PRESIDENT'S MESSAGE
Dear Partners and Friends,
As we reflect on our past fiscal year, I am pleased to share the impact the NC Rural Center has made across North Carolina’s rural communities. Guided by our commitment to leadership, advocacy, engagement, and capital, we have worked hand-in-hand with local leaders and regional, state and national partners to create a foundation for meaningful change that enhances the quality of life for rural people in the communities that they call home.
Through leadership development, we’ve helped empower community changemakers to tackle challenges with vision and resilience with a common language for economic and community development. Our advocacy efforts have amplified the voices of rural communities, businesses and people at the state and national levels, ensuring our rural needs remain a priority. By fostering deep engagement, we’ve strengthened relationships and built networks that connect people to resources, opportunities and each other. Finally, through strategic investments that fill gaps in access to capital, we have fueled small businesses that drive economic growth.
Thank you for your unwavering support and partnership. Together, we are building stronger, more vibrant rural communities for generations of rural North Carolinians to come.
Sincerely,
Patrick Woodie
President & CEO, NC Rural Center
2024 BOARD + STAFF
leadership
HGL Graduate Dawn Daly-Mack on the Move in Northeastern North Carolina
Monday through Friday, she’s working as a care management manager for Carolina Complete Health, helping coordinate medical care for hundreds of clients across North Carolina. On Saturdays, the Northampton County nurse may be at a blood drive all day or leading CPR and defibrillator training through her own organization, Double-D Health and Safety.
Come Sunday, Daly-Mack is at Cool Springs Missionary Baptist Church in Gaston where she’s an associate pastor.
Advocacy
‘Ode to Planning:’ How a Small Macon County Town Built a Better Future
A decade ago, Justin Setser took over as town planner in Franklin, N.C., and began building the foundation for what has come — big and small infrastructure projects that, altogether, are boosting the quality of life in the Macon County town of 4,300.
engagement
Murphy Church Preschool Helps Deepen Community Ties Through Community Connect
The First United Methodist Church of Murphy has always been one of the town’s most recognizable landmarks, sitting in the heart of the business district and the community. A year ago as the calendar turned on its 100th anniversary, the church also approached a milestone in thinking about how to better serve its community.
“Our church had just celebrated its 100th anniversary,” said the Rev. Wil Posey, the church’s pastor. “We completed a visioning process … and knew we were poised and ready to do something big. That’s when the NC Rural Center’s Faith in Rural Community’s Community Connect Program became available.”
CAPITAL
Mike D's BBQ Serves up Success with a Little Help from Rapid Recovery Loans
It’s the kind of success that might have felt out-of-reach in 2020 when owner Michael “Mike D” De Los Santos went searching unsuccessfully for a loan to upfit his first storefront.
FINANCIALS
This selected financial data is presented in summary format to provide information regarding the financial performance of the Rural Economic Development Center, Inc. (REDC) in a manner that is meaningful and useful to the widest range of readers. This information was derived from the audited consolidated financial statements. Interested parties should review the Form 990 of REDC and Thread Capital, Inc. for more detailed information.
THE NUMBERS
243
TOTAL
NUMBER OF
LOANS MADE
$41,276,264
TOTAL AMOUNT OF LOAN FUNDS DISTRIBUTED
$170,000
AVERAGE LOAN SIZE
14%
WOMEN
39 LOANS
5%
BLACK OR
AFRICAN-AMERICAN
14 LOANS
5%
LATINO OR HISPANIC
14 LOANS
7%
VETERAN
22 LOANS
35%
RURAL
98 LOANS
33%
VERY SMALL BUSINESS
91 LOANS
LIFE OF THE PROGRAM
1,138 TOTAL LOANS
$149,377,374 TOTAL LOAN VALUE
Fiscal Year 2024
72
TOTAL
NUMBER OF
LOANS MADE
$2,019,661
TOTAL AMOUNT OF LOAN FUNDS DISTRIBUTED
$28,051
AVERAGE LOAN SIZE
43%
WOMEN
31 LOANS
69%
BLACK OR
AFRICAN-AMERICAN
50 LOANS
8%
LATINO OR HISPANIC
6 LOANS
8%
VETERAN
6 LOANS
33%
RURAL
24 LOANS
90%
CDFI ELIGIBLE
65 LOANS
LIFE OF THE PROGRAM
1,674 TOTAL LOANS
$86,330,971 TOTAL LOAN VALUE
December 2024
206
TOTAL
NUMBER OF
LOANS MADE
$32,995,188
TOTAL AMOUNT OF LOAN FUNDS DISTRIBUTED
$167,000
AVERAGE LOAN SIZE
71%
WOMEN
69 LOANS
33%
BLACK OR
AFRICAN-AMERICAN
32 LOANS
12%
LATINO OR HISPANIC
12 LOANS
10%
VETERAN
10 LOANS
12%
RURAL
12 LOANS
LIFE OF THE PROGRAM
545 TOTAL LOANS
$78,719,078 TOTAL LOAN VALUE
Fiscal Year 2024
ACKNOWLEDGEMENTS
Thank you to our 2024 Funders and Supporters
Your support makes a huge impact. Thank you.