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United Bank, CSBDF announce investment partnership to foster economic development in North Carolina



RALEIGH – United Bank recently invested $250,000 in Carolina Small Business Development Fund (CSBDF) to support the nonprofit’s lending program, signaling a partnership between the two organizations, while also highlighting United Bank’s commitment to providing the resources needed to create economic opportunity for all people in North Carolina. Additionally, United Bank granted $25,000 to CSBDF to support the organization’s marketing, borrower engagement, and loan deployment efforts,


Carolina Small Business Development Fund is a statewide, nonprofit Community Development Financial Institution 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. With the support of United Bank, CSBDF will continue its work as a trusted business guide and small business advocate in North Carolina.


“Thank you to United Bank for its generous support of Carolina Small Business Development Fund,” said CSBDF President & CEO Kevin Dick. “Our team is committed to providing small business owners and entrepreneurs in North Carolina with the financial and knowledge capital they require to succeed, while also serving as an advocate for small businesses across our state. With the backing of partners like United Bank, we can continue moving forward in our efforts to be a champion for entrepreneurs across all 100 counties in North Carolina.”


A demonstrated leader in strategically aligning resources to move the needle on challenges faced by communities where the Bank has a presence, United’s partnership with CSBDF is an integral part of its investment strategy. The funding and partnership also reinforce the Bank’s dedication to building thriving, vibrant communities by boosting economic development activities and supporting small businesses.


“At United, we recognize that economic opportunity for all is critical for the vitality of our local communities, as well as the local and regional economy. We are proud to partner with the Carolina Small Business Development Fund to support efforts to stimulate business growth and employment and promote prosperity in communities across North Carolina,” said Taylor Vaughn, United Bank Triangle Market President. “Through this partnership and funding, we look forward to working collaboratively with the CSBDF to improve access to capital and other resources that small business owners and developers across North Carolina need to thrive and succeed.”


Since 2010, Carolina Small Business Development Fund has deployed more than $103 million in capital throughout North Carolina while helping to create or retain more than 4,500 full-time jobs. CSBDF has provided technical assistance to greater than 2,400 unique firms, and in fiscal year 2021-22 administered more than 2,300 hours of technical assistance through one-on-one coaching and the Digital Learning Academy.


About United Bank

United Bank is a premier community bank and a subsidiary of United Bankshares, Inc. (NASDAQ: UBSI). United has consolidated assets of approximately $30.2 billion with nearly 250 offices located throughout North Carolina, South Carolina, Virginia, West Virginia, Maryland, Ohio, Pennsylvania and Georgia, as well as Washington D.C. The Bank is dedicated to growing the relationships it has built since 1839 and offering a competitive suite of banking and lending products, treasury management, wealth management, mortgage services, personal and business credit cards and more. United is also committed to providing excellence in service to the communities throughout its footprint, strategically aligning resources to move the needle on pressing challenges in vital impact areas including financial literacy, children and education, affordable housing, health and economic vitality For more information, visit BankWithUnited.com.


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 $103 million through 1,179 loans and 1,643 grants to dedicated small businesses across North Carolina, helping to create or retain more than 4,500 full-time jobs.


FOR MEDIA INQUIRIES:

Emily Blevins Blair Dowler Marketing & Communications Director, CSBDF Marketing Specialist, Sr., United Bank eblevins@carolinasmallbusiness.org Jacquie.Toppings@BankWithUnited.com


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