Public
Policy
As one of three main pillars of our mission, Carolina Small Business Development Fund is committed to being a small business advocate through our dedicated policy and research work.
Our Public Policy
Advocating for public policies that advance the interests of underserved small business owners is a core component of CSBDF’s mission.
CSBDF fosters economic development in underresourced communities by delivering safe, transparent, and affordable capital to entrepreneurs; providing customized technical assistance to small businesses at every developmental stage; and disseminating research and policy analysis regarding the CDFI industry. CSBDF’s policy priorities are detailed below.
Our Policy Priorities
Maximize support for CDFIs and entrepreneurs
CSBDF advances the interests of entrepreneurs by engaging in nonpartisan advocacy for government policies and programs that maximize support for CDFIs at the federal, state, and local levels. Our policy partners include the National Association for Latino Community Asset Builders (NALCAB), Opportunity Finance Network, and the Mission Lenders Working Group.
Increase transparency and access in small business lending
CSBDF promotes the availability of transparent and affordable capital through its support for the North Carolina Truth in Financing Act, the Small Business Financing Disclosure Act, the revised Community Reinvestment Act, and Section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Champion programs that promote economic development in underserved communities
CSBDF supports underserved communities in economic development through its participation with the North Carolina Economic Development Association, the International Economic Development Council, and Opportunity Finance Network.
Support small businesses in communities devastated by disasters
CSBDF aids entrepreneurs in communities devastated by disasters by providing loans, grants, technical assistance, and small business resources in partnership with local governments, the State of North Carolina, and private organizations.
A letter from our President and CEO
To our CSBDF stakeholders,
Carolina Small Business Development Fund is a statewide U.S. Treasury-certified Community Development Financial Institution (CDFI), and our work is widely recognized as an engine of economic development and opportunity that has received bipartisan support for our impacts on North Carolina’s small business community and overall ecosystem. We exist to foster economic development in underserved communities, and we fully believe that our work as well as the work of other CDFIs is vital to a healthy, prosperous ecosystem. Since 2010, We have deployed over $120M to over 3,100 small businesses in 72 of North Carolina’s 100 counties, helping these small businesses to create or retain approximately 5,300 jobs. We have also provided technical assistance to thousands of small businesses and published valuable research that has informed stakeholders.
Recently however, the worth and effectiveness of CSBDF and 1,431 other CDFIs nationwide have been questioned. On Friday, March 14, the Trump Administration issued an Executive Order titled “Continuing the Reduction of the Federal Bureaucracy.” This Executive Order included language that could adversely impact the operations of the CDFI Fund, a function of the U.S. Department of the Treasury that works to create economic opportunity and community development through investment and assistance to CDFIs. One important component of the Executive Order was that the CDFI Fund had to show that all of its programs were statutorily required.
On March 21, the U.S. Department of the Treasury issued its response to the Executive Order, stating that the 11 distinct programs operated by the Department within the CDFI Fund are all statutorily required. While this is a strong first step towards maintaining the important work done by the CDFI Fund, there is still more to do.
The CDFI Fund has provided billions in critical resources to help achieve economic growth, provide capital access to small businesses, foster job growth and wealth creation, and support underserved communities. We fully support the efforts of the CDFI Fund and encourage all of our stakeholders to join us in engaging policymakers to encourage the protection of CDFIs and the CDFI Fund. We encourage you to visit the Opportunity Finance Network’s policy action center to learn more about how you can support CDFIs through contacting policymakers, spreading the word, and engaging with others.
CDFIs are a vital resource to small business owners and communities across our country. In North Carolina, we take pride in working toward our vision of creating economic opportunity for all people. Thank you for your support of CSBDF and for helping us to ensure that CDFIs continue to play an important role in our communities.
Yours in partnership,
Kevin Dick, President and CEO
