Community Lenders Help Small Businesses
A new report takes a close-up look at Community Development Financial Institutions across North Carolina and the lending gap they have filled.
The report was commissioned by The Support Center based in Raleigh. It’s one of 17 Community Development Financial Institutions or C-D-F-I’s in the state. In 2010 – C-D-F-I’s financed 33-thousand consumer and business loans. Lenwood Long is President and C-E-O of the Support Center.
Lenwood Long: "Given the banks reluctance to lend because of the economic melt-down, you have found C-D-F-I’s, such as the Support Center, being a ready source for small businesses. I want to say one of the best kept secrets, secrets of North Carolina."
Long says the Support Center has handed out more than three-point-two million dollars in small business loans since 201. And they have two million dollars in loans in the pipeline.