PLATINUM2024

Carolina Small Business Development Fund

We are Dreamcatchers

Raleigh, NC   |  carolinasmallbusiness.org

Mission

To provide capital, business services, and policy research that results in thriving small businesses and drives economic development in under-served communities.

Notes from the nonprofit

The evolving nature of the COVID virus has meant continued economic uncertainty for North Carolina’s small business owners. While some sectors of North Carolina’s economy are beginning to recover, the region’s small business ecosystem is still being adversely impacted by the pandemic. We continue to work toward our goal of ensuring every small business owners has the tools and resources they need to succeed, and that work is only possible through the generous support of our funders.

Ruling year info

1990

President and CEO

Kevin Dick

Main address

3128 Highwoods Blvd. Suite 170

Raleigh, NC 27604 USA

Show more contact info

Formerly known as

The Support Center

EIN

58-1903219

NTEE code info

Community, Neighborhood Development, Improvement (S20)

Community, Neighborhood Development, Improvement (S20)

Research Institutes and/or Public Policy Analysis (S05)

IRS filing requirement

This organization is required to file an IRS Form 990 or 990-EZ.

Sign in or create an account to view Form(s) 990 for 2022, 2021 and 2021.
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Communication

Programs and results

What we aim to solve

SOURCE: Self-reported by organization

Small business growth is a foundational strategy for effective community economic development. New and expanding small businesses are the primary fuel for private sector job creation. Regions with robust small business communities enjoy positive economic outcomes like higher productivity growth, higher gross state product growth, lower wage inflation, and lower unemployment. Communities with large numbers of small businesses are strongly associated with future job growth when compared to communities with less firm size diversity. The support of Main Street businesses is critical because business ownership is fraught with challenges including lack of capital access, poor or non-existent entrepreneurial network support, and a lack of comprehensive technical assistance options. Entrepreneurs face many barriers to success, especially those from under-served communities (rural, disaster-impacted) and demographics (minorities, veterans, women).

Our programs

SOURCE: Self-reported by organization

What are the organization's current programs, how do they measure success, and who do the programs serve?

Small Business Financial Assistance

CSBDF has issued small and medium-sized business loans since 2010 and disaster recovery grant aid since 2020. Our financial assistance activities help current and aspiring business owners throughout North Carolina and surrounding states. While loans are generally available for needs between $5,000 and $250,000, lower and higher capital levels are available on a case-by-case basis. Capital is deployed primarily through fixed-rate term loans. Grant qualifications vary by funder, but recovery aid is generally available in amounts ranging between $10,000 to $25,000.

CSBDF’s goal is to provide financial assistance that helps generate economic growth which would not otherwise occur. Assistance programs are designed to ensure clients have the resources they need to prosper in the short and long-term. CSBDF also provides targeted assistance to marginalized entrepreneurs through special loan and grant programs.

Population(s) Served
Low-income people
Self-employed people
Ethnic and racial groups
Adults
Women

The Business Solutions division focuses on managing relationships with CSBDF’s clients receiving financial assistance by providing them holistic and customized help. This is done primarily through periodic check-ins with CSBDF beneficiaries to identify knowledge gaps and create a plan to help fulfill short and long-term goals. The team also provides guidance and mentoring to aspiring small business owners who have a need to access capital. Services offered include assistance with loan documentation, financial projections, apply for disaster loans/grants, guidance on seeking public contracts, credit building/repair, risk mitigation, resolving cash flow issues, and marketing. Training is available in-person, online, and through hybrid formats through one-on-one mentoring sessions, workshops, and conferences. On demand content is available for free through CSBDF's Digital Learning Academy.

Population(s) Served
Veterans
Adults
Ethnic and racial groups
Women
Self-employed people

CSBDF contributes to scholarly and practitioner dialogues on issues surrounding community economic development. Our work in this area is designed to provide relevant, accessible, and politically neutral analyses for evidence-based policy recommendations.

Our research program publishes analyses and reports on three main themes. First, we produce research which outlines how small business is fundamental to the growth of regional economies. Second, we highlight the unique challenges that underserved demographics and geographies often face. Finally, our publications encourage practitioners and policymakers to move towards outcome-based framework for program evaluation.

Population(s) Served
Academics
Activists

Founded in 2014 and headquartered in Candler, North Carolina, the WWBC's mission is to reduce barriers to small business success and serve as a regional catalyst for entrepreneurship. The Center offers one-on-one business coaching, extensive workshop programming, and a variety of networking events for local small firm owners. Although it focuses on assisting women-owned firms and aspiring women entrepreneurs, programming also targets veterans and other high need populations. The WWBC is certified as a Women's Business Center by the Small Business Administration.

Population(s) Served
Veterans
Ethnic and racial groups
Women
Self-employed people
Adults

Like other underserved populations, Latino entrepreneurs face many barriers to starting and growing their small businesses. But the set of cultural and language barriers that often confront this population requires a unique and holistic solution. The Latino program fulfills this need through the use of bilingual and bicultural staff that can provide comprehensive counseling and pathways to secure financing.

Population(s) Served
People of Latin American descent
Adults
Immigrants
Self-employed people

CSBDF has been involved in small business disaster recovery since 2016. Our efforts have included comprehensive responses to events including Hurricane Matthew (2016), North Carolina wildfires (2016), and Hurricane Florence (2018). During the COVID-19 pandemic, we have been proud to launch multiple initiatives with a variety of public sector partners across North Carolina. These programs are designed to help small business thrive in the short and long-term through a strategic combination of grant aid, affordable financing, and disaster resiliency technical assistance.

Population(s) Served
Self-employed people
Adults
Ethnic and racial groups
Veterans
Low-income people

Where we work

Awards

Community Advantage Lender of the Year 2015

Small Business Administration

Business Sustainability Award 2021

North Carolina Business Council

Women in Small Business Advocate of the Year 2018

Small Business Administration, North Carolina Office

Latino Program Community Support Award 2017

Association of Mexicans in North Carolina (AMEXCAN)

Associate Member of the Year 2016

Hispanic Contractors Association of the Carolinas (HCAC)

Small Business Advocates Resilency Award 2022

Small Business Administration, SCORE Program

Number of research or policy analysis products developed, e.g., reports, briefs

This metric is no longer tracked.
Totals By Year
Population(s) Served

Academics, Activists

Related Program

Research and Policy Analysis

Type of Metric

Output - describing our activities and reach

Direction of Success

Increasing

Context Notes

This includes peer-reviewed articles, scholarly conference papers, full-length research reports, research/briefs spotlights, and research blogs. Expressed as total count by calendar year.

Number of jobs created and maintained

This metric is no longer tracked.
Totals By Year
Population(s) Served

Ethnic and racial groups, Veterans, Low-income people, Self-employed people, Women

Related Program

Small Business Financial Assistance

Type of Metric

Outcome - describing the effects on people or issues

Direction of Success

Increasing

Context Notes

Each lending client is asked to report how many jobs CSBDF's loans have helped them create and retain. Expressed as FTEs by fiscal year. Data updated based on survey followups of actual employment.

Total dollars loaned to businesses

This metric is no longer tracked.
Totals By Year
Population(s) Served

Ethnic and racial groups, Veterans, Women, Low-income people, Self-employed people

Related Program

Small Business Financial Assistance

Type of Metric

Output - describing our activities and reach

Direction of Success

Increasing

Context Notes

Total amount of small business loans issued by dollar value, by fiscal year.

Net promoter score

This metric is no longer tracked.
Totals By Year
Population(s) Served

Ethnic and racial groups, Economically disadvantaged people, Veterans

Related Program

Small Business Financial Assistance

Type of Metric

Outcome - describing the effects on people or issues

Direction of Success

Increasing

Context Notes

Based on surveys of clients that have applied for financing from CSBDF, including clients that were declined for a loan. Data displayed by fiscal year.

Number of loans issued

This metric is no longer tracked.
Totals By Year
Population(s) Served

Ethnic and racial groups, Women, Low-income people, Self-employed people, Veterans

Related Program

Small Business Financial Assistance

Type of Metric

Output - describing our activities and reach

Direction of Success

Increasing

Context Notes

Total count of small business loans issued by fiscal year.

Total number of grants awarded

This metric is no longer tracked.
Totals By Year
Population(s) Served

Veterans, Low-income people, Women, Self-employed people

Related Program

Disaster Assistance and Resiliency Planning

Type of Metric

Output - describing our activities and reach

Direction of Success

Holding steady

Context Notes

Total amount of small business disaster assistance grants by fiscal year.

Number of citations of advocate products or ideas in policy deliberations/policies

This metric is no longer tracked.
Totals By Year
Population(s) Served

Academics

Related Program

Research and Policy Analysis

Type of Metric

Outcome - describing the effects on people or issues

Direction of Success

Increasing

Context Notes

Total number of DOI resolutions for CSBDF's research briefs, reports, and public comments. Data are displayed by calendar year.

Our Sustainable Development Goals

SOURCE: Self-reported by organization

Learn more about Sustainable Development Goals.

Goals & Strategy

SOURCE: Self-reported by organization

Learn about the organization's key goals, strategies, capabilities, and progress.

Charting impact

Four powerful questions that require reflection about what really matters - results.

For over 3 decades, CSBDF has worked to promote community and economic development throughout North Carolina and the surrounding regions. By helping entrepreneurs reach their business ownership dreams, we seek to grow and support an engine of local economic growth. CSBDF’s model of operations has three prongs: (1) affordable financing, (2) comprehensive technical assistance, and (3) evidence-based policy research.

• AFFORDABLE FINANCING: CSBDF has issued small and medium-sized business loans since 2010. Our lending activities help expand capital access for current and aspiring business owners throughout the region. Loan proceeds can be used for leasehold improvements, real estate, working capital, equipment purchases, machinery, and inventory. While loans are generally available for needs between $5,000 and $250,000, lower and higher capital levels are available on a case-by-case basis. Capital is deployed primarily through fixed-rate term loans.
CSBDF’s goal is to provide affordable financing that helps generate economic growth which would not otherwise occur. Lending products are designed to ensure clients can adequately finance their ventures in a sustainable manner. Loans are available to all qualified borrowers, including startups, across all industries. CSBDF also provides special assistance to populations that face structural barriers to small business success. Veterans, African Americans, disaster-impacted firms (including economic disasters like COVID-19), and women entrepreneurs may be eligible for benefits like preferred interest rates or loans with no equity requirements.

• COMPREHENSIVE BUSINESS SOLUTIONS: Creating a vibrant small business community starts and ends with relevant and individualized technical assistance. New and expanding small business often face challenges related to credit worthiness, insufficient equity, lack of collateral, and gaps in business skills. Free training is available to help address all these needs via both in-person, group, and online formats. Our Business Solutions team is holistic and proactive in its assistance approach. For example, throughout the pandemic, staff offer training on disaster recovery and resiliency topics. As client needs change, CSBDF adapts its curriculum.

• NON-PARTISAN POLICY RESEARCH: CSBDF contributes to scholarly and practitioner dialogues on issues surrounding community economic development. Our work in this area is designed to provide relevant, accessible, and politically neutral analyses and evidence-based policy recommendations. CSBDF’s research program publishes analyses and reports on three main themes. First, we produce research which outlines how small business is fundamental to the growth of regional economies. Second, we highlight the unique challenges that under-served demographics and geographies often face. Finally, our publications encourage practitioners and policymakers to move towards outcome-based frameworks for program evaluation.

• AFFORDABLE FINANCING BACK BY DIVERSIFIED RISK MANAGEMENT: To promote economic growth, small businesses must be able to access capital on terms that are reasonable and sustainable. CSBDF uses a combination of low rate public and private sector capital that ensures our loans won’t become a burden for the small businesses we help. We’re also mindful of the need to ensure the capital we deploy will return to our loan fund. The nature of small business lending - especially in underserved communities - means that those we help are among the types of businesses that have higher than average rates of delinquency and default. Thus, we have engaged a variety of lending guarantee sources to help minimize the risk of our small business lending activities. Of note, CSBDF is an approved Small Business Administration Community Advantage program lender. Our ability to secure these lending guarantee facilities and affordable capital rates is due in part to our voluntary participation in annual audits that go beyond what is usually required of revolving loan funds. Our commitment to excellence in this area is also demonstrated by our status as a certified Community Development Financial Institution (CDFI) by the US Department of Treasury.

• HOLISTIC AND ADAPTABLE BUSINESS SOLUTIONS: The needs of the small business owners are ever-changing. Being able to adapt to current market needs is critical to CSBDF’s provision of technical assistance. The nature of our group training and networking events varies to match local community needs. For example, CSBDF remains one of the only statewide providers of assistance to Hispanic entrepreneurs. This programming is managed by a team of culturally aware and multilingual staff. A critical part of CSBDF’s programming is the use of community partnerships to provide entrepreneurs training that targets high need demographics. This includes multiple partnerships that help meet the unique needs of veterans, racial minorities, and those who live in rural areas. Our long-standing partners include multiple federal agencies, local governments, universities, and community colleges.

• DISSEMINATION OF PRACTICAL POLICY ANALYSES AND PEER-REVIEWED RESEARCH: We seek to provide a meaningful contribution on issues of preeminent importance in the community and economic development policy arena. Publications and data analysis are produced in different formats depending on the intended target audience. CSBDF produces research reports which feature long form in-depth analyses and assessment of policy issues. We also create research spotlights, which are high-level overviews of theoretical debates, data trends, and the scholarly literature. Finally, we write peer-reviewed articles and conference papers with university faculty to empirically demonstrate the importance of small businesses.

CSBDF has deployed resources across the region in support of our goals to provide affordable capital access, holistic technical assistance, and evidence-based policy research. With multiple offices located throughout the state, we offer an accessible pathway for small business success. CSBDF’s activities are coordinated by our headquarters office in Raleigh. The office works with a variety of strategically located resources across North Carolina:

• Western Women’s Business Center (WWBC): Located in Candler, the mission of the WWBC is to reduce barriers to small business success and serve as a regional catalyst for entrepreneurship. The Center offers one-on-one business coaching, extensive workshop programming, and a variety of networking events for local small firm owners. Although it focuses on assisting women-owned firms and aspiring women entrepreneurs, programming also targets veterans and other high need populations. The WWBC is a certified SBA Women’s Business Center.

• Programa Empresarial Latino (Latino Program): Like other underserved populations, Latino entrepreneurs face many barriers to starting and growing their small businesses. But the set of cultural and language barriers that often confront this population requires a unique and holistic solution. The Latino program fulfills this need using bilingual and bicultural staff that can provide comprehensive counseling and pathways to secure financing.

In addition to these centers and programs, CSBDF’s capacity is enhanced by multiple “boots on the ground” staff that can provide services to local communities. We employ multiple business services and business development staff throughout the region. These staff are tasked with helping ensure activities are customized to the needs of local small businesses. Throughout the pandemic, our statewide presence has been enhanced by the launch of a new Digital Learning Academy (DLA). The academy offers on-demand and accessible content to help small businesses survive and thrive through COVID-19.

Due to the generous support of our funders, CSBDF has been proud to make a positive impact on the region’s entrepreneurship community. Over the past 3 decades we’re proud to have made meaningful progress towards our goals. Though much more work is still needed in this area, our progress thus far is reflected by the following:

(1) Providing affordable capital access to the region’s small and medium-sized businesses:

Since beginning revolving loan activities in 2011, CSBDF has deployed capital across each region of North Carolina. Between 2011 and 2021, we’ve issued 1,090 loans totaling $71.9M in capital and 1,072 emergency grants for $13.8M in aid. Through December 2021, financing activities have helped clients create or retain 4,672 full-time jobs. About 63% of lending and grant award activity goes to minority-owned firms, 45% goes to women-owned firms, and 12% supports veterans or spouses of veterans. Over half of those who receive a CSBDF loan or grant are low or moderate income.

Each time a small business receives affordable financing, positive direct/indirect/induced economic effects occur. CSBDF's beneficiaries tend to be those who cannot access capital through traditional financing institutions. Surveys of our lending clients suggest 25% of those who apply were denied for financing from another lender in the last 12 months. Based on input-output analysis of our lending activity for FY2021, each loan we issue to these small firms supports an average of $621,314 in payroll earnings and $71,170 in new local/state tax revenues. The type of input-output modeling CSBDF uses tends to be more conservative versus other methods like IMPLAN. Still, even using these conservative metrics, the data suggest our work has helped generate tens of of millions in payrolls earnings and new tax revenues.

(2) Highlighting the importance of entrepreneurs for economic development:

Our research program provides relevant research demonstrating the importance of Main Street business growth for policymakers, development practitioners, and entrepreneurs. CSBDF’s accomplishments in this area include joint publications with faculty from leading institutions like the University of North Carolina at Chapel Hill’s School of Government and Indiana University’s Lilly Family School of Philanthropy. Research produced by CSBDF staff has been presented at the Federal Reserve's Biannual Conference on Community Development and published in peer-reviewed journals like Community Development, Economic Development Quarterly, Social Science Quarterly, and Policy Studies Journal.

How we listen

SOURCE: Self-reported by organization

Seeking feedback from people served makes programs more responsive and effective. Here’s how this organization is listening.

done We shared information about our current feedback practices.
  • How is your organization using feedback from the people you serve?

    To identify and remedy poor client service experiences, To identify bright spots and enhance positive service experiences, To make fundamental changes to our programs and/or operations, To inform the development of new programs/projects, To identify where we are less inclusive or equitable across demographic groups, To strengthen relationships with the people we serve, To understand people's needs and how we can help them achieve their goals

  • Which of the following feedback practices does your organization routinely carry out?

    We collect feedback from the people we serve at least annually, We take steps to get feedback from marginalized or under-represented people, We aim to collect feedback from as many people we serve as possible, We take steps to ensure people feel comfortable being honest with us, We look for patterns in feedback based on demographics (e.g., race, age, gender, etc.), We look for patterns in feedback based on people’s interactions with us (e.g., site, frequency of service, etc.), We engage the people who provide feedback in looking for ways we can improve in response, We act on the feedback we receive, We tell the people who gave us feedback how we acted on their feedback

  • What challenges does the organization face when collecting feedback?

    It is difficult to get the people we serve to respond to requests for feedback, We don’t have the right technology to collect and aggregate feedback efficiently, The people we serve tell us they find data collection burdensome, It is difficult to find the ongoing funding to support feedback collection, Staff find it hard to prioritize feedback collection and review due to lack of time

Financials

Carolina Small Business Development Fund
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Operations

The people, governance practices, and partners that make the organization tick.

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Connect with nonprofit leaders

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Connect with nonprofit leaders

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  • Analyze a variety of pre-calculated financial metrics
  • Access beautifully interactive analysis and comparison tools
  • Compare nonprofit financials to similar organizations

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Carolina Small Business Development Fund

Board of directors
as of 02/01/2024
SOURCE: Self-reported by organization
Board co-chair

Mr. Ted Archer

JPMorgan Chase & Co.


Board co-chair

Mr. Bobby Robinson

Maynard Nexsen

Frank Pollock

The Pioneer Group

Tiffany McNeill

Town of Fuequay-Varina

Larry Garcia

National Association for Latino Community Asset Builders (NALCAB)

Rodrick Banks

Wells Fargo

Huntley Garriott

Joseph Fox

Fox Management Consulting Enterprises

Aaron Thomas

Metcon, Inc.

Jeff Marshall

TowneBank

Pilar Rocha-Goldberg

El Centro Hispano

Stephen Dille

The Carolina Center for Medical Excellence

Merrill Flood

East Carolina University

Leslie Person

Pinnacle Financial Partners

Brian Hedges

North State Bank

Sedrick McCallum

SouthState Bank

Raymond Chinn

Bank of America

Robyn Lake Hamilton

Urban League of Central Carolinas

Board leadership practices

SOURCE: Self-reported by organization

GuideStar worked with BoardSource, the national leader in nonprofit board leadership and governance, to create this section.

  • Board orientation and education
    Does the board conduct a formal orientation for new board members and require all board members to sign a written agreement regarding their roles, responsibilities, and expectations? Yes
  • CEO oversight
    Has the board conducted a formal, written assessment of the chief executive within the past year ? Yes
  • Ethics and transparency
    Have the board and senior staff reviewed the conflict-of-interest policy and completed and signed disclosure statements in the past year? Yes
  • Board composition
    Does the board ensure an inclusive board member recruitment process that results in diversity of thought and leadership? Yes
  • Board performance
    Has the board conducted a formal, written self-assessment of its performance within the past three years? Yes

Organizational demographics

SOURCE: Self-reported; last updated 2/1/2024

Who works and leads organizations that serve our diverse communities? Candid partnered with CHANGE Philanthropy on this demographic section.

Leadership

The organization's leader identifies as:

Race & ethnicity
Black/African American
Gender identity
Male, Not transgender
Sexual orientation
Heterosexual or Straight
Disability status
Person without a disability

Race & ethnicity

Gender identity

Transgender Identity

Sexual orientation

Disability

Equity strategies

Last updated: 01/19/2022

GuideStar partnered with Equity in the Center - an organization that works to shift mindsets, practices, and systems to increase racial equity - to create this section. Learn more

Data
  • We review compensation data across the organization (and by staff levels) to identify disparities by race.
  • We ask team members to identify racial disparities in their programs and / or portfolios.
  • We analyze disaggregated data and root causes of race disparities that impact the organization's programs, portfolios, and the populations served.
  • We disaggregate data to adjust programming goals to keep pace with changing needs of the communities we support.
  • We employ non-traditional ways of gathering feedback on programs and trainings, which may include interviews, roundtables, and external reviews with/by community stakeholders.
  • We disaggregate data by demographics, including race, in every policy and program measured.
  • We have long-term strategic plans and measurable goals for creating a culture such that one’s race identity has no influence on how they fare within the organization.
Policies and processes
  • We have a promotion process that anticipates and mitigates implicit and explicit biases about people of color serving in leadership positions.
  • We seek individuals from various race backgrounds for board and executive director/CEO positions within our organization.
  • We have community representation at the board level, either on the board itself or through a community advisory board.
  • We help senior leadership understand how to be inclusive leaders with learning approaches that emphasize reflection, iteration, and adaptability.
  • We measure and then disaggregate job satisfaction and retention data by race, function, level, and/or team.
  • We engage everyone, from the board to staff levels of the organization, in race equity work and ensure that individuals understand their roles in creating culture such that one’s race identity has no influence on how they fare within the organization.