The Charlotte Small Business Growth Fund aims to invest $40 million in approximately 2,000 local businesses over the next four years.
CHARLOTTE, N.C. — For Brian Moore, happiness comes from having someone make a delicious sandwich.
“We have recipes to make from scratch,” said Moore, owner of Noda Bodega. “I always write down my ideas.”
It wasn’t long before Brian and his wife Lisa turned that dream into a reality and founded Noda Bodega, a combination convenience store and deli.
“We did almost 130 weddings in our first year of operation,” Brian said.
But Brian said his good start changed after three years, so he took out a loan.
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“We would have gone bankrupt, so it was a relief to get the loan,” Brian said.
Brian and his wife are now getting the relief they need thanks to the Charlotte Small Business Growth Fund, which increases access to capital for entrepreneurs like the Moores.
The loan is expected to primarily benefit businesses in low- and moderate-income areas, including small businesses owned by women and minorities.
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City officials say this is one of the largest capital access opportunities for small businesses in Charlotte’s history.
“The biggest barrier to business growth is capital,” Nate Hogan, president of the Charlotte Alliance Foundation, told WCNC Charlotte.
Hogan said he hopes to provide loans of up to $250,000 to about 2,000 businesses over four years.
According to data from Stanford Business, Black-owned employer businesses are three times more likely to report that a lack of access to capital is negatively impacting profitability compared to white-owned employer businesses. .
To that end, Hogan said they are working to reduce things like credit scores and cash flow requirements to better meet their needs.
“We felt we needed to create an environment where people could grow their businesses,” Hogan said.
The Moores said this was an opportunity that opened so many doors.
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“This has allowed us to take our business to the next level,” Brian says.
Funding will be provided on a first-come, first-served basis, officials said.
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