Catch Your Breath in the Spotlight: Damita Rhodie
I’m Damita Rhodie, founder and CEO of Blessed Manifested Horizons, LLC, a healthcare logistics company that ensures the timely transport of essential medical supplies to support patient care.
As a single mom and self-taught business owner, I launched my company in 2020 to provide critical support to healthcare facilities. By 2024, balancing family and business had taken its toll, so I joined the Catch Your Breath (CYB) program to focus on my mental and emotional well-being.
CYB was a turning point. It equipped me with tools to manage burnout, provided a personalized self-care plan, and connected me with accountability partners who support my wellness goals. The program reminded me that taking time to reset isn’t just okay—it’s essential for sustaining my business and being there for my family. Thanks to CYB, I’ve developed a network that keeps me on track and gained the clarity to balance my drive for success with prioritizing my health.
Now, I am more present and productive in every part of my life. Blessed Manifested Horizons continues to thrive, and I’m grateful for the foundation’s support, which has given me the resilience to move forward confidently. The lessons I’ve learned here are ones I apply daily as I continue to build my legacy.
What I’ve Gained Through CYB:
- Personalized Self-Care: CYB helped me create a self-care plan I can stick to.
- Accountability Network: The program connected me with partners who support my wellness goals.
- Sustainable Growth: I learned to balance my drive for success with prioritizing my health.
African American Leadership Academy of Charlotte Spotlight: Eric Craft
I’m Eric Craft, Chief Supply Chain Officer for KFC Global, where I lead strategies that transform the way we manage supply chains on a global scale.
After 18 years in supply chain management across multiple sectors, I was ready for more. My passion for leadership and developing others began early and continued through my service as a naval officer. But in the private sector, I realized I wanted to take that passion to the next level. In August 2023, I joined the inaugural class of the African American Leadership Academy of Charlotte (AALAC), and just a few months later, I started the recruitment process to join YUM Brands as the Chief Supply Chain Officer for KFC Global.
From the three-day kickoff retreat, I realized I would only get out of this program what I put into it. The cohort was small, which allowed us to form genuine connections, and the experience challenged me to explore my worth in a new way. I took the most from the “Through the Power of Choice” workshop, where you get to know yourself and your worth—not just in terms of dollars but in the worth you bring to an organization and what they bring to you in return. It was an unlocking moment for me.
Since starting at KFC Global, I’ve focused on continuing my development through the AALAC cohort and giving back to the program as well. I had the honor of meeting with the 2024-2025 class to share my experiences. I highlighted the power of getting to know yourself better and being a contributor to someone else’s success. I believe in the work that the academy is doing. I didn’t have a perspective before I started, but now, I plan to support it as long as possible.
AALAC has fueled my leadership journey, providing me with invaluable insights and skills I carry forward in my role at KFC Global.
- Leadership Growth: AALAC helped me clarify my vision and lead with authenticity.
- Network and Support: The small cohort fostered genuine connections with like-minded leaders.
- Empowered Decision-Making: Workshops encouraged me to embrace my worth and unique impact.
I’m proud to continue building leaders and look forward to contributing to this impact in Charlotte for years to come.
Celebrating Hispanic Heritage Month: Voices of Charlotte's Hispanic Entrepreneurs
As we celebrate Hispanic Heritage Month, the CLT Alliance Foundation is proud to highlight the stories of Hispanic entrepreneurs who are making a significant impact on our city. Their journeys, deeply rooted in their heritage, inspire and pave the way for future generations.
Giovani Gonzalez, The Social Rook
The Social Rook helps businesses scale through paid digital advertising and creative brand solutions, specializing in Facebook (Meta) Ads, Google Ads, and creative design. Take a deeper look at Giovani and The Social Rook here.
“Being part of the Hispanic community in Charlotte has given me more pride in this city as it embraces our growing population. My Hispanic heritage is one of the major drivers in my company. I want to be an example for other Latinos, showing them that it is possible to build something from nothing. Leaving behind a legacy in Charlotte as a Latino is what motivates me. This is why The Social Rook provides a scholarship for first-generation Latino college students through LAWA (Latin Americans Working for Achievement), where I served on the board for three years.”
Giovani's message to future Hispanic entrepreneurs is to embrace risk and be a catalyst for change, building something substantial that future generations will remember.
Jack Ossa, Ossa Studio
Ossa Studio is a multidisciplinary design firm known for its innovative approach to architecture and brand design. Jack also hosts "The Power of Design" podcast, exploring the intersection of architecture, construction, and business strategies. Learn more about how Jack and Ossa Studio uses the Power of Design here.
“Being part of the Hispanic community in Charlotte holds a special place in my heart. Moving from Colombia 22 years ago without speaking English, I started by bussing tables while seeking a sponsor for my visa. Today, I’m a business owner creating opportunities for others to pursue their dreams. My Hispanic heritage deeply influences how I lead my business. Immigrants have a special drive—when you leave everything behind, it’s not to be average. This mindset fuels my determination to grow and challenge myself continuously.”
Jack encourages future Hispanic entrepreneurs to be proud of their heritage, embrace every opportunity for growth, and never give up on their dreams.
Katheryn Hermida, John Emily Studio
John Emily Studio is a family-owned bridal alterations studio serving over 600 brides per year. Their services include formalwear alterations, dry cleaning/preservation, and a bridal accessories boutique. Explore Katheryn’s work on the John Emily Studio website.
“My craft comes from my native Ecuador upbringing. Being exposed to garment production at a young age allows me to run a business that values both our customers and the craftsmanship of my team. My heritage keeps my leadership humble, always keeping my people in mind when it comes to success metrics.”
Katheryn advises future entrepreneurs to first learn how to generate cash from a skill, product, or service and to recognize the difference between being a business owner and a technician who built a job. She also recommends reading "The E Myth" by Michael E. Gerber to understand true entrepreneurship.
Yessica Aguirra Piña, Chic Salon and Spa
Chic Salon and Spa is a Latino family-owned business that has been serving the Charlotte community since June 2017, focusing on providing a welcoming environment and personalized beauty and wellness services. Treat yourself to Yessica’s spa services by visiting her website.
“Being part of the Hispanic community in Charlotte means having the opportunity to represent my culture proudly and give back to it. My Hispanic heritage influences my business approach by instilling values of hard work, family, and community. Chic Salon and Spa was created to honor these values, offering services that bring people together and help them feel their best.”
Yessica’s advice to future Hispanic entrepreneurs is to believe in their vision and embrace their cultural uniqueness in business. She highlights the importance of building strong connections within the community and reminds others that what may seem impossible can be achieved with perseverance.
A Legacy of Resilience and Success
These stories reflect the resilience, pride, and dedication that define Charlotte's Hispanic entrepreneurs. Their heritage not only shapes their businesses but also contributes to the vibrant culture of our city. The CLT Alliance Foundation celebrates their achievements and encourages future Hispanic entrepreneurs to draw inspiration from their journeys as they forge their own paths to success.
Hear Real Perspectives from Charlotte’s Childcare Crunch and How It Impacts Local Entrepreneurs
Charlotte's childcare crunch is a significant challenge for entrepreneurs, affecting both those who use childcare services and those who provide them.
But First, What Do We Mean “Childcare Crunch”
Throughout the United States, childcare costs have created a major strain on families, their finances and their ability to participate in the workforce or own a business. According to the U.S. Department of Labor, families who pay for childcare face costs that are approximately half of their housing costs. In North Carolina, this means an average of $16,000 per year per child for childcare costs, slightly higher than the average tuition costs of 4 years of public university.
Okay, childcare is expensive… but how does that impact business owners? Great question. According to a 2024 survey of small business owners, “A significant number of these small business owners agree that a lack of access to affordable, high-quality childcare for their own children created an impediment for them to start their business (58%) and grow their business (59%).”
Here, we share some perspectives from local entrepreneurs to shed light on this pressing issue and its impact on their business.
Katie Marriott, Omada Search
“Our daycare for our two children is both a blessing and a curse. As a business owner, I would not be able to get my work done with my children in the home, so having a place they can go that I trust is amazing. They play outside, get lots of energy out, do fun art projects, learn about all different topics, and they love their classmates and teachers. I’m so thankful that it’s close to our home and we’ve built strong relationships with the staff. On the other hand, it’s extremely expensive. We pay $1000 more for our daycare bill than we do for our mortgage! Our school, like so many in Charlotte, has struggled with teacher turnover and I sincerely believe it’s because they are so underpaid. Add on the constant sickness they pick up from other kids and the general mom guilt from wanting to be with your babies, and it’s a tough topic to talk about.”
Katie Marriott highlights the dual-edged nature of relying on daycare. While it provides the necessary time to focus on her business, the high costs, teacher turnover, and health concerns add significant stress.
Veronda Bellamy, Bridging the Gap of America
“I have a 4-year-old who is starting pre-K. My goal daily is to be done with my work by 5:00 pm so my evenings are free for her. Sometimes, I can’t attend her extracurricular activities, but I’m grateful to have a very supportive and understanding husband who helps remedy some of my 'mom guilt.' It’s not an easy task juggling it all - as a modern wife and mom - at a particular age. I believe that my daughter is learning business acumen even now and how to carry herself as a strong yet gentle woman. It’s not easy, and it definitely requires proper planning and a whole bunch of grace for last-minute cancellations in business due to parental needs.”
Veronda Bellamy emphasizes the importance of a strong support system and meticulous planning to balance business and family life, teaching her daughter valuable life lessons in the process.
Holly Evans, Dreamstead Real Estate Professionals
“As an entrepreneur, the regular hours of childcare did not work for our family. We choose to go through Cultural Care to hire an au pair. We could not commit to a 9-5 PM schedule and found ourselves having to hire additional support on nights and weekends. It was an excellent experience as we had au pairs from Brazil, Argentina, and Mexico from December 2018 - February 2024. Having an additional adult in the house allowed us to feel comfortable leaving the home on Saturday and Sunday and also gave us flexibility to spend time together on days when work was less busy. It was beneficial to have 45 hours of work available based on our schedule. This did change the family dynamic and it was important to us that we created strong bonds and a more 'family-like' relationship. Now that the children are older, they participate in after-school activities like chess club or swimming. Since they are not old enough to be home alone, we enlist the support of middle or high school friends to support us on nights and weekends.”
Holly Evans offers an alternative childcare solution by utilizing au pairs, providing the flexibility needed for her irregular work schedule and enriching her family's cultural experiences.
The Bigger Picture
Charlotte's childcare crunch poses substantial challenges for entrepreneurs. For those running businesses, reliable childcare is essential to maintain productivity and peace of mind. However, high costs, frequent illnesses, and emotional challenges associated with daycare are significant hurdles. Entrepreneurs providing childcare services face their own set of challenges, such as teacher turnover and ensuring quality care.
The CLT Alliance Foundation recognizes these challenges and is committed to supporting entrepreneurs as they navigate these complexities. By fostering a community that shares experiences and solutions, we aim to alleviate some of the pressures faced by working parents in Charlotte.
To learn more about our mission, initiatives and how we help leaders navigate possibility, click here.
Empowering Charlotte Entrepreneurs: Navigate Possibility With CLT Alliance Foundation’s Connections and Programs
Entrepreneurship can be incredibly rewarding and daunting, and for many, it can feel lonely and uncertain. The CLT Alliance Foundation understands these highs and lows all too well; as entrepreneurs, small business owners and leaders, our organization has walked the walk and understands just how important having a network of support is for our entrepreneurial community.
Our philosophy is simple: we believe that everyone has the opportunity to have a great business idea. Our mission is to provide the connections and social capital necessary to turn that great idea into a successful business. Here are a few ways we intentionally open doors and help Charlotte business leaders navigate possibilities.
We Make it Possible to Grow Confidence and Skills
We believe that every brilliant idea deserves its moment to shine. Yet, transforming a concept into a thriving business can be overwhelming without the right skills and confidence. That's why the CLT Alliance Foundation is committed to helping entrepreneurs develop these essential attributes.
Our programs cover crucial topics such as business planning, financial management, marketing strategies, and leadership development. We partner with seasoned experts who provide practical knowledge and actionable insights for business leaders to apply. However, we don't just teach; we empower them with the confidence to take bold steps and make informed decisions.
We Make it Possible to Build Financial and Social Capital
One of the biggest challenges small businesses face is securing the capital needed for growth. Recognizing this, we partnered with local partners to launch the Charlotte Small Business Growth Fund—a $40 million initiative to support over 2,000 local businesses. This fund explicitly addresses essential needs like payroll, rent, and equipment purchases.
This fund is not just financial aid; it's a lifeline that allows businesses to focus on growth and innovation rather than being hindered by financial constraints. Providing crucial capital enables companies to scale new heights and unlock their full potential. Business leaders can learn more and apply for this support through our dedicated platform at Charlotte Small Business Growth Fund.
Aside from the money, we seek out partnerships and relationships that encourage the Charlotte business community to come together in order to support its business leaders. By looking at ways that we can work together, we gather stakeholders in a room and leverage social capital to create possibilities, like the Accounting for Charlotte Entrepreneurs program.
We Make It Possible to Maintain a Healthy Well-Being
Running a business is not just a financial endeavor; it's an emotional and mental journey. Understanding this, we partnered with Hooky Wellness to introduce Catch Your Breath, which emphasizes the importance of personal well-being, financial wellness and stress management for entrepreneurs.
Through Catch Your Breath, we provide resources to help our business leaders prioritize their self-care and wellness. This initiative is geared towards building the “person” behind the business and involves community events, guided support and resources, a cohort model, and a wellness stipend, culminating with a wellness retreat. If you’re an entrepreneur who needs to catch your breath, visit Catch Your Breath.
We Make It Possible to Scale & Grow
No matter your business, it is incredibly challenging to quickly or reliably scale your business. In fact, less than 4% of all businesses reach $1 million in revenues, and even fewer minority and women-owned businesses reach that same mark. Scale-Up CLT is a business accelerator that provides connections, skills and the social capital necessary to scale your business through partnership with the EO Accelerator program.
Specifically designed for minority and women-owned businesses with $250,000 to $1 million in revenue, this accelerator develops leaders and catalyzes growth for Charlotte’s entrepreneurial community. The Scale Up CLT scholarship provides more than $10,000 in benefits, including coaching and tuition assistance for those who qualify.
We Make It Possible To Thrive
The CLT Alliance Foundation is more than just a support network; we are your partner throughout the entrepreneurial journey. Our programs and initiatives are designed to address the multifaceted needs of business leaders, from access to capital and skill-building to emotional well-being and leadership training.
We’re entrepreneurs, business owners and leaders. While every business is unique, we understand firsthand the shared challenges facing our community. By equipping leaders with the opportunities to grow, connections and capital, we’re able to help the entire region navigate possibility.
Let’s navigate possibility together. Click here to learn how you can get involved.
Connecting Small Businesses With Big Opportunities | CLT Alliance Foundation and Albemarle Corporation Discuss Growing Supplier Diversity
Suppliers play an essential role in keeping businesses operational, and for small businesses, contracting with larger companies that need their products and services, strong supplier relationships provide mutual benefit for businesses on both ends of the spectrum. However, those relationships can be challenging to establish for both purchasing and supplying organizations.
On average, corporations spend just 7.5% with small business suppliers. A McKinsey study found that in the business ecosystems of many companies, not all players are direct.
The Importance of Supplier Diversity
Maintaining supplier diversity guarantees a varied base, therefore helping to broaden supply chains. Harvard Business Review highlights, “an inclusive procurement strategy widens the pool of potential suppliers and promotes competition in the supply base, which can improve product quality and drive down costs. And by providing more sourcing options, inclusiveness can make supply chains more resilient and agile.”
At the CLT Alliance Foundation, we believe increasing the amount of small, veteran-, minority- or women-owned business enterprises that compete for these opportunities will unlock additional value, increase innovation, competition, and resilience. Through our supplier marketplace, we connect businesses to buyers and suppliers, which boosts the visibility of contracting opportunities with large companies that are committed to doing business with small suppliers to strengthen economic impact.
“We are living up to the promise that we’ve made to this community to leverage our relationship and unique partnerships with the CLT Alliance and businesses across the region,” Nate Hogan, president of CLT Alliance Foundation, said. “We are committed to amplifying our impact and driving real change for small businesses and business leaders across this community.”
How Albemarle Corporation is Improving Supplier Diversity
Albemarle Corporation is a global leader in transforming essential resources into critical ingredients for mobility, energy, connectivity, and health. They are among the initial major companies committed to supporting diversity in the supplier marketplace. Albemarle has an established global supplier diversity initiative, which reflects the manufacturing company’s desire to support and participate in spending with local and diverse businesses everywhere Albemarle operates.
“Our goal is to create one of the industry’s most reliable, responsible, and diverse supply chains. We want to identify and create meaningful opportunities for underrepresented groups near our Charlotte and Kings Mountain locations,” Patricia Brown, Albemarle’s supplier diversity coordinator, said. “If you are a small or diverse business, please connect with us at supplierdiversity@albemarle.com.”
The CLT Alliance Foundation’s vision is to catalyze transformative growth in the Charlotte region, where dynamic small businesses and business leaders thrive.
To learn more or to get involved, visit cltalliancefoundation.net
Scale Up CLT Entrepreneurs Achieve 7-Figure Milestone, Earn Top Honors
The CLT Alliance Foundation is excited to celebrate Scale Up CLT participants Sharon Allen, Alaa Bou Ghanem, Dr. Sharon Jones, and Jack Ossa, a group of remarkable entrepreneurs from the Charlotte Region who have recently graduated from the Entrepreneurs' Organization Accelerator (EOA) program, surpassing the $1 million revenue milestone. It's particularly impressive to note that 2023-2024 participants, Sharon Allen and Alaa Bou Ghanem, achieved this significant milestone within their first year in the program. Their success stories exemplify the potential and impact of Scale Up CLT.
In addition to celebrating these revenue milestones, we are proud to recognize several of our participants who have received prestigious awards for their contributions and leadership:
Award Winners:
- Raymond Jordan, Thirst for Learning
- Giovani Gonzalez, Trust and Respect
- Alaa Bou Ghanem, Think Big, Think Bold
- Jack Ossa, Together We Grow
All award winners are or have been a part of the Scale Up CLT program, highlighting the caliber of entrepreneurs and leaders within the program.
Additionally, the Visionary Leadership Award was presented to Bryan Delaney, a current CLT Alliance Foundation board member. Delaney, who has been at the forefront of the creation of the Scale Up CLT program, was recognized for his forward-thinking and innovative approaches. Delaney’s visionary leadership and dedication to fostering an environment where entrepreneurs can thrive have been instrumental in shaping the success of the program. His efforts have not only benefited the participants, but also have contributed significantly to the economic development and competitive edge of the Charlotte Region.
“The success of the Scale Up CLT participants is a reflection of their hard work, innovative spirit, and the strong support network provided by the program,” Jonathan Evans, program manager at the CLT Alliance Foundation, said.
Evans expressed immense pride in all their accomplishments and looks forward to supporting more entrepreneurs in their journeys: “Seeing the entrepreneurs hit the $1 million revenue milestone, especially within their first year, is incredibly inspiring. The awards won by the participants further demonstrate the outstanding talent and leadership within the community.”
These accomplishments underscore the impact of the Scale Up CLT program in empowering underrepresented small businesses, entrepreneurs, and business leaders in the Charlotte Region. The CLT Alliance Foundation remains committed to fostering an environment where our entrepreneurs can thrive and achieve their fullest potential.
Scale Up CLT Participants ‘Envision New Possibilities’ With AT&T’s Support
The CLT Alliance Foundation proudly celebrates our Scale Up CLT participants who recently attended the Exploring Economies trip in Phoenix. This impactful event brought together more than 125 local government, business, and community leaders for several days of immersive professional development, insight into Greater Phoenix’s economic development success, and invaluable networking opportunities.
Thanks to a generous $10,000 contribution from Kathleen Evans and AT&T, transportation costs were covered, ensuring our entrepreneurs could fully benefit from this opportunity.
Kathleen Evans, regional director, external affairs at AT&T, expressed her excitement about joining the Scale Up CLT participants in Phoenix. She emphasized the importance of the event in bringing together leaders to build relationships, receive mentoring, and pitch their products and services.
"AT&T supports Scale Up CLT, which empowers underrepresented small businesses, entrepreneurs, and business leaders in the Charlotte Region to grow and thrive,” Evans said. “I’m proud to work for a company so committed to helping small businesses succeed."
Alaa Bou Ghanem, principal at A.B. Group, found the event enriching and enlightening. He appreciated the opportunity to delve into the economic drivers and innovative strategies that define Phoenix, offering valuable lessons to bring back to Charlotte. He remarked that the collaboration and discussions among diverse leaders sparked ideas and lasting connections that will significantly contribute to Charlotte's growth and competitiveness.
For Chris Davis, CEO of Buff Beauty Academy, the trip exceeded expectations. She highlighted the immeasurable value of the connections made and the insights gained about Phoenix’s offerings. Davis is eager to bring some of those same offerings and ways of thinking to the Charlotte Region.
Tammy Foster-Knight, CEO of Optional Solutions, LLC, thoroughly enjoyed the event’s vibrant atmosphere. She focused on nurturing authentic connections, meaningful conversations, and cultivating trust. Foster-Knight believes that the relationships built during the trip will be grounded in shared experiences and mutual respect, fostering a genuine desire to support each other.
Highlights from the Trip
The participants had the opportunity to visit several key venues that showcased Phoenix's economic dynamism and innovative spirit. The tour included a visit to Arizona State University, where they explored cutting-edge research and development initiatives. They also visited the Phoenix Biomedical Campus, which highlighted the region's advancements in health care and biotech industries. These venue visits provided invaluable insights and inspiration, helping our entrepreneurs to envision new possibilities for their ventures in the Charlotte Region.
This trip was not just a professional development opportunity; it was a chance for our entrepreneurs to build lasting relationships and bring back innovative ideas to the Charlotte Region. We are incredibly proud of our Scale Up CLT participants and grateful to AT&T for making this experience possible.
Thank you, AT&T, for your unwavering support!
Third Round of Beyond Open To Award $5 Million to Charlotte Small Businesses
Small business owners will soon be able to apply for the latest round of grants designed to build economic mobility and support diverse-owned small businesses in Charlotte. Beyond Open has launched an applicant awareness and support campaign as the first phase of the third round in the small business grant program.
In the third round, Beyond Open will award up to $5 million to small businesses located within Charlotte’s diverse Corridors of Opportunity. Grants may be awarded in amounts from $10,000–$150,000.
Beyond Open offers grant awards, which do not need to be repaid, to build economic mobility by helping local small business owners in Charlotte’s diverse Corridors of Opportunity acquire capital assets including equipment, technology, real estate, and inventory.
Grant applications will be accepted from August 5-30. Beyond Open grants cannot be used for operating expenses such as payroll, advertising/marketing, professional services, maintenance costs, insurance, utilities, debt repayment and investment properties. The program is focused on diverse (minority, woman, veteran, LGBTQ, persons with disabilities) small business owners within the six Corridors of Opportunity as identified by the City of Charlotte.
“We used a Beyond Open grant to purchase new technology that has allowed me to employ five additional tutors to serve in our day tutoring programs,” Carmon Blackmon, owner and founder of Above and Beyond Learning Center, said. “We use the equipment for staff to do training and workshops, and for us to conduct small group tutoring sessions. I can say without hesitation that the grant award made a significant impact in my business and has resulted in other schools desiring our tutorial program.”
The Beyond Open program, established with a $20 million philanthropic investment to Foundation For The Carolinas from the Wells Fargo Open For Business Fund, has distributed a combined total of more than $10 million to local small business owners and select nonprofits in its first two rounds. Round 3 is the last planned application round for the program.
As with all Beyond Open rounds, the goal of the third round awareness and support campaign is to help small business owners learn about, identify support, and receive assistance to prepare and submit the strongest application possible.
“Foundation For The Carolinas is grateful to Wells Fargo for support from its Open for Business Fund that makes Beyond Open possible, and to our invaluable small business development organizations, business leaders and community stewards that work to strengthen our community’s small businesses every day,” Tracy Russ, special advisor for civic initiatives at FFTC, said.
“To achieve transformative change in our communities we have to work together,” Darlene Goins, head of philanthropy and community impact at Wells Fargo, said. “We wanted our funding to be catalytic for small business owners. New capital assets can enable small businesses, enabling them to thrive with new employees, products or services or ways to grow. Foundation for the Carolinas and its network of partners delivered on that vision and strengthened the small business community with the Beyond Open program.”
Interested small business owners are strongly encouraged to learn more and prepare early to build a Beyond Open application by visiting beyondopenclt.com, participating in upcoming application information sessions, and reaching out for one-on-one technical assistance and application support from Beyond Open partnering small business organizations ASPIRE Community Capital, Prospera North Carolina and Women’s Business Center of Charlotte.
The Beyond Open website includes information on Round 3 eligibility requirements, available grant amounts and allowed uses, application information sessions, and a step-by-step Beyond Open Round 3 Application Guide. All content and materials are available in English, Spanish, and Vietnamese.
All third-round applicants will receive notification of the status of their application by the end of November 2024.
Public-Private Partners Unveil Historic Access to Capital Opportunity for Charlotte’s Small Businesses
Community lenders, local corporate partners and the City of Charlotte today announced the launch of “Charlotte Small Business Growth Fund,” a fund aiming to provide $40 million in loans to more than 2,000 underserved small businesses over the next four years. This is one of the largest non-pandemic access to capital opportunities directed at small businesses in the history of Charlotte.
Loans and outreach will be done through community development financial institutions (CDFIs) whose mission is to support underrepresented small businesses; it is anticipated that more than 70% of these loans could benefit entrepreneurs of color.
“As a top destination for new businesses, Charlotte has one of the most vibrant economies in the country,” Charlotte Mayor Vi Lyles said. “With the Charlotte Small Business Growth Fund, we aim to level the playing field, ensuring every resident shares in our city’s growth and has equitable access to entrepreneurial opportunities.”
The fund is managed and operated by Scale Link, a CDFI that expands access to inclusive small business lending through its nationwide secondary market to buy and sell small business loans originated by CDFIs. Catalytic funding for Charlotte Small Business Growth Fund comes from Ally Charitable Foundation, Atrium Health, Bank of America, the City of Charlotte and Truist.
The CLT Alliance Foundation leveraged its access to capital to establish the fund and is providing ongoing support and coordination. Charlotte Small Business Growth Fund delivers on part of the Mayor’s Racial Equity Initiative launched two years ago.
Charlotte Small Business Growth Fund details include:
- Available loans range in size from $1,000 to $250,000.
- Loans have fixed interest rates of 9% to 12%; origination and application fees range from 3% to 5%.
- Average loan length is 48 months.
- The fund is open to all businesses headquartered in Charlotte, but is especially designed for businesses that do not qualify for traditional bank loans due to age of the business, credit history, or lack of collateral.
- Advising for applicants is available from participating CDFIs and other local partners to help entrepreneurs qualify for loans.
As one of the fastest-growing cities in the United States, Charlotte and its small business sector are flourishing. However, not all Charlotte businesses have the same access to capital and resources to grow. For instance, only 14% of minority-owned Charlotte businesses have access to a bank loan at start-up.
Nearly 40% of Charlotte’s small businesses are minority-owned, meaning it is an economic imperative to expand access to capital for these entrepreneurs. CDFIs are mission-based lenders that specialize in delivering capital to underserved communities, making them exceptionally well-positioned to close Charlotte’s small business financing gap. However, CDFIs themselves are often undercapitalized, which is why this fund provides essential liquidity to Charlotte’s frontline small business lenders.
“The economic opportunities for small business owners in Charlotte right now are truly exciting,” Brett Simmons, CEO of Scale Link, said. “The Charlotte Small Business Growth Fund will deliver the capital community-based lenders need to support the city’s diverse, growing small businesses. We’re honored to work alongside our CDFI partners, in collaboration with the City of Charlotte, our investors, and everyone at the CLT Alliance Foundation, to support Charlotte’s Entrepreneurs.”
“The CLT Alliance Foundation is proud to play a supporting role in providing greater access to the number one resource small businesses need to grow their businesses, and our economy by extension – capital,” Nate Hogan, president of the CLT Alliance Foundation, said.
Charlotte Small Business Growth Fund will boost the local lending capacity of CDFIs through an innovative platform – operated by Scale Link and LoanWell – that will match businesses seeking funding with one of six participating CDFIs. CDFIs participating in Charlotte Small Business Growth Fund include Ascendus, ASPIRE Community Capital, Business Expansion Funding Corporation (BEFCOR), Carolina Small Business Development Fund (CSBDF), andDreamSpring. Scale Link will leverage its innovative secondary market model to purchase and sell loans made by CDFIs through the fund, helping expand CDFI liquidity and enabling them to scale their lending.
Business owners interested in receiving funding through Charlotte Small Business Growth Fund can learn more and apply online here.