The History of North Avenue Capital & Veritex Community Bank

A Legacy of Growth and Partnership

North Avenue Capital has always been dedicated to fostering business growth and supporting American entrepreneurs.

Since our founding, we have been committed to providing innovative financial solutions and building lasting relationships with our clients. Our journey has been marked by a relentless pursuit of excellence and a deep understanding of the unique needs of rural and underserved markets.

In the fall of 2021, a new chapter began as North Avenue Capital was acquired by Veritex Community Bank. This strategic partnership has been a story of mutual growth and success, opening up new opportunities for us to expand our reach and enhance our services. Veritex, known for its strong community ties and robust financial expertise, shares our vision of empowering businesses and driving economic growth.

“At North Avenue Capital, our mission has always been to serve as a vital financial resource for rural entrepreneurs across the nation. Now, by joining forces with Veritex Community Bank, we are able to extend our reach beyond rural areas, offering our financing solutions to small businesses in every corner of the country. This expansion marks a significant milestone in our journey, empowering us to support the dreams of entrepreneurs nationwide, regardless of their location. That is a truly powerful advancement for our company and the communities we serve.”

Joseph Rowell, CEO of North Avenue Capital

Bridging Gaps:

A Strategic Partnership

Since the acquisition, North Avenue Capital has consistently ranked among the top USDA commercial lenders, placing in the top four each year. In 2023, we achieved our second No. 1 ranking for USDA B&I Loans and were second overall in USDA Rural Development loan production. Despite budgetary shortfalls in the USDA Business & Industry Loan Program in 2023, thanks to Veritex’s support and an Interim Financing solution, we continued lending without interruption.

Veritex Community Bank, with $12.4 billion in assets, collaborates closely with NAC. All potential NAC loans are reviewed by Veritex’s credit team before issuing a term sheet. This partnership extends beyond lending, fostering collaboration between various internal teams, such as participation and marketing.

Before After

A Shared Vision for the Future

Veritex’s acquisition strategy, including nine growth acquisitions, has allowed the bank to leverage NAC’s loan-sourcing technology to enhance its products and services. Veritex’s resources and expertise have been instrumental in helping NAC expand its business. Together, we are committed to bridging the gaps between rural, metro, and suburban markets.

Our combined resources and expertise enable us to offer a wider range of financial products and services, tailored to meet the diverse needs of our clients.

Launching into the SBA Space

In a historic move, North Avenue Capital has launched into the SBA space for the first time, powered by Veritex Bank. Veritex, a climbing SBA lender for many years, brings invaluable experience and support, enhancing our ability to serve small businesses across the nation. This new venture marks a significant milestone in our journey, allowing us to further empower American entrepreneurs and drive economic growth.

As we move forward, our focus remains on supporting American businesses, fostering innovation, and contributing to the economic vitality of the communities we serve. We are excited about the future and look forward to continuing our legacy of growth and partnership.

Thank you for being a part of our journey.

USDA Business Loans

For 2024, the USDA budgeted about $180.6 billion across loan and grant programs, along with other initiatives within its department – a large collection of loan and grant programs few are aware of. North Avenue Capital is involved in lending for the following loan programs, specifically and exclusively: USDA Rural Energy for America Program (USDA REAP), USDA Community Facilities (USDA CF), and USDA Business & Industry (USDA B&I).

*NAC does not participate in USDA Residential Lending of any kind.

SBA Loans with North Avenue Capital

The SBA 7(a) Loan Program is the SBA’s primary initiative for offering financial support to small businesses, with loan amounts up to $5 million. At North Avenue Capital, SBA 7(a) Loans are provided and funded through our parent company, Veritex Community Bank. Veritex is a preferred lender, according to the SBA, and has closed over three-quarters of a billion dollars in SBA loans as of 2024. NAC offers SBA 7(a) loans starting at $500,000, available nationwide.