Contributions to economically disadvantaged area qualify leading services automation company for special investment financing
TaskEasy, Inc., the premier nationwide, on-demand exterior maintenance provider, announces the availability of two new credit facilities to support its continued growth. Enhanced Community Development, a subsidiary of Enhanced Capital, provided $1.65 million in debt financing through the federal New Markets Tax Credit program, the Utah Small Business Jobs Act, and private capital from Goldman Sachs’ Urban Investment Group. In addition, Square 1 Bank, a division of Pacific Western Bank, has renewed a $2.2 million facility, first established in May 2015, and has increased the amount to $5.5 million.
“Having Square 1 and Enhanced Community Development as financial services partners will help provide us with very secure footing for our next growth period,” said Ken Davis, CEO of TaskEasy. “These debt facilities, combined with our recent $12 million series B fundraising, are a good vote of confidence in our business model.”
Enhanced Community Development and Goldman Sachs’ Urban Investment Group
In 2015, Goldman Sachs provided equity and a loan to Enhanced Community Development to make loans to small businesses in Utah. TaskEasy worked with Enhanced Community Development to pursue specific community investment benefits. As a fast-growing startup headquartered in a low-income community, TaskEasy is contributing to the economic redevelopment of the Millcreek neighborhood of Salt Lake City. The financing agreement between TaskEasy and Enhanced Community Development is in part the result of that qualification.
“Enhanced Community Development is a leader in using federal New Markets Tax Credits to provide innovative financing to small businesses. We are excited to partner with TaskEasy in both advancing its innovative services and encouraging development in an economically disadvantaged area,” said Richard Montgomery, vice president of Enhanced Community Development. “The federal New Markets Tax Credit program along with the Utah Small Business Jobs Act are helping promising businesses and organizations access the capital they need to thrive and create jobs. We look forward to working with the TaskEasy team as they continue to grow, hire and train more employees, and reach new customers.”
“Goldman Sachs is pleased to contribute to the growth of TaskEasy, which creates quality jobs and promotes economic development in the area,” said Margaret Anadu, Managing Director who leads the Urban Investment Group at Goldman Sachs. “This is a great example of how the public and private sector can partner together to provide opportunities for small businesses through the New Markets Tax Credit program and the Utah Small Business Jobs Act.”
Square 1 Bank
“TaskEasy continues to change how people think about exterior maintenance by connecting homeowners and property managers directly to vetted, insured landscaping vendors,” added Adam Glick, senior vice president, technology banking and syndications at Square 1. “We are excited to continue our relationship with the TaskEasy team and support the company’s commitment to strengthen local communities and economies.”
For more information about TaskEasy and their services, please visit TaskEasy.com.
About TaskEasy
TaskEasy, Inc. makes exterior maintenance as easy as shopping online. With the click of a button, TaskEasy delivers services like lawn mowing, snow removal, and pool cleaning to customers across all 50 states. As the first company to apply the services on-demand model nationwide for home exterior maintenance and multi-site property management, TaskEasy’s proprietary platform establishes a fair market price and supports guaranteed, quality service for homeowners, property managers, and contractors.
About Enhanced Community Development
Enhanced Community Development (ECD), a subsidiary of Enhanced Capital, is a federally designated Community Development Entity focused on the financing needs of businesses and organizations located in or serving low-income communities. ECD proudly participates in a variety of federal and state New Markets Tax Credit (NMTC) programs, and ECD is an Equal Opportunity Provider. Since 2006, ECD has deployed more than $500 million in federal and state NMTC allocation to job-creating businesses and organizations in economically distressed communities.
More about Enhanced Community Development
About Square 1 Bank
Square 1 Bank is a division of Pacific Western Bank, a Los Angeles-based commercial bank with over $21 billion in assets. A full service financial services partner to entrepreneurs and their investors, Square 1 provides clients flexible resources and attentive service to help their companies grow. Square 1 offers a broad range of venture debt, treasury and cash management solutions through offices in top innovation centers: Atlanta, Austin, the Bay Area, Boston, Chicago, Denver, Durham, Los Angeles, Minneapolis, New York, San Diego, Seattle and Washington, DC. Pacific Western Bank is a wholly-owned subsidiary of PacWest Bancorp (NASDAQ:PACW).