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RETOOLNC 3.0 Grant Applications

We are pleased to announce that due to the overwhelming response to the current round of RETOOLNC, the portal will close on Friday, July 22, by close of business. Applications currently in the portal will continue to be processed and considered for funding until funds are exhausted.

The NC Department of Administration Office for Historically Underutilized Businesses (HUB) has partnered with Carolina Small Business Development Fund and the North Carolina Institute of Minority Economic Development to establish the RETOOLNC Grant Program Fund to provide funds for small businesses (for-profits) adversely affected by the COVID-19 pandemic.

Eligible businesses are certified HUB and DBE firms with 50 employees or less. Grants are ONLY available to certified businesses with $1,500,000 or less in gross revenue, according to 2020 tax filing.

About Institute Capital

Institute Capital provides debt and investment capital to affordable housing developers, community-based development organizations (CBDOs) and small businesses. Our goal is to revitalize and transform diverse communities through affordable housing, entrepreneurship, HBCU collaborations and community development.

As a certified Community Development Financial Institution (CDFI), Institute Capital seeks to provide high-impact lending to borrowers who cannot typically get capital from mainstream financial institutions, and who are working to create thriving economies in communities that represent the most diverse populations.

Institute Capital Grand Opening 2021 - Kevin J. Price and Roberta McCullough

What We Do

Institute Capital, the Institute’s lending arm, is a certified Community Development Financial Institution (CDFI) that provides strategic lending and investment for community economic developers and businesses that create jobs, promote economic growth, and facilitate the development of affordable housing and community revitalization, particularly in low-resource areas.

Areas of Focus

Affordable Housing

Building Wealth & Expanding Access

Providing a thoughtful mix of products to support the development, rehabilitation, and preservation of affordable housing, both multifamily and homeownership.

Small Business Lending

Capital Access for Economic Growth

Providing the working capital and other financing that underserved businesses and social enterprises need to survive and thrive.

HBCU Business Collaborative

Collaborative Partnerships With HBCUs

Community Development Investing

Increasing Capacity for Community Transformation

Providing the capital that community-based development organizations (CBDOs) need to finance community revitalization.


$0 Million

Commercial Development and Housing

$0 Million

Capital Investment

$0 Million

Business Grants Deployed


Jobs Created

Institute Capital Team

Kevin Price photo

Kevin J. Price

Roberta McCullough headshot

Roberta McCullough
Senior Vice President of Operations

TF Congleton
Senior Credit Officer

Eric B. Nelson headshot

Eric B. Nelson
Director, Business Development
(Western NC & SC)

Will Taylor headshot

Will Taylor
Director, Business Development
(Central & Eastern NC & VA)

Elizabeth Palmquist
Loan Closer/Compliance Officer

Irma Alvarez Urbina
Funding Processor

Institute Capital Board of Directors

Lewis H. Myers - Chairman

Perkins + Will (Retired)

Lori Jones-Gibbs - Vice Chairperson

PNC Bank

Tyler Mulligan

University of North Carolina at Chapel Hill

Mark Newman

Pacific Western Bank

Walter Davis

Peachtree Providence Partners

Dr. Tyrone R. Baines, PhD - Secretary

Honda Motor Company (Retired)

Michael Suggs - Treasurer

Goler CDC

Kevin J. Price

Institute Capital

Lisa Jackson

Pinnacle Financial Partners

Contact Us


Institute Capital

114 W. Parrish Street
Durham, NC 27701
(919) 956-8889 Ext. 3320

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