Overview
What is Carolina Small Business Development Fund?
Carolina Small Business Development Fund is a certified Community Development Financial Institution (CDFI) situated in Raleigh, North Carolina. Established with a mission to facilitate economic development in underserved communities, the organization provides capital, business services, and policy research to support small businesses. In 2010, they launched the Small Business Revolving Loan Fund Program (SBRLF) to assist underprivileged communities and populations struggling to access capital. Additionally, Carolina Small Business Development Fund offers financial training and technical assistance to start-ups and existing businesses and lending services to community-based organizations. The organization employs a team of 34 individuals, dedicated to their mission.
Official website here: www.carolinasmallbusiness.org
What are the reviews and ratings of this charity?
Charity Navigator rates the Carolina Small Business Development Fund at 97%, granting it a Four-Star out of Four Star rating. This score reflects the organization’s strong performance in accountability and finance, as well as its commitment to community engagement. Such a high rating indicates that the nonprofit operates with transparency and effectively manages its resources.
The organization has demonstrated exceptional governance, with a fully independent board and high scores in financial oversight and program expenses. Notably, it excels in collecting and utilizing feedback from constituents, showcasing an inclusive approach to its programs and initiatives. The strong program expense ratio suggests that a significant portion of its funds is directed towards its mission-driven activities rather than administrative costs.
While the organization shows strength in many areas, it has a slightly lower score in its liabilities to assets ratio compared to other metrics. However, its overall financial health remains solid, and there were no indications of material diversion of assets. Overall, the Carolina Small Business Development Fund is positioned as a reputable nonprofit with a strong commitment to supporting small businesses in its community.
This AI summary has been generated from information found on Charity Navigator.
Is Carolina Small Business Development Fund legitimate?
Carolina Small Business Development Fund is a legitimate nonprofit organization registered as a 501(c)(3) entity. Carolina Small Business Development Fund 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: $450,405
Professional Fundraising Fees: $0
Other Salaries and Wages: $1,727,644
For more financial information, click here
Official website here: www.carolinasmallbusiness.org
What is the mission statement of Carolina Small Business Development Fund?
The Carolina Small Business Development Fund has a mission to stimulate economic growth in underserved communities. They achieve this by offering financial aid, business services, and policy research to support small businesses. As a Certified Community Development Financial Institution (CDFI), they launched the Small Business Revolving Loan Fund Program (SBRLF) in 2010, targeting communities and populations that struggle to secure capital. The organization also provides financial training, technical assistance, and lending services to start-ups, existing businesses, and community-based organizations.
Official website here: www.carolinasmallbusiness.org
Who is the CEO of Carolina Small Business Development Fund?
Kevin Dick is the President & of Carolina Small Business Development Fund.
Official website here: www.carolinasmallbusiness.org
What is the revenue of Carolina Small Business Development Fund?
Carolina Small Business Development Fund's revenue in 2022 was $6,416,650.
Official website here: www.carolinasmallbusiness.org
Who are the executives of Carolina Small Business Development Fund and what are their salaries?
The average compensation at Carolina Small Business Development Fund during 2022 was $64,060. There are 34 employees and 5 volunteers at Carolina Small Business Development Fund.
Here are 25 key members and their salaries:
- Compensation: $144,188
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- Other: $33,983
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- Other: $25,900
- Compensation: $102,993
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- Other: $14,820
- Compensation: $10,050
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Official website here: www.carolinasmallbusiness.org
Where can I find the form 990 for Carolina Small Business Development Fund?
Carolina Small Business Development Fund's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.carolinasmallbusiness.org
Learn more at the official website: www.carolinasmallbusiness.org
Mission Statement of Carolina Small Business Development Fund
Carolina Small Business Development Fund is committed to promoting economic growth in underserved communities. To achieve this, the organization provides essential resources such as capital, business services, and policy research. Their primary goal is to support small businesses that often struggle to secure funding. By offering a variety of services, Carolina Small Business Development Fund aims to foster sustainable development in these communities.
In addition to their mission, the organization launched the Small Business Revolving Loan Fund Program (SBRLF) in 2010. This initiative specifically targets underserved communities and populations, helping them overcome the challenge of obtaining capital. Furthermore, Carolina Small Business Development Fund offers financial training and technical assistance to both start-ups and established businesses. They also extend lending services to community-based organizations, thereby contributing to the overall development of these communities.
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Impact
July, 2024
Carolina Small Business Development Fund directly impacts underserved communities by providing crucial capital, business services, and policy research to support small businesses. Through initiatives like the Small Business Revolving Loan Fund Program, this organization targets populations that often face barriers in accessing capital for business growth. By offering financial training, technical assistance, and lending services, Carolina Small Business Development Fund empowers start-ups and existing businesses in these communities to thrive and contribute to economic development.
This information is meant to be a general summary of Carolina Small Business Development Fund. 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: $10,887
- Program Service Revenue: $2,243,745
- Gross Receipts: $6,423,224
Assets and Liabilities:
- Total Assets: $42,816,299
- Total Liabilities: $28,354,532
- Net Assets: $14,461,767
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
BUSINESS LOAN INTEREST
Revenue
$1,277,807
ADMINISTRATIVE FEES
Revenue
$469,598
REPAYMENT OF BAD DEBT
Revenue
$375,543
LOAN ORIGINATION/CLOSING FEES
Revenue
$114,357
MORTGAGE INTEREST
Revenue
$6,440
Organization Details
Founding Year
1990
Phone
(919) 803-1437Principal Officer
Kevin Dick
Main Address
3128 HIGHWOODS BLVD SUITE 170, RALEIGH, NC, 27604
NTEE Category
Code: W610 - Public benefit
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