Minority-Owned Small Businesses in Georgia Continue Recovery with $3 Million in Grants from Wells Fargo

Minority-Owned Small Businesses in Georgia Continue Recovery with $3 Million in Grants from Wells Fargo Main Photo

27 Aug 2021

News

Wells Fargo announced $3 million in grants to Community Development Financial Institutions (CDFIs) to help underserved small businesses in rural and Southern Appalachian communities manage the economic effects of COVID-19. Wells Fargo has selected Appalachian Community Capital Development (ACC), Carolina Small Business Development Fund (CSBDF) and Natural Capital Investment Fund (NCIFund) to join the Open for Business Fund, a nationwide small business recovery effort. The funding will help increase access to capital with low rate loans for minority-owned businesses in rural communities across Alabama, Georgia, Mississippi, North Carolina and West Virginia.

The Open for Business Fund is a roughly $420 million small business recovery effort across the U.S. to help entrepreneurs recover and rebuild. The initiative focuses on three key areas: increasing access to capital through CDFIs, technical assistance, and long-term recovery and resiliency programs.

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2020-Bill Sisson

Bill Sisson, President & CEO

Mobile Area Chamber of Commerce

“Using NCDS for our five-year economic development campaigns has been the secret to our success. Our chamber has worked with the company for eight campaigns, and we have never been disappointed in their world-class consulting services. They are consummate professionals and become an integral part of the local team from the feasibility stage through the successful launch of the strategy. Their “service after the sale” approach to what they do is a key differentiator and one of the many reasons they are so highly recommended.”

2020-Brian Ferguson

Brian Ferguson, Chairman & CEO (Retired)

Eastman Chemical Company

"On behalf of the officers and directors of the Economic Development Alliance, I want to thank you and your staff for the great job NCDS did in helping restructure the Alliance, and for successful management of the fundraising campaign that fully funded our five-year action plan. The NCDS process and format delivered exactly what you said it would do when you met with Alliance members over eighteen months ago. The NCDS process engaged top regional private and public sector leaders and attracted financial support from large and small companies and communities throughout the region."

2020-James Grunke

James Grunke, President & CEO

Erie (PA) Regional Chamber and Growth Partnership

"I have worked with NCDS on 4 successful campaigns in three different communities, Boise, ID, Missoula, MT and Erie PA. Because of their tried and true methodology and expertise, we have always been able to clearly articulate goals and measures of success that investors are looking for in an economic development initiative and been successful in raising the necessary resource to implement the strategies."

Brant Beene, Executive Director

Birmingham Landmarks, Inc.

“Birmingham Landmarks, Inc. certainly made the right decision in selecting NCDS to raise the $7 million needed to fully restore our sadly dilapidated and abandoned former vaudeville theatre in downtown Birmingham. Your firm provided the wisdom and experience to position the project as worthy of support, then structured a winning campaign that was creative, energizing, and relentless in pursuit of the goal. We were especially appreciative of your flexibility relative to our early cash flow issues, and even more so in the selection of the assigned NCDS Project Executive. Because of the success and momentum of your phase of this exceptional campaign, the Lyric staff was able to continue seeking commitments utilizing tax credits, and the total raised now exceeds $11.8 million. Thanks to NCDS, Birmingham can boast of having one of the most spectacularly restored performing arts theaters in America.”

2020-Chris Schilken

Chris Schilken, Executive Director

Watertown Development Company

“The WDC’s successful $3.5 million capital campaign under the leadership of NCDS marks the beginning of a new stage of advancement for our organization. The team effort – from developing our economic development blueprint to the GROW Watertown 5-Year Strategic Plan – laid the groundwork. And now area business leaders have shown their confidence by rallying behind the WDC so it can help implement our 5-year strategic plan for growth. The WDC is already having a meaningful impact on business development efforts in our area as companies are no longer viewing their contributions as a donation, but an opportunity to be part of building a stronger and growing community.”

2020-Marc Jordan

Marc Jordan, CCE, President & CEO

North Myrtle Beach Chamber of Commerce Convention & Visitors Bureau

"As the smaller chamber operating in the shadow of a larger, very aggressive one nearby, the North Myrtle Beach Chamber committed to take its game to the next level. You and the NCDS team not only drove the creation of a bold new multi-year strategy, you generated buy in and a huge boost in revenue. A great side benefit of launching and funding a new initiative was NCDS’ identification and engagement of a cadre of new leaders who had never really participated, much less invested at significant levels. Your methodology works, and your experience in hundreds of other communities paid off for us in a major way. So much so, we plan to kick off the next multi-year campaign this year. In my book, NCDS remains the ‘gold standard’ for community development fundraising."

2020-Evan Nolte

Evan Nolte, President & CEO

Sioux Falls Area Chamber of Commerce

"NCDS has been our fundraising firm of choice since they first helped us devise the Forward Sioux Falls operating model in 1987, and raised $1.8 million to implement it. Not only is the firm exceptionally skilled at raising money, they also understand the importance of generating buy-in and sustained commitment. NCDS has helped us exceed goal in seven campaigns, the latest of which has a $15.5 million target, and when the current campaign is completed, NCDS will have helped us raise $53 million to fund our initiatives. Our top community leaders expect the best from our organization, and the exceptional team at NCDS always works hard to help us exceed those expectations."