Overview
What is Business Expansion Funding Corp?
Business Expansion Funding Corp (BEFCOR) is a North Carolina-based nonprofit organization, serving as a certified development company (CDC) and a Community Development Financial Institution (CDFI) approved by the Small Business Administration (SBA) and the Department of Treasury. Its primary mission is to promote economic development by assisting small businesses, particularly those in rural, minority, and underserved communities. BEFCOR offers SBA 504 loans and CDFI loans, with a recent approval of 65 SBA 504 loans totaling $68.5 million and three new CDFI loans worth $567,000. The organization's purpose is to help small businesses purchase owner-occupied commercial real estate and other fixed assets, thereby promoting business expansion and job creation. With a workforce of 23 employees, BEFCOR is dedicated to contributing to North Carolina's economic growth and supporting small businesses in various areas, as permitted by the SBA, Department of Treasury, or other sources.
Official website here: www.befcor.com
Is Business Expansion Funding Corp legitimate?
Business Expansion Funding Corp is a legitimate nonprofit organization registered as a 501(c)(3) entity. Business Expansion Funding Corp 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.
Here are some key statistics you may want to consider:
Executive Compensation: $256,693
Professional Fundraising Fees: $0
Other Salaries and Wages: $1,316,858
For more financial information, click here
What is the mission statement of Business Expansion Funding Corp?
Business Expansion Funding Corp, as a nonprofit organization, is dedicated to promoting economic growth by assisting small businesses. Acting as a US Small Business Administration certified development company (CDC) and Department of Treasury CDFI, BEFCOR has the authority to market, underwrite, close, and service CDC/504 and CDFI loans, among other programs that align with its economic development objectives. The organization's primary goal is to help small businesses purchase owner-occupied commercial real estate and other fixed assets, thereby enabling business expansion and job creation. Furthermore, CDFI programs allow for more extensive loan uses to support underserved businesses, including rural and minority-owned enterprises.
Official website here: www.befcor.com
Who is the CEO of Business Expansion Funding Corp?
Elaine Fairman is the Executive Dir. of Business Expansion Funding Corp.
Official website here: www.befcor.com
What is the revenue of Business Expansion Funding Corp?
Business Expansion Funding Corp's revenue in 2022 was $2,675,636.
Official website here: www.befcor.com
Who are the executives of Business Expansion Funding Corp and what are their salaries?
The average compensation at Business Expansion Funding Corp during 2022 was $68,415. There are 23 employees at Business Expansion Funding Corp.
Here are 14 key members and their salaries:
- Elaine Fairman (Executive Dir.)
- Greg Simmons (Busines Dev. Off.)
- Louis Rogers Iii (Busines Dev. Off.)
- Joe Mynatt (Director)
- Kelly Love-Sayasithsena (Secretary) [Trustee/Director]
- Sheldon Hilaire (Director)
- Brian Huber (Treasurer) [Trustee/Director]
- Tim Key (Board Chair) [Trustee/Director]
- Fernando Ycaza (Director)
- Thomas Mctier (Director)
- Tamara Bryant (Director)
- Maggie Braun (Director)
- Tom Davis (Director)
- Tracie Sells (Director)
Official website here: www.befcor.com
Where can I find the form 990 for Business Expansion Funding Corp?
The Business Expansion Funding Corp’s most recent form 990 was submitted in 2022 and can be accessed here
Official website here: www.befcor.com
Learn more at the official website: www.befcor.com
Mission Statement of Business Expansion Funding Corp
Business Expansion Funding Corp, a recognized nonprofit organization, is dedicated to fostering economic growth by supporting small businesses. As a US Small Business Administration certified development company (CDC) and a Department of Treasury CDFI, BEFCOR holds the authority to promote, approve, finalize, and manage CDC/504 and CDFI loans, along with other programs that align with BEFCOR's economic development objectives, in North Carolina and other areas permitted by the SBA, Department of Treasury, or other sources.
The primary objective of BEFCOR is to empower small businesses by enabling them to acquire owner-occupied commercial real estate and other essential fixed assets that catalyze business expansion and job creation. CDFI programs, which BEFCOR is authorized to utilize, allow for more comprehensive loan applications to aid rural, minority, and under-served businesses in their growth endeavors. This approach ensures that these businesses receive the necessary financial support to thrive and contribute to their respective communities.
Impact
This information is meant to be a general summary of Business Expansion Funding Corp. Please take the time to review official sources before making any decisions based upon the content provided here.
Saturday, July 20, 2024
Business Expansion Funding Corp (BEFCOR) has a significant impact on economic development by providing essential financial assistance to small businesses. Through its SBA 504 Loans and Community Development Financial Institution (CDFI) Loans, BEFCOR enables small businesses to acquire owner-occupied commercial real estate and fixed assets, facilitating business expansion and job creation. By receiving SBA approval for numerous loans and approving new CDFI loans, BEFCOR is actively supporting the growth and sustainability of small businesses in North Carolina and other areas. This support contributes to the overall economic development of these regions by empowering businesses to thrive and create opportunities for economic advancement.
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.
- Assets and Liabilities:
Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
504 Escrow Interest
Revenue
$111,993
504 Monthly Servicing Fee
Revenue
$1,123,857
504 Processing Fees
Revenue
$924,158
Miscellaneous Fees
Revenue
$9,428
Rapid Recovery Loan Proce
Revenue
$174,694
Organization Details
Founding Year
1982
Phone
(704) 414-3000
Principal Officer
Elaine Fairman
Main Address
5970 Fairview Road 218, Charlotte, NC, 28210
Website
www.befcor.com
NTEE Category
Code: S43 - Community improvement
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