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Develop This: Economic and Community Development

May 22, 2024

In this episode, Dennis is joined by Kevin Dick, President and Chief Executive Officer Carolina Small Business Development Fund in the Raleigh-Durham, North Carolina area. They discuss the importance of small businesses as part of the ecosystem of a community, region, and state. 

The Carolina Small Business Development Fund is a not-for-profit organization of over 30 dedicated professionals with three focus areas - small business financial capital, small business technical assistance and growth, and policy research/development.

Since 2020, the organization has seen a dramatic increase in loan production and has provided loans, loan modifications, deferred payments, and grants to over 1,200 businesses throughout the State of NC. We have eclipsed the $102M mark in capital deployment dating back to when we began providing loans in 2010 and growing the number from $71M to $102M in three years. We have an outstanding team that is all in on equitable economic development and helping small businesses grow.

WE ARE TORCH BEARERS - Providing small business loans, training, and research to support entrepreneurs.

Our Story

Carolina Small Business Development Fund (CSBDF) is a 501(c)3 nonprofit guided by the belief that when small businesses succeed, everyone benefits. When we first opened our doors in 1990 as the North Carolina Minority Support Center, we were providing technical assistance to financial institutions and entrepreneurs, and in our first 20 years of service to our state, we administered millions of dollars in grants to help address the needs of unserved and underserved people and communities.

When the financial crisis of 2008 threatened Main Street firms across our state and nation, our leadership knew that we were in the position to not only double down on our work serving underserved communities, but to expand our services as well. We ushered in a new era for our work in 2011, when we made our first loan to a North Carolina small business, and eventually became a certified Community Development Financial Institution (CDFI) in 2013. In the wake of the COVID-19 pandemic's economic aftershocks, we doubled down once again and expanded our services to ensure that our state's small businesses could succeed, and the communities they serve would benefit.

 Since opening in 1990, we have met entrepreneurs at the crossroads of hardship and opportunity—and we will continue to light the way forward for whatever comes next