Overview
What is Piedmont Business Capital?
Piedmont Business Capital (PBC) is a vital nonprofit organization based in Greensboro, North Carolina, specifically located at 1451 S Elm-Eugene Street 2121. Their primary mission is to stimulate economic growth, foster small business development, and create job opportunities within the community, particularly targeting underserved businesses. They achieve this by offering loans and financial services. PBC has shown a significant focus on the Piedmont region, with a notable majority of loans granted to businesses in Guilford and Forsythe counties of North Carolina. In addition to lending, PBC provides technical assistance to community members, offering guidance to business owners for operational improvement, benefiting a total of 5 businesses in 2022. With a team of 7 dedicated individuals, PBC plays a crucial role in revitalizing neighborhoods and supporting local businesses.
Official website here: www.piedmontbusinesscapital.org/
What are the reviews and ratings of this charity?
Charity Navigator Rating: 80% (Three-Star out of Four Stars)
Piedmont Business Capital has earned a Three-Star rating from Charity Navigator, indicating a solid level of accountability and financial health. The rating is primarily based on the organization's strong governance practices, including an independent board and no reported material diversion of assets, which are significant indicators of financial integrity.
However, there are some areas where the organization fell short. Notably, it lacks a whistleblower policy and a document retention and destruction policy, which are important for maintaining transparency and accountability. Additionally, while its program expenses are relatively low at 58.34%, this may raise some questions regarding the allocation of funds towards direct program activities.
On the positive side, Piedmont Business Capital boasts a high ratio of working capital and low liabilities, suggesting a stable financial position. The organization also has a commendable fundraising efficiency ratio. Overall, while there are a few areas for improvement, the nonprofit demonstrates a commitment to accountability and sound financial practices.
This AI summary has been generated from information found on Charity Navigator.
Is Piedmont Business Capital legitimate?
Piedmont Business Capital is a legitimate nonprofit organization registered as a 501(c)(3) entity. Piedmont Business Capital 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: $146,982
Professional Fundraising Fees: $0
Other Salaries and Wages: $187,963
For more financial information, click here
Official website here: www.piedmontbusinesscapital.org/
What is the mission statement of Piedmont Business Capital?
Piedmont Business Capital (PBC) is committed to fostering economic growth, promoting small business development, and creating job opportunities by offering loans and financial services to underserved businesses. Its mission is to revitalize neighborhoods by providing these essential resources, thereby contributing to the overall economic development of the community. The organization provides financial assistance primarily to minority and women-owned businesses, with a significant number of loans being granted to businesses in Guilford and Forsyth counties of North Carolina. In addition to its lending services, PBC offers technical assistance to community members, helping them improve the operation of their businesses. This comprehensive approach aims to support the growth and success of small businesses, thereby contributing to the overall well-being of the community.
Official website here: www.piedmontbusinesscapital.org/
Who is the CEO of Piedmont Business Capital?
Michael Mckinney is the Chairman of Piedmont Business Capital.
Official website here: www.piedmontbusinesscapital.org/
What is the revenue of Piedmont Business Capital?
Piedmont Business Capital's revenue in 2022 was $3,154,236.
Official website here: www.piedmontbusinesscapital.org/
Who are the executives of Piedmont Business Capital and what are their salaries?
The average compensation at Piedmont Business Capital during 2022 was $47,849. There are 7 employees at Piedmont Business Capital.
Here are 9 key members and their salaries:
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- Compensation: $97,580
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- Other: $11,345
Official website here: www.piedmontbusinesscapital.org/
Where can I find the form 990 for Piedmont Business Capital?
Piedmont Business Capital's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.piedmontbusinesscapital.org/
Learn more at the official website: www.piedmontbusinesscapital.org/
Mission Statement of Piedmont Business Capital
Piedmont Business Capital, as a nonprofit organization, is committed to stimulating economic growth, fostering small business development, and creating employment opportunities. By providing loans and financial services to underserved businesses, Piedmont Business Capital aims to revitalize neighborhoods. The primary objective of this organization is to empower these businesses, thereby contributing to the overall development of the community.
In pursuing its mission, Piedmont Business Capital offers various services, including loans. This lending program has been instrumental in supporting Minority and Women-owned businesses in the Piedmont region, with a significant number of loans being granted to businesses based in Guilford and Forsythe counties of North Carolina. The organization also extends its reach beyond lending, offering technical assistance to members of the community. This program provides valuable guidance to business owners, helping them enhance the operation of their enterprises. In 2022, five businesses benefited from this technical assistance initiative.
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Impact
July, 2024
Piedmont Business Capital's impact can be clearly seen in its efforts to generate economic growth, encourage small business development, create jobs, and revitalize neighborhoods. By providing loans and financial services to underserved businesses, Piedmont Business Capital is directly contributing to the growth and sustainability of local businesses in the Piedmont region, particularly in Guilford and Forsyth counties of North Carolina.
In 2022 alone, Piedmont Business Capital issued 5 loans to businesses, enabling them to expand, innovate, and thrive. Moreover, PBC goes beyond just financial support by offering technical assistance to members of the community. This guidance helps business owners improve their operation and ultimately contributes to the overall economic health of the region. In 2022, 5 businesses benefitted from Piedmont Business Capital's technical assistance programs.
Through its targeted efforts, Piedmont Business Capital is not only supporting individual businesses but also playing a crucial role in driving community improvement and fostering economic prosperity in Greensboro, NC, and beyond.
This information is meant to be a general summary of Piedmont Business Capital. 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.
- Program Service Revenue: $16,736
- Gross Receipts: $3,154,236
Assets and Liabilities:
- Total Assets: $5,820,535
- Total Liabilities: $710,417
- Net Assets: $5,110,118
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Loan Interest
Revenue
$16,536
Other Income
Revenue
$200
Organization Details
Founding Year
1993
Phone
(336) 256-9350Principal Officer
Michael Mckinney
Main Address
1451 S Elm-Eugene Street 2121, GREENSBORO, NC, 27406
NTEE Category
Code: S43 - Community improvement
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