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JOEDP Community Business Loan Fund

JACKSONVILLE ONSLOW ECONOMIC DEVELO

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Funding Amount

Varies

Deadline

Rolling / Open

Grant Type

foundation

Overview

JOEDP Community Business Loan Fund

Funder: Jacksonville Onslow Economic Development Partnership (JOEDP)

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.

    How to Apply

    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.

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    Focus Areas & Funding Uses

    Fields of Work

    small-businessesminority-businesseswomen-owned-businesseseconomic-services

    Categories

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