Funding is part of $1.5 million investment from MBDA to increase access to capital for underserved entrepreneurs
RALEIGH, NC — The National Association for Latino Community Asset Builders (NALCAB) has awarded Carolina Small Business Development Fund $70,000 in funding and specialized training to adopt new lending technology and improve systems and processes. The training will equip lenders with the knowledge and skills to better serve minority business owners (MBEs) in North Carolina. This award is supported by the US Department of Commerce, Minority Business Development Agency (MBDA).
CSBDF was selected as one of seven established nonprofit lenders across the country that provide small business lending and development services to low-wealth and underserved populations that have difficulty accessing capital. Along with grant funds, awardees will receive technical assistance to enhance staff lending expertise, operational efficiency, and IT/software performance. CSBDF will also be certified to access the NALCAB Small Business Loan Guarantee (SBLG) Program - a flexible new loan product that increases the size and frequency of business loans going to MBEs by lowering the overall credit risk of participating nonprofit lenders and allowing them to lend more confidently to borrowers with limited collateral and credit history.
"We are honored to receive this grant from our wonderful partners at NALCAB," said CSBDF President & CEO Kevin Dick. "NALCAB shares our vision for creating economic opportunity for all people, and we are humbled to be able to use this funding to assist North Carolina's powerful ecosystem of entrepreneurs."
About Carolina Small Business Development Fund (CSBDF) Founded in 1990, Carolina Small Business Development Fund is a nonprofit and certified Community Development Financial Institution (CDFI) that fosters economic development in underserved communities through access to capital, technical assistance, and policy research to light the way for small businesses. Since 2010, CSBDF has contributed more than $113.9 million through 1,256 loans and 1,791 grants to dedicated small businesses across North Carolina, helping to create or retain more than 5,100 full-time jobs.
About NALCAB
The National Association for Latino Community Asset Builders (NALCAB) is the hub of a national network of 200+ member organizations that are anchor institutions in geographically and ethnically diverse Latino communities in 46 states, Washington DC and Puerto Rico. NALCAB supports its member institutions through funding, training, research and advocacy, enabling them to invest in their communities by building affordable housing, ensuring equitable neighborhood development, supporting small business growth, and providing financial counseling on issues including credit building and homeownership. As a grant maker and US Treasury certified CDFI lender with offices in San Antonio and Washington DC, NALCAB serves hundreds of thousands of low- to moderate-income people, advancing economic equity and inclusivity.
FOR MEDIA INQUIRIES:
Alec Sawyer
Marketing & Communications Manager, CSBDF
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