In 1990, Community Development Credit Unions (CDCUs) needed help. At the end of the 1980s, regulators began applying more stringent requirements on CDCUs, pushing some to the brink of liquidation. In response to the crisis, representatives from the CDCU network came together in the interest of preserving small, historically black credit unions. This collaboration lead to the creation of what was then called the North Carolina Minority Support Center (NCMSC).
The NCMSC's mission was to provide ongoing technical assistance and capital to support CDCUs throughout North Carolina. Generous support from the North Carolina General Assembly, the Z. Smith Reynolds Foundation, the Stevenson Credit Union Assistance Program, and the National Federation of Community Development Credit Unions helped to build the NCMSC into a nationally recognized resource.
Over the past 25 years, from humble beginnings as the NCMSC, Carolina Small Business Development Fund has transitioned to become the leading provider of capital for small businesses in the state.
With our recent name change from The Support Center to Carolina Small Business Development Fund, we have reinforced our commitment to help small businesses achieve their business dreams. We strive to build communities where passionate entrepreneurs can succeed and have expanded our reach into all areas of the state to expand access to capital and opportunity for all.
1991 The North Carolina General Assembly appropriates $1.9 million to stimulate economic development lending by CDCUs and provided operating funds
1993 NCMSC assists Gateway Community Development Credit Union in receiving its charter, the first issued to a CDCU in North Carolina in 10 years
1999 NCMSC invests $1.4 million in six CDCUs through its Capital Support Loan Fund (CSLF)
“Since 2010, we have made it our mission to serve main street small business owners in underserved communities who face barriers in accessing capital. Helping small businesses is our passion and we strive to see them succeed in their communities.” - Lenwood V. Long, Sr.
2001 NCMSC awards nearly $800,000 in capacity grants to credit unions to help institutions increase net worth, hire staff, and implement new programs
NCMSC awards $16,500 in Image Enhancement Grants to CDCUs and makes nearly $900,000 in investments through the CSLF
2003 NCMSC awards $329,000 in capacity grants to affiliate CDCUs
2005 NCMSC awards $631,000 in capacity grants and secondary capital to member CDCUs
2006 NCMSC invests over $2.2 million in CDCUs through the CSLF
NCMSC helps member credit unions serve approximately 73,412 modest-income members across the state through expanded services
NCMSC provides funding and technical support to affiliate CDCUs resulting in 2,013 loans to members totaling $17 million for consumer & mortgage lending
2009 Lenwood V. Long, Sr, is appointed to serve as President/CEO
NCMSC is rebranded as The Support Center (TSC) with a strategic focus in providing capital, business services, and policy research to small businesses in North Carolina
2011 TSC deploys first two direct small business loans totaling $138,000 TSC receives $1.5 million award from the CDFI Fund
2012 TSC makes 21 direct small business loans, totaling $1.6 million
2013 TSC is selected to participate in the Small Business Administration's Community Advantage program
Lenwood V. Long, Sr. is awarded the SBA Distinguished Leader award and Triangle Business Journal 2013 Leaders in Diversity award
TSC partners with the SBA NC District Office to host the first Annual Small Business Week Awards to honor North Carolina small businesses
TSC selected as one of the 2013 NC Black Summit Awardees in recognition of community investment in underserved areas through its SBRLF
TSC more than doubles deployment of funds by making 48 small business loans totaling $3.7 million
TSC receives an Aeris AA +3 rating
TSC is presented with Lending Institution of the Year award by the Minority Enterprise Development (MED) Week Committee of Western NC
TSC is awarded a grant from the Department of Commerce’s Low Resource Community Program to do micro-lending in tier 1 and tier 2 counties
TSC establishes the Western Women's Business Center and satellite office in Asheville, NC
Launch of Create 2,000 Jobs Campaign
TSC is selected by the City of Charlotte to market the Charlotte Community Capital Fund and participate as a third-party lender
Opportunity Finance Network (OFN) and Goldman Sachs 10,000 Small Businesses select TSC as one of 24 mission-driven small business lenders to participate in the Small Business Finance Collaborative
TSC makes 115 loans to small businesses totaling $7.6 million
TSC receives $2.5 million from the NC state budget
TSC launches People of Color Initiative
TSC joins small business advocates as Signatory on the Small Business Borrower’s Bill of Rights
First Tennessee Bank awards $13,500 to TSC
WWBC at TSC signs strategic partnership with the U.S. Small Business Administration
TSC ranks #5 in the nation of Top 25 Lenders of SBA’s Community Advantage Program
TSC receives Champion of Veterans Small Business Lending award from the National Association of Government Guaranteed Lenders
The U.S. Small Business Administration designates WWBC at TSC as SBA-affiliated Women’s Business Center
TSC receives the 2015 SBA NC Community Advantage Lender of the Year award
PNC Bank awards $1 million in new loan funds to TSC
Wells Fargo awards $1 million in new loan funds to TSC
TSC publishes The Economic Impact of North Carolina's Main Street Small Businesses report
TSC launches Business Services, including TSC CARES program
“In our efforts to help small businesses succeed, we have been working on enhancing our programs and ensuring that small business owners have the right resources they need to grow or start their business.” - Lenwood V. Long, Sr.