SBCI continues to count successes, hit milestones
A federal thumbs-up
The N.C. Small Business Credit Initiative, which is operated by the Rural Center, has been recognized by the U.S. Department of the Treasury as one of the top programs of its kind in the country. In its most recent quarterly report, Treasury ranked NCSBCI in the top 10 of several important national categories, including the percentage of allocated money that has already moved through the program. As of December 31, NCSBCI had loaned or invested
$29 million, leveraged $189 million and created or retained more than 6,433 jobs.
Operated by the Rural Center in all 100 counties on behalf of the state of North Carolina, NCSBCI was funded by $46.1 million under the federal Small Business Jobs Act of 2010.
NCSBCI team members: accountant Jennifer Craig, director Tom Wall, associate director Brooks Batchelor.
Through NCSBCI, the Rural Center works with lenders to reduce risk so institutions can approve some business loans
they otherwise could not.
The initiative also invests in venture capital and angel funds, which in turn make equity investments in North Carolina businesses.
Programs such as NCSBCI are judged by the federal government in part on the efficiency and speed in which they disburse this money to help small businesses; more business loans mean more jobs. And by these measures, NCSBCI has been an unqualified success. The initiative ranks sixth nationally in the number of dollars moved. NCSBCI has expended, obligated or transferred 66 percent of its allocated money, which ranks ninth in the country.
State programs receive their funds in three installments, and are not eligible for a new one until the previous installment is nearly spent. Because NCSBCI has been so successful in creating new business opportunities, North Carolina is also one of only a handful of states that has received all three of its installments.
A special thanks
Since NCSBCI began in 2011, 27 institutions have processed program loans in order to grow job opportunities throughout the state. Without their support, this job-creating initiative would not be possible.
|Yadkin Bank||NewBridge Bank||Macon Bank, Inc.|
|North State Bank||VantageSouth Bank||Select Bank & Trust|
|Bank of North Carolina||KS Bank, Inc.||Carolina Trust Bank|
|Bank of Oak Ridge||First Federal||High Point Bank & Trust|
|Carolina Bank||First Federal Savings Bank||New Dominion Bank|
|Park Sterling Bank||Sound Bank||First Citizens Bank & Trust Co.|
|BB&T||Coastal Bank & Trust||blueharbor bank|
|The First National Bank of Shelby||Uwharrie Bank||The Support Center
|Mountain Biz Capital||First Federal Bank|
N.C. Community Development Initiative Capital, Inc.
In addition, the N.C. Fund of Funds Program has invested $10 million in four venture capital and angel funds, which in turn invest in North Carolina businesses as early as the conceptual stage: Hatteras Ventures Partners, IDEA Fund Partners, Inception Micro Angel Fund and Salem Investment Partners.
Former NCSBCI director recognized
The N.C. Small Business Technology Development Center has honored former initiative director Tony Johnson, in recognition for his work in leading the Rural Center’s business-lending efforts.
Johnson, who led the initiative in its formative stages, was acknowledged in the SBTDC’s annual report as a “North Carolina Champion.”