Oct. 23—HENDERSON — A new loan fund has been launched to provide capital to underserved businesses in Central and Eastern North Carolina.
The lending initiative will serve businesses in 16 counties, including Vance, Granville and Warren.
Carolina Community Impact, a Raleigh-based nonprofit, will provide capital to an estimated 100 underserved business owners in the region. The loans — ranging in size from $20,000 to $100,000 — are designed to help entrepreneurs jumpstart business operations.
In addition to lending funds to local businesses, CCI will provide educational and support services that are critical to entrepreneurial success.
CCI's loan fund initiative includes resources from Kiva, a loan platform based in San Francisco, and the MetLife Foundation.
The program will operate out of CCI's Raleigh office, said Lucy Dunham, communications manager for RLF Communications.
She forwarded a news release in which Joseph Battle, CCI's program director of business services, said, "We expect many of the entrepreneurs that get their initial funding with CCI will go on to 'graduate' to use other lending sources that further expand their business operations down the road. That's what success looks like."
To emphasize the focus of the initiative, he said, "We encourage women, minority and other small business owners, as well as organizations that work with entrepreneurs, to connect with Carolina Community Impact to learn more about this platform and partnership opportunities."
Carolina Community Impact, Inc. is a nonprofit that provides financial services to help individuals achieve financial success. It partners with Kiva and the MetLife Foundation to provide access to financial resources in underserved communities.
Kiva promotes a strategy of using pooled resources in a community to provide financial support for community entrepreneurs.
MetLife Foundation partners with nonprofit organizations and social enterprises with a focus on low- and moderate-income people to build stronger communities.