March 2, 2020 / Carolina Small Business / Company News, Press Releases
RALEIGH – Southern Bank awards $50,000 to Carolina Small Businesses to support small businesses in Eastern North Carolina, said representatives from Carolina Small Business Development Fund (CSBDF).
Small business owners face an endemic lack of access to affordable capital. One of CSBDF’s main goals is to deploy loans that help foster sustainable economic growth. For 30 years, CSBDF, a statewide nonprofit and community lender, has fostered community and economic development throughout North Carolina. CSBDF’s mission is inspired and driven by those we serve: aspiring and existing small business owners. By helping entrepreneurs reach their business ownership dreams, CSBDF seeks to grow and support an engine of local economic growth.
The grant from Southern Bank helps CSBDF to enhance its technical assistance curricula and provide targeted services to disadvantaged microentrepreneurs. The grant also allows CSBDF to provide training, counseling, workshops, and support to help entrepreneurs in Eastern North Carolina to build capacity and achieve financial soundness towards becoming job creators in their communities. These funds also expand CSBDF’s activities and reach into the eastern part of the state.
“Having benevolent and strategic partners like Southern Bank helps us to sustain our mission and carry out objectives to help businesses in Eastern North Carolina grow. We are thrilled about having Southern Bank as part of our family,” said Kevin Dick, CSBDF’s President and CEO.
CSBDF’s model of operations has three prongs: affordable financing, comprehensive technical assistance, and evidence-based policy research. With our headquarters office in Raleigh and multiple offices located throughout the state in both urban and rural areas, we offer an accessible pathway for small business success.
According to Southern Bank Chairman and CEO J. Grey Morgan, CSBDF’s mission and values align very well with those of Southern Bank and the Southern Bank Foundation. “Southern Bank has long embraced the concept that we as a company are only going to do as well as the small businesses and communities that we serve,” he said. “We have a 119 year legacy of helping small businesses grow in Eastern North Carolina and supporting CSBDF’s mission and programs that target this part of the state was a good fit for the Southern Bank Foundation.”
Since beginning revolving loan activities in 2011, CSBDF has injected capital across each region of the state. Thanks in part to consistent support from funders, we’ve issued a total of 749 loans for almost $61.5M. Clients report these activities have helped create 2,544 full-time equivalent jobs.
Carolina Small Business Development Fund fosters economic development in underserved communities through access to capital, business services, and policy research. Since 2010, the nonprofit CDFI has invested more than $61.5 million through 749 loans to small businesses across North Carolina helping to create or retain more than 2,544 jobs. For more information, visit www.carolinasmallbusiness.org.
Founded in 1901, Southern Bank is a wholly-owned subsidiary of Southern BancShares (N.C.), Inc. With its Corporate Headquarters located in Mount Olive, the bank has total assets of over $3 billion and over 60 locations serving North Carolina and Virginia. More information about Southern Bank is available on the Internet at www.southernbank.com. Founded in 1996, the Southern Bank Foundation makes charitable gifts and contributions in support of not-for-profit community groups and programs in areas served by Southern Bank and Trust Company.
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