for 5 small
business loans
2019
Annual Report
CELEBRATING 25 YEARS OF IMPACT
Another year, another milestone. 2019 was a year of growth, change, strategic planning, frustrations and celebrations — but most importantly, as we look back over the year, it serves as an opportunity for us to realize the power of 25 years of community impact. Thank you to all of our partners, community sponsors and nonprofit champions who have allowed us to do and invest in incredible, life-changing work over the last two and a half decades.
Check out what we’ve been up to!
STRATEGIC INVESTMENTS
We have led the way in financing transactions that create economic opportunity now and provided capital to finance transformative economic change over time. These strategic investments overcome the legacy of disinvestment and gentrification and meet the real needs of communities across North Carolina.
$3.6M
Total Investments
Collectively, these loans helped create or preserve 55 jobs in low-income communities of color
for 4 housing
related loans
- 3 project-related, resulting in 158 units of affordable housing
- 1 in the Durham Affordable Housing Loan Fund which has yet to fully realize its potential and impact
- Collectively, these 4 loans helped to leverage at least $14M in additional capital for these projects and the loan fund
DISASTER RECOVERY
We all remember, maybe too acutely, the devastating impact of Hurricane Matthew in late 2016. 31 deaths reported across the state and an estimated $1.5 billion in structural damages. Our work to restore housing communities and increase the possibility of community resilience by providing affordable housing options that met both short-term and long-term needs was unprecedented.
THE CHALLENGES
0K
homes destroyed in eastern North Carolina in predominantly low-income communities
0K
households
without power
0
roads closed either permanently or temporarily
$0B
in economic
damages
OUR IMPACT
Created greater
housing stability
250 affordable
housing units
Enhanced resilience for
future disasters
Provided access for low-
income families to relocate
outside of floodplains
Increased economic
development across eastern
North Carolina
$1.9M to 16 small businesses
affected by natural disasters
50% women or minority-
owned
Created or retained 157 jobs
To read a full evaluation report done by UNC’s Center for Urban and Regional Studies on our Hurricane Matthew recovery work, click here.
YOUTH LEADERSHIP
We have consistently identified new approaches to creating shared economic opportunity and healthy communities, as well as led the powerful networks needed to get them to scale. This starts with the next generation of leaders and is why we annually invest in a summer youth leadership program to develop students from across the state.
high school
students served
counties
served
HEAR ABOUT THEIR EXPERIENCE
SMART POLICY
It is a priority of ours to combine our expertise with the power of communities to advocate for equitable policies that promote sustainable and inclusive economic opportunities.
We advocated for affordable housing funding, including House Bill 549, which would appropriate $5M in new state funding over two years to support affordable housing projects in both rural and urban communities across the state.
We spearheaded a collaborative working group, including several statewide environmental and conservation groups, to create a bold policy agenda that promotes economic opportunity, environmental justice and community resilience.
2020 VISION AND BEYOND
We are effecting important, measurable impact across the state of North Carolina in the communities that need it the most! Our ability to deploy capital to create and preserve jobs, build and preserve affordable housing options and leverage private capital is unmatched. 2019 was an incredible year and the last 25 years have been an incredible legacy-builder. As we look to the next 25, we anticipate even greater economic impact. In 2020 specifically, the programming and strategies we employ to achieve this impact will look different than they have in the past. With a newly defined vision — one that includes an increased emphasis on providing capital for community development initiatives — we are excited to realize our full potential.