Overview
What is Mountain Bizcapital Inc?
Mountain Bizcapital Inc, established 33 years ago, is a not-for-profit corporation located in Asheville, North Carolina. Its primary objective is to provide micro and small business loans, fostering economic opportunities in underbanked communities. Since its inception, Mountain Bizcapital Inc has disbursed over $99 million in financing to more than 3,799 businesses, resulting in the creation of 7,923 jobs. The organization is recognized as a Community Development Financial Institution (CDFI) by the Community Development Financial Institution Fund of the US Department of Treasury. Mountain Bizcapital Inc, operating as Mountain Bizworks, envisions a thriving Western North Carolina where small business owners and entrepreneurs have access to resources, enabling their dreams to become a reality. Their mission is to construct a vibrant and inclusive entrepreneurial community in Western North Carolina by empowering small businesses to start, grow, and prosper, thereby contributing to the region's overall prosperity.
Official website here: www.mountainbizworks.org
What are the reviews and ratings of this charity?
Rating from Charity Navigator: 95%, Four-Star out of Four Star rating.
Mountain BizCapital Inc has received a commendable Four-Star rating from Charity Navigator, reflecting its strong performance in Accountability & Finance with a score of 95%. This high rating indicates that the organization demonstrates a high level of transparency and accountability to its stakeholders, ensuring that funds are being utilized effectively.
The organization boasts an entirely independent board, which is a significant strength, promoting unbiased decision-making. Additionally, Mountain BizCapital has robust financial practices, with no material diversion of assets noted and comprehensive policies in place, such as conflict of interest and whistleblower policies. These factors contribute to a solid foundation of trust and governance.
However, while the organization has a healthy program expense ratio of 85.56%, indicating that a large portion of its expenses goes directly to programs, its liabilities to assets ratio stands at 56.27%. This suggests that more than half of its assets are tied to liabilities, which may be a point of consideration for potential donors assessing long-term financial sustainability.
This AI summary has been generated from information found on Charity Navigator.
Is Mountain Bizcapital Inc legitimate?
Mountain Bizcapital Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Mountain Bizcapital Inc submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $129,675
Professional Fundraising Fees: $0
Other Salaries and Wages: $1,649,356
For more financial information, click here
Official website here: www.mountainbizworks.org
What is the mission statement of Mountain Bizcapital Inc?
Mountain Bizcapital Inc's mission is to foster economic growth and opportunity in various communities by aiding small businesses in their establishment, expansion, and job creation. They envision a thriving region where small business owners and aspiring entrepreneurs have easy access to necessary resources, enabling them to turn their dreams into reality. Mountain Bizcapital Inc's mission is to establish a vibrant and inclusive entrepreneurial community by supporting small businesses in their inception, growth, and success. When small businesses prosper, the community as a whole benefits.
Official website here: www.mountainbizworks.org
Who is the CEO of Mountain Bizcapital Inc?
Matthew Raker is the Executive Di of Mountain Bizcapital Inc.
Official website here: www.mountainbizworks.org
What is the revenue of Mountain Bizcapital Inc?
Mountain Bizcapital Inc's revenue in 2022 was $6,124,699.
Official website here: www.mountainbizworks.org
Who are the executives of Mountain Bizcapital Inc and what are their salaries?
The average compensation at Mountain Bizcapital Inc during 2022 was $49,418. There are 36 employees and 22 volunteers at Mountain Bizcapital Inc.
Here are 13 key members and their salaries:
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Official website here: www.mountainbizworks.org
Where can I find the form 990 for Mountain Bizcapital Inc?
Mountain Bizcapital Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.mountainbizworks.org
Learn more at the official website: www.mountainbizworks.org
Mission Statement of Mountain Bizcapital Inc
Mountain BizWorks, a nonprofit organization, strives to foster economic growth in Western North Carolina by supporting small businesses and aspiring entrepreneurs. Their mission envisions a thriving region where access to resources allows small business owners and dreamers to turn their ideas into reality. Mountain BizWorks aims to establish a collaborative, innovative, and investment-driven environment that generates opportunities and prosperity for all. By helping small businesses start, grow, and thrive, Mountain BizWorks contributes to building a vibrant and inclusive entrepreneurial community in Western North Carolina.
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Impact
October, 2024
Mountain Bizcapital Inc significantly impacts the economic landscape of Western North Carolina by facilitating the growth and sustainability of small businesses. Through direct micro and small business loans, it has channeled over $99 million in financing to more than 3,799 businesses, leading to the creation of nearly 7,923 jobs in the region. This financial support not only fuels business expansion but also fosters community engagement and empowerment among low-income and underbanked populations.
Additionally, Mountain Bizcapital plays a crucial role in entrepreneurial education, having engaged over 18,310 entrepreneurs. This education is fundamental in equipping individuals with the skills and knowledge necessary to navigate the complexities of starting and running a business, thereby enhancing their chances of success.
The organization's vision encompasses creating a thriving environment where collaboration, creativity, and innovation prevail, ultimately generating opportunities and prosperity for all community members. By uplifting small businesses, it contributes to a vibrant and inclusive entrepreneurial ecosystem, reinforcing the notion that when local businesses succeed, the entire community benefits.
This information is meant to be a general summary of Mountain Bizcapital Inc. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $4,701
- Program Service Revenue: $2,150,902
- Gross Receipts: $6,124,699
Assets and Liabilities:
- Total Assets: $30,003,155
- Total Liabilities: $16,319,797
- Net Assets: $13,683,358
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
INTEREST INCOME
Revenue
$1,505,772
LOAN SERVICE FEES
Revenue
$645,130
Organization Details
Founding Year
2002
Phone
(828) 253-2834Principal Officer
Matthew Raker
Main Address
153 SOUTH LEXINGTON, ASHEVILLE, NC, 28801
Website
www.mountainbizworks.orgNTEE Category
Code: T30 - Philanthropy
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