Over 40 Years of Helping Our Clients Achieve Economic Prosperity

A Letter from the Institute President – “2026 A Way Forward”

Dear Valued Stakeholders,

This July, the National Institute of Minority Economic Development will mark its 40th anniversary milestone, which stands as a testament to our steadfast dedication to advancing economic equity and opportunity across North Carolina, the region, and the nation. From the beginning, our founders, Andrea Harris and Lew Myers, held the conviction that there must be a statewide institution committed to strengthening the economic foundation of diverse communities. That conviction became our mission, and it has guided our every step. Because of that mission and your partnership, the Institute has delivered meaningful, measurable impact. Since 2004, we have:

• Deployed $35 million in direct loans through Institute Capital, our CDFI
• Distributed more than $33 million in grants to small businesses
• Helped small businesses secure over $482 million in bonding for public and private projects
• Assisted businesses in obtaining $1.7 billion in public and private contracts
• Technical assistance and support to 18,000 small businesses and 20,000 entrepreneurs
• Supported the creation or retention of nearly 10,000 jobs

Despite this strong legacy, today’s environment presents challenges unlike any we have ever faced. Over the past 18 months, the Institute has faced delayed payments, rescinded awards, and intentional defunding—resulting in millions of dollars in lost revenue. These setbacks, coupled with repeated government shutdowns and ongoing funding delays, have made it impossible to sustain our current structure. Thus, we have had to make painful decisions, including staffing reductions and program cuts. With deep regret, we must also cancel the Executive Networking Conference (ENC2026) and several small business programs. However, we are moving forward with ENC2027. We want to assure you that the Institute remains resilient and is looking forward to a promising future. Institute Community Development Initiative (ICDI) and Institute Capital (ICAP) will continue normal operations while we take a hard, honest look at our business model and chart a new path forward. Thank you for your patience, your contributions, and your unwavering support.

With appreciation and resolve,

Kevin J. Price
President & CEO