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The Economic Impact of Assisting Small Firms

The Uncertain Road to Recovery


This version of our lending impact assessment is the fifth published since 2019, and the second since CSBDF published its 3-year strategic plan. As part of that plan, we reaffirmed our goal to elevate CSBDF specifically, and CDFIs more broadly, in community economic development policy dialogues. This analysis reports on the impacts of 95 loan transactions and 570 grant awards closed between July 1, 2022, and June 30, 2023, to illustrate the impacts that small business loans and grants can have on economic recovery following crises.

Conclusions and Implications

The results detailed in this report demonstrate the economic impacts of CSBDF’s lending and grantmaking activities throughout North Carolina and within the City of Raleigh specifically. While many CDFIs have returned to their pre-pandemic lending activities, small business grant funding is far less common. In combination with CSBDF’s “Extraordinary Times Call for Extraordinary Measures: Small Business Assistance During the Pandemic” report, this analysis underscores the value of grantmaking during periods of crisis for firms in risk of failure, the communities in which they are situated, and the local and regional economies to which they make vital contributions. In the future, CSBDF will maintain its commitment to systematically collecting client data, rigorously analyzing its impacts, and sharing the results of its financial interventions with a wide range of diverse audiences.

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