JOEDP Community Business Loan Fund

Geographic Scope: Jacksonville and Onslow County, North Carolina

Purpose: Provide gap financing (non-profit financing) to small businesses when commercial lenders cannot provide needed debt capital

Target Beneficiaries:

• Priority: Racially and ethnically diverse small businesses
• Priority: Women-owned small businesses
• Priority: Entrepreneurs
• All small businesses in the community

Funding Structure:

• Revolving loan fund providing gap financing
• Initial seed capital: $100,000 from Truist Foundation (December 2022)
• Additional $25,000 from Duke Energy (December 2022)
• Additional $25,000 from Duke Energy Foundation (August 2024)

Fund Purpose:

• Address financing gaps for small business enterprises
• Support business expansion and development
• Product development financing
• Support for underserved entrepreneurs historically excluded from traditional lending

Governance:

• Managed by JOEDP Development Fund Committee
• Chairman: Scott Riggs (R.S. Riggs & Associates, LLC)
• Committee includes representatives from financial institutions and local businesses
• Consultant: Sheldon Bartel, Field Director at National Development Council

Contact Information:

• Email: CBLF@JOEDNC.com
• Address: 421 Court Street, Jacksonville, NC 28540
• Phone: 910-330-6329
• Website: joednc.com

Background: Established to fill a gap in financing sources for small businesses. Committee began framework development in June 2022, with implementation ongoing. The fund leverages seed capital to attract additional private and public sector investment.

Application Process

Application Submission: Contact CBLF@JOEDNC.com for application materials

Application Details: Specific application procedures and requirements not detailed in available documentation. Contact JOED directly for current application status and process.

Note: Fund was in development/implementation phase as of 2023. Recommend contacting JOED for current availability and application procedures.