Carolina Small Business Development Fund

Organization Overview

Carolina Small Business Development Fund is located in Raleigh, NC. The organization was established in 1990. According to its NTEE Classification (W61) the organization is classified as: Credit Unions, under the broad grouping of Public & Societal Benefit and related organizations. As of 06/2021, Carolina Small Business Development Fund employed 39 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Carolina Small Business Development Fund is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.

For the year ending 06/2021, Carolina Small Business Development Fund generated $8.0m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 20.6% each year . All expenses for the organization totaled $7.2m during the year ending 06/2021. While expenses have increased by 21.3% per year over the past 6 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.

Since 2021, Carolina Small Business Development Fund has awarded 123 individual grants totaling $1,023,055. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2021

Describe the Organization's Mission:

Part 3 - Line 1

OUR MISSION IS TO FOSTER ECONOMIC DEVELOPMENT IN UNDERSERVED COMMUNITIES BY PROVIDING CAPITAL, BUSINESS SERVICES, AND POLICY RESEARCH TO SUPPORT SMALL BUSINESSES.

Describe the Organization's Program Activity:

Part 3 - Line 4a

CAROLINA SMALL BUSINESS DEVELOPMENT FUND IS A CERTIFIED COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION (CDFI). IN 2010, THE ORGANIZATION LAUNCHED ITS SMALL BUSINESS REVOLVING LOAN FUND PROGRAM (SBRLF), TARGETING UNDERSERVED COMMUNITIES AND POPULATIONS THAT FIND IT DIFFICULT TO ACCESS CAPITAL. THE ORGANIZATION ALSO PROVIDES FINANCIAL TRAINING AND TECHNICAL ASSISTANCE TO START-UPS AND EXISTING BUSINESSES AND LENDING SERVICES TO COMMUNITY-BASED ORGANIZATIONS.


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Board, Officers & Key Employees

Name (title)Compensation
Kevin Dick
President &
$130,299
Krystin Jorgenson
CFO
$119,283
Mark Royster
Chief Credit
$119,220
William Hayes
Vice Chair (
$25,497
Amber Bond
Former COO
$7,788
Jeff Roegge
Director/ Fo
$3,624

Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$0
Fundraising events$0
Related organizations$0
Government grants $2,521,017
All other contributions, gifts, grants, and similar amounts not included above$2,522,879
Noncash contributions included in lines 1a–1f $0
Total Revenue from Contributions, Gifts, Grants & Similar$5,043,896
Total Program Service Revenue$2,862,999
Investment income $11,979
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $0
Net Gain/Loss on Asset Sales $0
Net Income from Fundraising Events $60,981
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $7,982,393

Grants Awarded

Over the last fiscal year, Carolina Small Business Development Fund has awarded $1,023,055 in support to 123 organizations.

Grant RecipientAmount

ORIENTAL PINTLES & GUDGEONS LLC

PURPOSE: CSBDF BORROWER GRANT

$11,900

TRENTON AUTO PARTS

PURPOSE: CSBDF BORROWER GRANT

$10,700

REEL WIRELESS INC

PURPOSE: CSBDF BORROWER GRANT

$10,700

COLES CHIROPRACTIC CENTER PLLC

PURPOSE: CSBDF BORROWER GRANT

$10,685

CLARENCE LYNCH

PURPOSE: CSBDF BORROWER GRANT

$10,591

CRUMB CONSTRUCTION LLC

PURPOSE: CSBDF BORROWER GRANT

$10,403
View Grant Profile

Grants Recieved

Over the last fiscal year, we have identified 4 grants that Carolina Small Business Development Fund has recieved totaling $187,755.

Awarding OrganizationAmount
Opportunity Finance Network

Philadelphia, PA

PURPOSE: FINANCE JUSTICE FUND SUBGRANT

$150,000
National Association For Latino Community Asset Builders

San Antonio, TX

PURPOSE: Financial Capability

$25,000
Charities Aid Foundation America

Alexandria, VA

PURPOSE: CHARITABLE DONATION

$12,750
Amazonsmile Foundation

Seattle, WA

PURPOSE: GENERAL SUPPORT

$5
View Grant Recipient Profile

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