RALEIGH — Carolina Small Business Development Fund (CSBDF) recently received a $500,000 Equity Equivalent investment and $50,000 grant from First Citizens Bank, signaling a collaboration between the two organizations and highlighting their commitment to creating economic opportunity for all people in North Carolina.
CSBDF is a statewide, nonprofit Community Development Financial Institution (CDFI) with a mission to foster economic development in underserved communities by providing capital, technical assistance, and policy research to light the way for small businesses. The investment from First Citizens Bank bolsters CSBDF’s position as a beacon for entrepreneurs in North Carolina as a financial resource, trusted business guide, and policy advocate.
“Without the support of our sponsors and investors, our work at CSBDF would not be possible,” said CSBDF President & CEO Kevin Dick. “We are immensely grateful for the tremendous support of First Citizens Bank, and we are truly appreciative of their shared commitment to helping North Carolina’s small business ecosystem grow and thrive. Our team is fully committed to being a partner to and advocate for all small businesses in our state, and with the backing of First Citizens Bank we can continue to serve this community across our entire state.”
With the generous support of First Citizens Bank, CSBDF can continue to be a leader in the small business ecosystem in North Carolina. Offering affordable and accessible small business capital, personalized technical assistance, free online learning, small business policy research, and more to entrepreneurs, CSBDF is committed to seeing small businesses succeed. Thanks to the investment of First Citizens Bank, CSBDF is strongly positioned to continue this important work in the community.
“First Citizens is pleased to invest in the essential services that CSBDF provides to entrepreneurs and small business owners in our home state of North Carolina,” said Mike Atkinson, senior director of community development at First Citizens Bank. “We’re proud to collaborate with CSBDF as they continue to make a vast impact on the economic development of our communities.”
Since 2010, Carolina Small Business Development Fund has deployed more than $117 million in capital throughout North Carolina while helping to create or retain more than 5,150 full-time jobs. CSBDF has provided technical assistance to greater than 5,000 unique firms, and in fiscal year 2023-24 administered more than 3,600 hours of technical assistance through workshops, one-on-one coaching, and more. CSBDF also proudly offers more than 85 free online courses to small business owners through its Vivid Digital Classroom.
About First Citizens Bank
First Citizens Bank helps personal, business, commercial and wealth clients build financial strength that lasts. Headquartered in Raleigh, N.C., First Citizens has built a unique legacy of strength, stability and long-term thinking that has spanned generations. First Citizens offers an array of general banking services including a network of more than 500 branches and offices in 30 states; commercial banking expertise delivering best-in-class lending, leasing and other financial services coast to coast; innovation banking serving businesses at every stage; and a nationwide direct bank. Parent company First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with more than $200 billion in assets. First Citizens Bank, Member FDIC. Discover more at firstcitizens.com.
About Carolina Small Business Development Fund (CSBDF)
Founded in 1990, Carolina Small Business Development Fund is a nonprofit and U.S. Treasury-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 $117 million through more than 1,270 loans and 1,790 grants to dedicated small businesses across North Carolina, helping to create or retain more than 5,150 full-time jobs.
FOR MEDIA INQUIRIES
Alec Sawyer
Marketing & Communications Manager, CSBDF
Lexa Tutela Losey
VP, Communications, First Citizens Bank
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