STRESSED LOAN RATE DECLINED FROM 20.49% AT THE BEGINNING OF THE FISCAL YEAR TO 6.32% AT YEAR-END, PRIMARILY DUE TO PROACTIVE WORKOUT EFFORTS AND SBA-APPROVED REPAYMENT ARRANGEMENTS. THE SBA 7(A) STRESSED LOAN RATE DECREASED FROM 6.80% TO 2.53% DURING THE SAME PERIOD. IN ADDITION, THE ORGANIZATION MAINTAINED A STRONG LOAN LOSS RESERVE POSITION, WHICH MANAGEMENT BELIEVES PROVIDES MEANINGFUL PROTECTION AGAINST CREDIT RISK. THE ORGANIZATION'S MISSION-RELATED LENDING RESULTS REMAINED STRONG DURING FISCAL YEAR 2025. LOANS MADE TO SBA-DESIGNATED UNDERSERVED MARKETS REPRESENTED MORE THAN 89% OF TOTAL LENDING ACTIVITY, EXCEEDING APPLICABLE SBA BENCHMARKS. LENDING TO LOW-TO-MODERATE-INCOME BORROWERS AND COMMUNITIES REPRESENTED MORE THAN 82% OF COMMUNITY ADVANTAGE LENDING ACTIVITY. WOMEN-OWNED BUSINESSES ACCOUNTED FOR APPROXIMATELY 28% OF TOTAL LENDING, MINORITY-OWNED BUSINESSES REPRESENTED APPROXIMATELY 14%, VETERAN- OWNED BUSINESSES REPRESENTED APPROXIMATELY 21%, RURAL BUSINESSES REPRESENTED APPROXIMATELY 14%, AND MANUFACTURING COMPANIES REPRESENTED APPROXIMATELY 17% OF LOANS ORIGINATED DURING THE YEAR. THE ORGANIZATION ESTIMATES THAT BUSINESSES RECEIVING FINANCING THROUGH ITS PROGRAMS CREATED APPROXIMATELY 197 NEW JOBS DURING FISCAL YEAR 2025, FURTHER ADVANCING ITS MISSION OF SUPPORTING ECONOMIC DEVELOPMENT AND SMALL BUSINESS GROWTH WITHIN THE COMMUNITIES IT SERVES. S
    Expenses $1,622,825 · revenue $1,955,769

What it must file and when

IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in December, so each return is due on the 15th day of the 5th month after that.

Tax yearYear endedDueIRS public records
2025December 31, 2025May 15, 2026990 on file
2024December 31, 2024May 15, 2025990 on file
2023December 31, 2023May 15, 2024990 on file

IRS record

EIN
34-1567708
Tax-exempt status
501(c)(4): Social welfare organization
Donations deductible
No
Exempt since
1991
Accounting year ends
December
Files
Form 990 or 990-EZ
Assets (IRS master file)
$3,732,333
Income (IRS master file)
$2,059,430

Filing history

FormYear endedRevenueExpensesAssetsReturn
990December 2025–––IRS
990December 2024–––IRS
990December 2023$1,900,107$1,736,221$4,158,077IRS
990December 2022$2,083,745$2,067,747$4,887,031IRS
990December 2021–––IRS
990December 2020–––IRS
990December 2018–––IRS

990-N: the IRS publishes only the latest e-Postcard per organization; earlier years appear here as 990.tax collects the monthly files. 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS.

Questions about GROWTH CAPITAL CORP

What is the EIN of GROWTH CAPITAL CORP?
The employer identification number (EIN) of GROWTH CAPITAL CORP is 34-1567708.
Is GROWTH CAPITAL CORP tax-exempt?
Yes. The IRS lists it as tax-exempt under section 501(c)(4) since 1991.
Are donations to GROWTH CAPITAL CORP tax-deductible?
No. The IRS master file says contributions to it are not deductible.
Which annual return does GROWTH CAPITAL CORP file?
Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
When is the next return of GROWTH CAPITAL CORP due?
The return for tax year 2026 (the year ending December 31, 2026) is due May 17, 2027. Form 8868 extends it by six months; the 990-N cannot be extended.
When did GROWTH CAPITAL CORP last file with the IRS?
The latest return in the IRS public files is the 990 for the year ended December 2025.
Who is the principal officer of GROWTH CAPITAL CORP?
The 990 for the year ended December 31, 2025 names JOHN KROPF.
Who are the officers and directors of GROWTH CAPITAL CORP?
The 990 for the year ended December 31, 2025 lists 12 people; 3 received compensation from the organization, the highest $278,445 (JOHN KROPF, PRESIDENT/EX).
How much revenue does GROWTH CAPITAL CORP have?
On its 990 for the year ended December 31, 2025 it reported revenue of $2,059,430, expenses of $1,890,321 and total assets of $3,732,333 at year end.

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