Funds will provide capital and financial training to small businesses in North Carolina
NC General Assembly appropriates $2.5 million to Carolina Small Business Development Fund (CSBDF) to provide small business loans, financial training to start-ups and existing businesses and lending services to community-based organizations in North Carolina.
CSBDF, a nonprofit and Community Development Financial Institution (CDFI) with a mission to foster economic development in the state of North Carolina, relies heavily on these funds to provide access to capital to both rural and urban regions in the state. In return for their investment, North Carolina taxpayers are helping ensure entrepreneurs across the state have access to affordable small business financing and cutting-edge technical assistance. For example, state support enabled the deployment of 124 loans totaling almost $8.3M during the fiscal year 2017.
“CSBDF has been fortunate to receive support from the State to help grow North Carolina’s robust small business community. Small businesses are generators of economic activity and play a key role in the state’s economic growth. This appropriation allows us to continue the work we do to assist all small businesses across the state with capital and business services,” said Lenwood V. Long, Sr., President/CEO of CSBDF.
For more information about CSBDF, please visit www.carolinasmallbusiness.org or call Amber Banks at 919.803.1437.