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Institute Capital, Self Help Ventures Fund, City of Greensboro, Community Foundation of Greater Greensboro logos

FOR IMMEDIATE RELEASE

January 23, 2024

CONTACT

Jenny Shields - Jenny.Shields@self-help.org | O: 919.794.6798
T.F. Congleton: tcongleton@theinstitutenc.org | O: 252.916.5211
Martin Acevedo: macevedo@cfgg.org | C: 210.317.2345
Cynthia Blue: cynthia.blue@greensboro-nc.gov | O: 336.433.7376

GREENSBORO HOUSING LOAN FUND LAUNCHES $21 MILLION LENDING PROGRAM
TO PRESERVE, BUILD ATTAINABLE HOUSING

Greensboro, NC – The Greensboro Housing Loan Fund, a public-private partnership for attainable housing, is officially in business. The targeted $32.5 million loan program, for which $21 million has been raised to date, is aimed at for-profit and nonprofit developers of local, multifamily structures. The program’s goal is to increase the inventory of attainable housing in Greensboro through new development and repair and rehabilitation of existing housing.

“With the recent huge economic development victories with companies like Toyota and Boom, we must expand with urgency our city’s housing inventory to meet the needs of today’s citizens and tomorrow’s workforce,” says Walker Sanders, President of the Community Foundation of Greater Greensboro. “We’re calling on housing developers, big and small, local and outside the region, to tap into this loan fund for substantial projects that grow their bottom line and address our housing crisis.”

To qualify, borrowers must have recent, relevant attainable housing development experience, and their planned development must be located within Greensboro’s city limits. Loan funds may be used for acquisition or refinance and, if needed, rehabilitation of existing attainable housing. This is not a home loan or rental subsidy program.

The current $21 million in the Greensboro Housing Loan Fund will be administered by two Community Development Financial Institutions (CDFIs) with two different loan programs whose lending activities will differ in scale:

  • $8 Million: Institute Capital (ICAP), an affiliate of the National Institute of Minority Economic Development, will offer loans to borrowers who cannot typically get capital from mainstream financial institutions, and who are working to create thriving economies in diverse Greensboro communities. These loans are targeted to attainable housing developers, community-based development organizations, and small businesses.
    Contact: T.F. Congleton, tcongleton@theinstitutenc.org, 252.916.5211, Institute Capital (ICAP)
  • $13 Million: Self-Help Ventures Fund, part of Self-Help’s family of nonprofit organizations, will offer loans to borrowers who, having secured market rate senior debt financing, require supportive gap financing for both preservation of existing attainable housing and construction of new attainable housing. These loans are targeted to sole proprietors, partnerships, LLCs, corporations, and nonprofit or for-profit entities.
    Contact: JJ Froehlich, john.froehlich@self-help.org, 919.794.6792, Self-Help Ventures Fund & Credit Union

The creation of a housing loan fund was recommended in the City of Greensboro ’s 10-year Housing Plan in 2020, and the Community Foundation of Greater Greensboro has partnered with the City to make the plan a reality. Greensboro City Council committed $5 million from the 2022 housing bond funds to the ICAP portion of the program. Both the City and the Community Foundation have partnered with several regional banks and corporations to support the fund, and the Community Foundation continues to secure support through private philanthropy. If you are interested in investing in the fund, please contact Walker Sanders at wsanders@cfgg.org.

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Institute Capital (ICAP) is an affiliate of the National Institute of Minority Economic Development which provides debt and investment capital to attainable housing developers, community-based development organizations and small businesses. Our goal is to revitalize and transform diverse communities through attainable housing, entrepreneurship, HBCU collaborations and community development. For more information, please visit https://theinstitutenc.org/icap/

Self-Help Credit Union was chartered in 1983 to build a network of credit union branches to operate on a scale uncommon in the community development industry. We are part of the Self-Help family of nonprofit organizations with a common mission of homeownership and economic opportunity for all. Over its 40-year history, Self-Help has learned that access to responsible savings, loans, and other fair, affordable products are key to financial security and improved opportunity for families who have often faced systemic barriers to building wealth and achieving economic inclusion. For more information, visit https://self-help.org

Self-Help Ventures Fund is a nonprofit 501(c)(3) loan fund capitalized with loans and grants from foundations, religious organizations, corporations, and government sources. It manages Self-Help's higher-risk business loans, real estate development and home loan secondary market programs. For more information, visit https://www.self-help.org/who-we-are/self-help-family/self-help-ventures-fund

The Community Foundation of Greater Greensboro is a charitable organization that inspires giving, maximizes opportunities and strengthens communities for present and future generations. With assets of approximately $300 million and approximately 700 charitable funds under management, it promotes philanthropy by addressing emerging community issues, managing permanent endowments, and collaborating with individuals, families, corporations, private foundations, and nonprofit organizations in achieving their charitable objectives. In 2022, it received $13.6 million in contributions and granted $14.9 million. For more information, visit https://cfgg.org/

Housing and Neighborhood Development, City of Greensboro
https://www.greensboro-nc.gov/departments/housing-neighborhood-development/housing-services/housing-gso

National Institute of Minority Economic Development logo

FOR IMMEDIATE RELEASE

Contact:       Kevin J. Price, President and CEO
Phone:          (919) 956-8889
Email:           KPrice@TheinstituteNC.org

NATIONAL INSTITUTE OF MINORITY ECONOMIC DEVELOPMENT DEDICATES
ABDUL SM RASHEED CENTER FOR ENTREPRENEURSHIP IN RALEIGH, NORTH CAROLINA

July 12, 2023 – A grand opening and dedication ceremony was held on Friday, June 30, 2023, to name the Abdul Sm Rasheed Center for Entrepreneurship, located at 5800 Faringdon Place in Raleigh, North Carolina.

The building previously served as headquarters for the NC Community Development Initiative (The Initiative) until 2020 when it merged with the NC Institute of Minority Economic Development – now known as the National Institute of Minority Economic Development (the Institute). Lew Myers, Board Chairman of the Institute remarked, “My heart is full–this is just a momentous occasion when we are naming a building in Raleigh for a brother who has toiled in the vineyard, doing hard work, doing it at an excellent level–it’s an inspiration!”

After the 2020 merger, over $2 million was raised to provide much-needed building repairs, renovations, and up-fitting with state-of-the-art technology to create an entrepreneurial student learning lab. Investors in the Lab include Wells Fargo, Bank of America, the Lenovo Foundation, and the NC General Assembly.

“This is a special place, which we felt needed to be preserved,” said Kevin J. Price, President and CEO of the National Institute of Minority Economic Development. “This was the beacon on the hill for high-performing community development corporations across the state to learn best practices, build their capacity, learn from one another, receive operating support, and sometimes even tough love when we needed it. It was a close-knit family that produced. So much so that in 2014, The Initiative documented over $1 billion of community development activity statewide–at the helm of this great work was Abdul.”

In attendance at the grand opening ceremony was NC Attorney General Josh Stein who commented, “Abdul is truly a foundational leader to the community economic development movement in North Carolina. He has facilitated hundreds of millions of dollars of investment in low-wealth communities.” Also in attendance was Governor Cooper’s Chief of Staff, Kristi Jones who commented “I am a product of Abdul’s work and consider myself the first entrepreneur of the Abdul Sm Rasheed Center for Entrepreneurship.”

In light of the community development work that Dr. Abdul Sm Rasheed has accomplished, it is fitting that this facility has now been repurposed to address the needs of today when minority and female college students have substantially more student debt than their white and male counterparts and have a much harder time accessing financial resources to support their entrepreneurial ventures.

The Abdul Sm Rasheed Center for Entrepreneurship houses a Learning Lab offering minority and women college students and recent college graduates an effective entrepreneurial pathway. This state-of-the-art facility engages academic professionals from Historically Black Colleges and Universities (HBCUs), corporate and financial mentors, and highly experienced professionals from the Institute to provide business education, mentorship, loan-readiness support, pitch preparation and competitions, and venture capital opportunities.

“This lab will function as a bridge over many barriers that have hindered growth and limited opportunities in our community for many years”, said Ron Leeper, former Initiative Board Chairman.

Dr. Rasheed said, “I am just humbled to be associated with this idea, which has tremendous, tremendous potential. This notion of a Center for Entrepreneurship to serve our community and neighborhoods going forward has tremendous potential–I believe that if this center stays steadfast toward its potential, stays in touch with its capacity, and works with what it has right within its hand, we will see tremendous results and impact in the future that will benefit all of our communities, all of our families, students [and] small businesses all over the country.”

ABOUT THE INSTITUTE

The NC Institute of Minority Economic Development was founded in 1986 to expand and diversify the state’s economic base by directly supporting minority and women-owned businesses. Now known as the National Institute of Minority Economic Development and spanning a five-state footprint in the Southeast, the Institute continues to address racial and gender disparities. Over the past two years (2021-2022) the Institute has supported nearly 9,000 entrepreneurs in achieving the following:

  • $ 32 million in grant funds, including RETOOLNC recovery grants.
  • $ 16 million in direct loans through the CDFI program.
  • $ 42 million in access to capital.
  • $ 78 million contracts/ bonding awarded.
  • 13,000 entrepreneurs trained.

More about our work can be found at www.theinstitutenc.org.

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WBC of Greensboro a program of National Institute logo

FOR IMMEDIATE RELEASE

Contact:       Lu-Ann Barry, Executive Director, WBC Greensboro
Phone:          919-824-3848
Email:           lbarry@TheinstituteNC.org

Women’s Business Center of Greensboro Partners with Guilford County High Schools for IAM Discovery Youth Entrepreneur Showcase on May 5
Students Representing 10 High Schools to Participate in County-Wide Pitch Competition

GREENSBORO, NC (May 4, 2023) – The Women’s Business Center of Greensboro, N.C. has partnered with Guilford County High Schools for the IAM Discovery Youth Entrepreneur Showcase (YES). The final pitch competition will be held on Friday, May 5, 2023, at NCWorks NextGen, 301 S. Greene St, Greensboro, NC 27401, 10:30am – 12pm.

The National Institute of Minority Economic Development exists to strengthen the asset base of diverse populations through policy, education, and economic opportunities. Our vision is economic prosperity for diverse communities; and an environment in which race, gender, history, and geography are no longer barriers to economic opportunity and prosperity. With a footprint that includes North Carolina, Virginia, Kentucky, South Carolina, West Virginia, and the Washington DC Metro area, we lead the charge to create an environment in which women and minority entrepreneurs compete and thrive at every level, are sustainable, create “good jobs,” and are valued partners in vibrant and socially responsible communities.

IAM Discovery YES at Guilford County High Schools prepares young entrepreneurs to present a business idea. Throughout the competition, students have been coached and mentored by local business leaders to support their entrepreneurial idea. In preparation for the final competition, students were introduced to the community and presented their business pitches at the Women’s Business Center of Greensboro’s inaugural Do the Work Summit in March.

“Our passion is developing entrepreneurs at every level,” said Lu-Ann Barry, WBC Greensboro’s Executive Director. “We are excited to be a part of each students’ entrepreneurial journeys and hope they will continue to grow their businesses with support from our business center.”

On May 5, students will compete in the final round, where they will have five minutes to convince the IAM Discovery YES Panel to “invest” in their entrepreneurial idea. Each community competitor will receive ongoing access to the Women’s Business Center of Greensboro, with the top three winners receiving additional prizes.

“We are a village of support, and this type of real-world collaboration and meaningful partnership helps students (future entrepreneurs) to discover inspiration, resources, and a professional network so that they are better dream catchers,” said Holly Pore, Executive Director of Career and Technical Education of Guilford County Schools.

Career and Technical Education (CTE) prepares all students for high skill, high wage, or in-demand careers. CTE equips students for post-secondary education and immediate employment opportunities to compete worldwide successfully. Through this courageous partnership with the Women’s Business Center of Greensboro, our students across our school district in the Entrepreneurship career pathway have the esteemed opportunity to enhance their entrepreneurial business ideas through exposure and mentorship with local entrepreneurs. These entrepreneurial-inspired students receive constructive feedback and valuable tips for transitioning their entrepreneurial idea into a stronger business plan and pitch. Mentoring topics included organizational development, finance, technology, marketing, strategy, and implementation. IAM Discovery YES supports the strategic direction of Guilford County Schools to prepare our graduates to seek various pathways towards employment, enrichment, entrepreneurship, and enlistment. CTE is the ultimate classroom to career experience.

WBCG made history as the first center to open on a women’s college campus in August 2022. This spring, they launched programming to support beginner and seasoned entrepreneurs in several areas including finance, human resources, leadership, legal, marketing and technology.

ABOUT THE INSTITUTE

The North Carolina Institute of Minority Economic Development was founded in 1986 by noted civil rights and economic development advocate Andrea Harris to fill an evident need in North Carolina: to expand and diversify our state’s economic base by providing direct support to minority and women-owned businesses. Now known as the National Institute of Minority Economic Development and spanning a five-state and the District of Columbia footprint, the Institute continues to address racial and gender disparities in economic outcomes by improving the ecosystem for diverse small businesses and increasing access to capital for business and communities. The Institute has helped more than 10,000 minority business entities obtain over $1 billion in financial contracts and awards and to secure more than $160 million in bonding. Since its inception in 1999, Institute Capital, a subsidiary of The Institute, has invested over $1 billion in community economic development projects state-wide and provided over $20 million in RETOOLNC grants to HUB certified businesses during the pandemic. More can be found at www.theinstitutenc.org.

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National Institute of Minority Economic Development

FOR IMMEDIATE RELEASE

Contact:       Sharon E Nelson, Director of Development
Phone:          (919) 956-8889
Email:           Development@TheinstituteNC.org

NATIONAL INSTITUTE OF MINORITY ECONOMIC DEVELOPMENT CONTINUES TO ATTRACT NEW FUNDING

DURHAM, NC, April 27, 2023 – The NATIONAL INSTITUTE OF MINORITY ECONOMIC DEVELOPMENT is pleased to announce a new funding relationship with PRINCIPAL® FOUNDATION, headquartered in Des Moines, Iowa, to further our work in economic justice for diverse populations across our five-state footprint.

The National Institute of Minority Economic Development exists to strengthen the asset base of diverse populations through policy, education, and economic opportunities. Our vision is economic prosperity for diverse communities; and an environment in which race, gender, history, and geography are no longer barriers to economic opportunity and prosperity. With a footprint that includes North Carolina, Virginia, Kentucky, South Carolina, West Virginia, and the Washington DC Metro area, we lead the charge to create an environment in which women and minority entrepreneurs compete and thrive at every level, are sustainable, create “good jobs,” and are valued partners in vibrant and socially responsible communities.

Principal Foundation is proud to provide philanthropic support for the Institute’s work,” said Jo Christine Miles, Director of Principal Foundation and Principal® community relations. “With this funding, we are looking forward to the Institute continuing the positive impact they have had furthering economic opportunities and equity for diverse communities, using methods informed by both data and sound economic development practices.”

Kevin J. Price, President and CEO of the Institute, states, “Disparities in economics, housing, access to resources, and barriers of entry for diverse populations are well-documented. Those disparities exist across all neighborhoods, all geographies, and in every business sector. The Institute is strategic and purposeful in targeting inequity. With support from organizations like Principal Foundation, we can use data, purposeful technical assistance, lending, and other resources to build greater wealth equity for diverse communities and entrepreneurs.”

ABOUT THE INSTITUTE

The North Carolina Institute of Minority Economic Development was founded in 1986 to expand and diversify the state’s economic base by directly supporting minority and women-owned small businesses. Now known as the National Institute of Minority Economic Development and spanning a five-state footprint in the Southeast, the Institute continues to address racial and gender disparities. Over the past two years (2021-2022) the Institute has supported nearly 9,000 entrepreneurs in achieving:

  • $ 32 million in grant funds, including RETOOLNC recovery grants
  • $ 16 million in direct loans through CDFI program
  • $ 42 million in access to capital
  • $ 78 million contracts/ bonding awarded
  • 13,000 entrepreneurs trained
  • 7,000 clients counseled

More about our work can be found at www.theinstitutenc.org.

ABOUT PRINCIPAL® FOUNDATION

Principal Financial Group Foundation, Inc. (“Principal Foundation”) is a duly recognized 501(c)(3) entity focused on providing philanthropic support to programs that build financial security in the communities where Principal Financial Group, Inc. (“Principal”) operates. While Principal Foundation receives funding from Principal, Principal Foundation is a distinct, independent, charitable entity. Principal Foundation does not practice any form of investment advisory services and is not authorized to do so.

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National Institute of Minority Economic Development

FOR IMMEDIATE RELEASE

Contact:       Stephen Sills
Email:           sjsills@theinstitutenc.org

LEA D HENRY JOINS THE NATIONAL INSTITUTE OF MINORITY ECONOMIC DEVELOPMENT AS
DIRECTOR OF HOUSING EQUITY INITIATIVES IN THE RESEARCH, POLICY & IMPACT CENTER

DURHAM, NC (March 9, 2023) – The National Institute of Minority Economic Development (the Institute) announces today that Lea Henry joined the Institute as Director of Housing Equity Initiatives in the Research, Policy and Impact Center on February 22, 2023.

The Institute was founded in 1986 as the North Carolina Institute of Minority Economic Development with a grant from the Z. Smith Reynolds Foundation and N.C. Association of Minority Businesses to diversify North Carolina’s business base as a strategy for expanding economic opportunity. The Institute's headquarters in downtown Durham, N.C. anchors the heart of what was once known as "Black Wall Street," home to some of the nation's largest minority-owned financial and related institutions. The Institute's leadership team of nationally recognized experts brings deep knowledge, broad networks and strong commitment to the work of creating companies that are stronger and more profitable because of their diversity. The Research, Policy & Impact Center, through a collaborative effort with partners, stakeholders, and advisors, serves as a center of knowledge on key areas of interest in economic development and net worth growth of minorities, women, and under-resourced populations.

In her new role at the Institute, Ms. Henry will lead projects targeted toward closing the homeownership gap and increasing opportunities for minority businesses to develop and construct housing that is affordable for low- and moderate-income households. The homeownership gap between white and minority populations in the United States has been a persistent and significant issue. According to data from the U.S. Census Bureau, the homeownership rate for white households is over 30 percentage points higher than the rate for Black and Hispanic households, and about 14 percentage points higher than the rate for Asian households. Building on her expertise in affordable housing, real estate development, disaster recovery, and public/private partnerships, Ms. Henry will work to expand both housing production and policies to support it.

Kevin J. Price, President and CEO of the Institute said, “I am excited about Lea’s engagement with the Institute. Homeownership has been a key factor in the racial wealth gap. Moreover, homeownership helps to stabilize communities as homeownership leads to increased involvement in local schools, businesses, and organizations. We welcome Ms. Henry and her expertise as we try to create a society where all individuals, regardless of race or ethnicity, have equal access to economic opportunities and can achieve economic self-sufficiency.”

Ms. Henry was most recently President of Two Rivers Development Partners, LLC. In this capacity, she provided consulting services to government agencies, nonprofit organizations, and for-profit developers. She has decades of experience working with community economic development and government organizations in North Carolina.

ABOUT THE INSTITUTE

The N.C. Institute of Minority Economic Development was founded in 1986 to expand and diversify the state’s economic base by providing direct support to minority and women-owned businesses. Now known as the National Institute of Minority Economic Development and spanning a five-state footprint in the Southeast, The Institute continues to address racial and gender economic disparities by improving the ecosystem for diverse businesses, supporting community-based nonprofit organizations, and increasing access to capital for community economic development. The Institute has helped more than 10,000 minority businesses obtain over $1 billion in financial contracts and awards and secure more than $140 million in bonding. More can be found at www.theinstitutenc.org.

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National Institute of Minority Economic Development

FOR IMMEDIATE RELEASE                                         

Contact:       Lu-Ann Barry, Executive Director, WBC Greensboro
Phone:         919-824-3848
Email:           lbarry@theinstitutenc.org

WOMEN’S BUSINESS CENTER OF GREENSBORO CELEBRATES BLACK BUSINESS MONTH WITH GRAND OPENING & RIBBON CUTTING CEREMONY ON AUGUST 24

GREENSBORO (August 23, 2022) – In celebration of Black Business Month and to expand programming, services and training to women and minority owned businesses, the National Institute of Minority Economic Development (The Institute) has partnered with Bennett College to open The Women’s Business Center of Greensboro, NC. The Grand Opening & Ribbon Cutting Ceremony for the new business center will take place on Wednesday, August 24, 2022, at Bennett College, Catchings Complex at 11am, followed by a reception and networking at the Global Learning Center. Masks and social distancing are required for all indoor areas.

The SBA supports 146 Women’s Business Centers across the country. The Women’s Business Center of Greensboro makes history as the first on a women’s college campus. The new office will offer business basics and advanced training opportunities, access to capital and other resources to support entrepreneurs in launching and scaling their businesses.

“I am extremely excited about the opening of our fourth Women’s Business Center on the campus of Bennett College. Afterall, one of our founders, the late Andrea L. Harris, is a Bennett College graduate. We’ve always felt like family. Now, we’re officially joined at the hip,” said Kevin Price, President/CEO.

"Bennett College is thrilled to welcome the Women's Business Center of Greensboro to our campus. As a College, we support the entrepreneurial mindset and encourage women, including our students, to pursue innovative ideas as future business leaders of tomorrow, locally and globally," says President Suzanne E. Walsh.

The event will also serve as a networking opportunity between women and minority entrepreneurs as well as emerging leaders who are shaping the future economic foundation of Guilford County.

“There is so much talent in Guilford County,” said Lu-Ann Barry, WBC Greensboro’s Executive Director. “We are grateful and humbled by the opportunity to support thousands of small businesses especially women and minority-owned businesses.”

ABOUT THE INSTITUTE

The North Carolina Institute of Minority Economic Development was founded in 1986 by noted civil rights and economic development advocate Andrea Harris to fill an evident need in North Carolina: to expand and diversify our state’s economic base by providing direct support to minority and women-owned businesses. Now known as the National Institute of Minority Economic Development and spanning a five-state and the District of Columbia footprint, the Institute continues to address racial and gender disparities in economic outcomes by improving the ecosystem for diverse small businesses and increasing access to capital for business and communities. The Institute has helped more than 25,000 minority business entities obtain over $1 billion in financial contracts and awards and to secure more than $160 million in bonding. Since its inception in 1999, Institute Capital, a subsidiary of The Institute, has invested over $1 billion in community economic development projects state-wide and provided over $20 million in RETOOLNC grants to HUB certified businesses during the pandemic. More can be found at www.theinstitutenc.org.

BENNETT COLLEGE

Bennett College provides women of color a transformative liberal art while promoting inquiry, civic engagement, social justice, lifelong learning, and equity for all. Renowned for its intimate, engaging learning community, Bennett College produces phenomenal women scholars and global leaders.

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National Institute of Minority Economic Development

FOR IMMEDIATE RELEASE                                         

Contact:       Kevin J. Price, President and CEO
Phone:         (919) 956-8889 (Main)
Email:           kprice@theinstitutenc.org

THE INSTITUTE ANNOUNCES SPEAKERS, AWARDEES FOR HALLMARK EXECUTIVE NETWORKING CONFERENCE (ENC)

The Event Will Feature US Small Business Administration Assistant Administrator Natalie Madeira Cofield and Celebrate the Legacies of US Congressmen G.K. Butterfield and  David E. Price

Durham, NC, August 3, 2022 – The National Institute of Minority Economic Development (the Institute) has confirmed awardees and a full agenda for its Executive Networking Conference (ENC) to be held August 11th – 13th at the Pinehurst Resort in Pinehurst, North Carolina. With a conference theme of Power Forward: Pivoting Towards Resiliency, the conference will mark the Institute’s expansion as a national leader in minority economic development strategies and best practices. 

In a March 2022 podcast, Kevin J. Price, President and CEO, encourages minority and women business owners to not only come to ENC to meet corporate procurement professionals and elected officials, but to take time to collaborate and network with each other.  “I always encourage business owners when they come to not just focus on the corporations that are there, but other business owners that are there as well and how can we do business with each other; how can we collaborate and joint venture to be a bigger response to the corporations that need services.”

A complete agenda and list of speakers can be found at https://theinstitutenc.org/enc/.  

Among the speakers announced include:

  • NC Secretary of State Elaine Marshall will kick off the activities with opening remarks on Thursday, August 11th.
  • NCDOT Deputy Secretary Ebony Pittman will keynote the event luncheon on Thursday, August 11th.
  • James Johnson, Jr., William R. Kenan Jr. Distinguished Professor of Strategy and Entrepreneurship and Director, Urban Investment Strategies Center, UNC Kenan-Flagler Business School, will deliver remarks on the State of Diverse North Carolina on Thursday morning, August 11th.  
  • Sandra Norman, Division Administrator for Civil Rights with the Virginia Department of Transportation, will moderate "You Heard It Here First: A Conversation with Prime Contractors" on Friday, August 12th.
  • Natalie Madeira Cofield, US Small Business Administration Assistant Administrator, will keynote the Friday, August 12th

An awards ceremony will be held on Friday evening that highlights the amazing work and leadership of individuals throughout the diversity, equity, and inclusion atmosphere. Awardees include:

  • US Congressmen, G.K. Butterfield and David E. Price, Andrea Harris Lifetime Legacy Award
  • Lori Jones Gibbs, President’s Award
  • Aaron Thomas, Metcon, Inc., Minority Business Legacy Award
  • Tanner A. Collins, Diverse Business Champion Award
  • Lane Construction and NC IDEA, Diversity Excellence Awards
  • Sue Perry Cole and Joyce Dickens, Abdul SM Rasheed Economic Justice Awards

The Executive Networking Conference started in the mid-1980s as a means of building relationships and market opportunities for minority business executives. Over the years it evolved into the state’s premier professional development and networking event, convening established and aspiring minority and women-owned businesses, corporate executives, publicsector decision-makers, community leaders, business lenders, equity investors, and other stakeholders engaged in advancing a diverse economy. 

Health and safety continue to be a top priority for the Institute and the Pinehurst Resort. Those who join in person will receive a mask in their registration packet and are asked to follow hotel and state guidelines at a minimum. 

Members of the media who would like to attend any of the conference events should contact Jenine Stevenson, Project Coordinator, at 919-956-2323 or jstevenson@theinstitutenc.org.  

ABOUT THE INSTITUTE

The North Carolina Institute of Minority Economic Development was founded in 1986 by noted civil rights and economic development advocate Andrea Harris to fill an evident need in North Carolina:  to expand and diversify our state’s economic base by providing direct support to minority and women-owned businesses. Now known as the National Institute of Minority Economic Development and spanning a five-state and the District of Columbia footprint, the Institute continues to address racial and gender disparities in economic outcomes by improving the ecosystem for diverse small businesses and increasing access to capital for business and communities. The Institute has helped more than 10,000 minority business entities obtain over $1 billion in financial contracts and awards and to secure more than $160 million in bonding.

More can be found at www.theinstitutenc.org.

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National Institute of Minority Economic Development

FOR IMMEDIATE RELEASE                                         

Contact:       Stephen Sills
Phone:         (919) 948-6254
Email:           sjsills@theinstitutenc.org

STEPHEN J. SILLS JOINS THE NATIONAL INSTITUTE OF MINORITY ECONOMIC DEVELOPMENT AS VICE PRESIDENT OF THE RESEARCH, POLICY & IMPACT CENTER

Durham, NC, February 28, 2022 – The National Institute of Minority Economic Development (the Institute) announces today that Dr. Stephen J. Sills will join the Institute as Vice President of the Research, Policy & Impact Center on March 1, 2022.

The Institute was founded in 1986 as the North Carolina Institute of Minority Economic Development with a grant from the Z. Smith Reynolds Foundation and N.C. Association of Minority Businesses to diversify North Carolina’s business base as a strategy for expanding economic opportunity. The Institute's headquarters in downtown Durham, N.C. anchors the heart of what was once known as "Black Wall Street," home to some of the nation's largest minority-owned financial and related institutions. The Institute's leadership team of nationally recognized experts brings deep knowledge, broad networks and strong commitment to the work of creating companies that are stronger and more profitable because of their diversity. The Research, Policy & Impact Center, through a collaborative effort with partners, stakeholders and advisors, serves as a center of knowledge on key areas of interest in economic development and net worth growth of minorities, women, and under resourced populations.

In his new role at the Institute, he will oversee the growth and expansion of the Research, Policy & Impact Center investigating inequities in health, housing, education, and economic development. Building on his expertise in evaluation research, needs assessments, equity and impact analysis, he will direct the expansion of the Center’s capacity to tackle social and economic mobility for minority communities.

Kevin J. Price, President and CEO of the Institute said, “I am excited about Stephen’s engagement with the Institute as a leader of the Research, Policy & Impact Center. His background in research and experience in affordable housing in such a pivotal time in our economy provides a critical voice in our community”.

Dr. Sills was most recently Professor of Sociology and the founding Director of the UNC Greensboro Center for Housing and Community Studies. His early scholarship and teaching focused on global migration, immigrant access to health and social services, and social support networks for marginalized people. During his sixteen-yeas at UNC Greensboro he has served as the principal investigator, co-principal investigator, evaluator, and methodological consultant on over 120 applied and community-engaged projects on housing, health, substance misuse, workforce development, and social equity issues. He has won over $3.6 million in externally funded grants and contracts. He will remain an affiliated researcher with the Office of Research and Engagement at UNC Greensboro.

ABOUT THE INSTITUTE

The N.C. Institute of Minority Economic Development was founded in 1986 to expand and diversify the state’s economic base by providing direct support to minority and women-owned businesses. Now known as the National Institute of Minority Economic Development and spanning a five-state footprint in the Southeast, The Institute continues to address racial and gender economic disparities by improving the ecosystem for diverse businesses, supporting community-based nonprofit organizations, and increasing access to capital for community economic development. The Institute has helped more than 10,000 minority businesses obtain over $1 billion in financial contracts and awards and secure more than $140 million in bonding. More can be found at www.theinstitutenc.org.

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FOR IMMEDIATE RELEASE

Contact:
Joe Bass
(615) 743-8219
joe.bass@pnfp.com

PINNACLE COMMITS $3 MILLION TO NATIONAL INSTITUTE OF MINORITY ECONOMIC DEVELOPMENT, INCLUDING $200,000 FOR THRIVE HIGH POINT
Funds will support small business and affordable housing development throughout North Carolina

High Point, NC, February 18, 2022 – Pinnacle Financial Partners today announced a $3 million commitment to the National Institute of Minority Economic Development, also known as The Institute, to further their work for economic equity in North Carolina. The funds will be used to support small businesses and homeowners throughout the state with affordable and accessible lending.

Of the $3 million, $200,000 is specifically designated to THRIVE | High Point, which offers dedicated small business support for women and minority groups in the High Point community.

“Banks are all about building and growing economies, but prosperity that isn’t shared is a hollow victory,” said Rick Callicutt, Pinnacle’s chairman in the Carolinas and Virginia. “At Pinnacle, we always want to take everybody with us to make sure everyone has the opportunity to participate in the economies we support. Here in North Carolina, we have an incredible opportunity to recognize and grow companies owned by women and members of minority groups. We have more than enough talent, and now we can help close the gaps in access to capital that keep many from starting and flourishing.”

Kevin J. Price, President and CEO of The Institute commented, “The Institute is excited about our new relationship with Pinnacle. Many communities have been reaching out to us asking for support, but we can’t do our work alone. Creative local solutions like Thrive High Point illustrate what can be done when corporations, community leaders and The Institute work together.”

Institute Capital, The Institute’s lending arm, is one of only five community development financial institutions in North Carolina that is Black led. Its commitment to economic prosperity for diverse populations is carried out through encouraging and financing entrepreneurship, small business support and home ownership, as well as education and financial counseling. In just the past two years (2020-2021), Institute Capital has disbursed more than $10.8 million in grant funds to small, diverse businesses in North Carolina. Over its 20-year history, it has leveraged more than $1 billion in community economic development activities throughout North Carolina.

“Pinnacle is a leader in providing Institute Capital funding to move our mission and vision forward. We look excitedly towards a long-lasting partnership,” said Roberta McCullough, senior vice president of operations for Institute Capital.

THRIVE | High Point is a program offering of Business High Point: Chamber of Commerce, developed to support the broad needs of minority and women-owned businesses in the city. It supports growth and development through non-traditional business financing, which this $200,000 will go to support, along with technical assistance, entrepreneurial mentorship and business coaching.
“Thrive is an intentional effort to embrace and encourage local minority and women entrepreneurs to grow their businesses through opportunities for skill development, business coaching, funding and connectivity to High Point’s inclusive economic ecosystem,” said Bryle Henderson Hatch, Ph.D., executive director of THRIVE | High Point. “Since its formal launch in fall 2021, more than 160 businesses have registered with Thrive and are actively engaging in the various activities to support their growth.”

Pinnacle believes shared prosperity and economic equity are the path to successful communities. The firm’s commitment to “taking everybody with us” means supporting and partnering with agencies dedicated to financial education, financial assistance, entrepreneurship, small business development and affordable housing. In 2020, Pinnacle had commitments worth more than $914 million in investments, lending and grants to support low to moderate-income housing, small business and minority-owned institutions.

“Pinnacle has deep roots in High Point going back more than 100 years with High Point Bank,” Callicutt said. “Our commitment to lifting up this community hasn’t wavered. We’ve built more than two dozen affordable homes in disadvantaged neighborhoods, supported a number of community causes with giving and partnership agreements, and our people are embedded in the local causes they’re passionate about through extensive volunteer work. As associates of this firm, High Point is home, and we’ll always take care of our home.”

Pinnacle Financial Partners provides a full range of banking, investment, trust, mortgage and insurance products and services designed for businesses and their owners and individuals interested in a comprehensive relationship with their financial institution. The firm is the No. 1 bank in the Nashville-Murfreesboro-Franklin MSA, according to 2021 deposit data from the FDIC, and is listed by Forbes among the top 25 banks in the nation. The firm earned a spot on the 2021 list of 100 Best Companies to Work For® in the U.S., its fifth consecutive appearance. American Banker recognized Pinnacle as one of America’s Best Banks to Work For nine years in a row and No. 1 among banks with more than $11 billion in assets in 2021.

Pinnacle entered the North Carolina market in 2017 when it acquired BNC Bancorp, known locally as Bank of North Carolina. Pinnacle continues BNC’s practice of offering community bank service with the resources and sophistication of a larger firm.

The firm began operations in a single location in downtown Nashville, TN, in October 2000 and has since grown to approximately $38.5 billion in assets as of Dec. 31, 2021. As the second-largest bank holding company headquartered in Tennessee, Pinnacle operates in 15 primarily urban markets across the Southeast.

Additional information concerning Pinnacle, which is included in the Nasdaq Financial-100 Index, can be accessed at www.pnfp.com.

ABOUT THE INSTITUTE

The N.C. Institute of Minority Economic Development was founded in 1986 to expand and diversify the state’s economic base by providing direct support to minority and women-owned businesses. Now known as the National Institute of Minority Economic Development and spanning a five-state footprint in the Southeast, The Institute continues to address racial and gender economic disparities by improving the ecosystem for diverse businesses, supporting community-based nonprofit organizations, and increasing access to capital for community economic development. The Institute has helped more than 10,000 minority businesses obtain over $1 billion in financial contracts and awards and secure more than $140 million in bonding. More can be found at www.theinstitutenc.org.

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National Institute of Minority Economic Development

FOR IMMEDIATE RELEASE                                         

Contact:
Bethany Chaney, NIMED, bchaney@theinstitutenc.org

NATIONAL INSTITUTE OF MINORITY ECONOMIC DEVELOPMENT RECEIVES A $250,000
REBUILD BETTER GRANT FROM EWING MARION KAUFFMAN FOUNDATION

Durham, NC, September 22, 2021 – The National Institute of Minority Economic Development (The Institute) has announced a $250,000 grant from the Ewing Marion Kauffman Foundation as part of its Rebuilding Better RFP competition. The Institute is one of twelve non-profit organizations nationwide selected for their plans to address policy challenges faced by entrepreneurs of color.

“It’s important for entrepreneurs to have a voice in policy discussions that affect the communities they live and work in,” said Jennifer Kelly, program officer in Entrepreneurship at the Ewing Marion Kauffman Foundation. “We’re excited about these projects because these organizations work closely with the entrepreneurs in their communities and understand what it takes to engage entrepreneurs in conversations with policymakers at all levels.”

The Institute will invest the grant in its Research, Policy and Impact Center. Led by Talitha Batts, Director, the center will develop an “Equity Advocate” certificate program to prepare entrepreneurs to engage and educate policymakers on procurement disparities among entrepreneurs of color. Disparity studies in North Carolina and Virginia published in 2021 highlight significant challenges that entrepreneurs of color face in accessing public sector market opportunities.

“The pandemic magnified decades of inequities in public and private supply chain activities,” said Kevin J. Price, The Institute’s President and CEO. “To correct course, build capacity and achieve resilience for minority and women-owned businesses, we need all voices at federal, state and local policymaking tables. This grant will help the Institute play a leadership role engaging and educating entrepreneurs and policymakers about the importance of equitable and robust procurement initiatives.”

ABOUT THE INSTITUTE

The N.C. Institute of Minority Economic Development was founded in 1986 to expand and diversify the state’s economic base by providing direct support to minority and women-owned businesses. Now known as the National Institute of Minority Economic Development and spanning a five-state footprint in the Southeast, The Institute continues to address racial and gender economic disparities by improving the ecosystem for diverse businesses, supporting community-based nonprofit organizations, and increasing access to capital for community economic development. The Institute has helped more than 10,000 minority businesses obtain over $1 billion in financial contracts and awards and secure more than $140 million in bonding. More can be found at www.theinstitutenc.org.

ABOUT THE EWING MARION KAUFFMAN FOUNDATION

The Ewing Marion Kauffman Foundation is a private, nonpartisan foundation based in Kansas City, Mo., that seeks to build inclusive prosperity through a prepared workforce and entrepreneur-focused economic development. The Foundation uses its $3 billion in assets to change conditions, address root causes, and breakdown systemic barriers so that all people–regardless of race, gender, or geography–have the opportunity to achieve economic stability, mobility, and prosperity. For more information, visit www.kauffman.org.

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National Institute of Minority Economic Development

FOR IMMEDIATE RELEASE                                         

Contact:
Bethany Chaney, NIMED, bchaney@theinstitutenc.org
Audria Belton, Truist, media@truist.com


NATIONAL INSTITUTE OF MINORITY ECONOMIC DEVELOPMENT
RECEIVES $300,000 GRANT FROM TRUIST

Durham, NC, September 10, 2021 – The National Institute of Minority Economic Development (the Institute) has received a $300,000 donation from Truist Financial Corporation through its Truist Charitable Fund, a donor-advised fund at The Winston-Salem Foundation. The Institute will invest the bulk of the grant in the direct lending activities of Institute Capital, its affiliated certified community development financial institution (CDFI).

“Truist’s support comes at a critical time as Institute Capital pursues an aggressive three-year plan for growth and impact,” said Kevin J. Price, the Institute’s president and CEO. “Access to capital is key to small business and community recovery and resilience. Banking partners like Truist help us leverage additional public and private investments and achieve equitable lending outcomes.”

Through alternative loan products and technical assistance, Institute Capital delivers capital resources to minority and women-owned small businesses and affordable housing developers serving low-income communities. Its goal is to help individuals, families and communities build equity and wealth, narrowing racial and gender disparities in a variety of key economic indicators.

“We’re pleased to partner with the National Institute of Minority Economic Development to increase the capacity and sustainability of small businesses, particularly those that have experienced underinvestment,” said Anthony L. Weekly, chief Community Reinvestment Act officer at Truist. “At Truist we believe all people should have equitable opportunities to thrive, and we specifically invest in community development efforts in low- and moderate-income communities to help bridge the wealth gap.”

ABOUT THE INSTITUTE

The N.C. Institute of Minority Economic Development was founded in 1986 to expand and diversify the state’s economic base by providing direct support to minority and women-owned businesses. Now known as the National Institute of Minority Economic Development and spanning a five-state footprint in the Southeast, The Institute continues to address racial and gender economic disparities by improving the ecosystem for diverse small businesses and increasing access to capital for business and communities. The Institute has helped more than 10,000 minority businesses obtain over $1 billion in financial contracts and awards and secure more than $140 million in bonding. More can be found at www.theinstitutenc.org.

ABOUT TRUIST CHARITABLE FUND

The Truist Charitable Fund is a donor-advised fund created by Truist and administered by The Winston-Salem Foundation.

ABOUT TRUIST

Truist Financial Corporation (NYSE: TFC) is a purpose-driven financial services company committed to inspiring and building better lives and communities. Formed by the historic merger of equals of BB&T and SunTrust, Truist has leading market share in many high-growth markets in the country. The company offers a wide range of services including retail, small business and commercial banking; asset management; capital markets; commercial real estate; corporate and institutional banking; insurance; mortgage; payments; specialized lending and wealth management. Headquartered in Charlotte, North Carolina, Truist is a top 10 U.S. commercial bank. Truist Bank, Member FDIC. Learn more at Truist.com.

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National Institute of Minority Economic Development

FOR IMMEDIATE RELEASE                                         

Contact:         Kevin J. Price, President and CEO
Phone:           (704) 591-5040 (cell)
Email:            info@theinstitutenc.org


THE INSTITUTE ANNOUNCES SPEAKERS, AWARDEES FOR HALLMARK EXECUTIVE NETWORKING CONFERENCE (ENC)
Event Will Feature Governor Cooper, Robert Smith, Rev. Dr. William Barber, and Others, Celebrating 35 Years of Service to Minority Economic Development

Durham, NC, July 14, 2021 – The National Institute of Minority Economic Development (the Institute) has confirmed major speakers and a full agenda for its Executive Networking Conference (ENC) to be held August 5-7 at the Pinehurst Resort in Pinehurst, North Carolina. With a conference theme appropriate for the day, Enduring Strength and Legacy, the conference will mark the Institute’s 35th anniversary as a statewide and regional leader in minority economic development strategies and best practices.

Kevin Price, President and CEO, welcomed the opportunity to convene corporate, public sector and small business leaders together for the first time in four years. “2020 was particularly hard, and the challenges continue,” he said. “But we can’t think of a better way to jump-start B2B networking and create space for new and meaningful relationships to advance diversity and economic equity.”

A complete agenda and speakers list can be found at https://theinstitutenc.org/enc/.  Among the speakers announced today include:

  • Governor Roy Cooper will keynote the event luncheon on Thursday, August 5th
  • James Johnson, Jr., William R. Kenan Jr. Distinguished Professor of Strategy and Entrepreneurship and Director, Urban Investment Strategies Center, UNC Kenan-Flagler Business School, will deliver remarks on the State of Diverse North Carolina on Thursday morning, August 5.
  • Willie Deese, Philanthropist and Former President of Merck Manufacturing Division, will lead the Economic Development Champions Roundtable on Thursday afternoon.
  • NC Commerce Secretary Machelle Baker Sanders will lead a conversation on Policy and Politics on Friday morning, August 6, featuring NC State Senators Valerie Foushee and Gladys Robinson.
  • Robert F. Smith, Founder, Chairman and CEO of Vista Equity Partners, will keynote the Friday, August 6 luncheon.
  • Rev. Dr. William Barber II will lead a discussion of the past, present and future economics for people of color on Friday afternoon.

An awards ceremony to be held on Friday evening will celebrate the resilience and the legacy of the Institute’s co-founder, Ms. Andrea Harris.  Awardees include:

  • Lewis H. Myers, Andrea Harris Lifetime Legacy Award
  • Farad Ali, President’s Award
  • Dudley, Minority Entrepreneur of the Year
  • Stella Adams, The Resilience Award
  • Tammie Hall, Minority Advocate Diversity Supplier Award
  • Wells Fargo, Corporate Diversity Award
  • Z. Smith Reynolds Foundation, Abdul Rasheed Economic Justice Award

The Executive Networking Conference started in the mid-1980s as a means of building relationships and market opportunities for minority business executives. Over the years it evolved into the state’s premier professional development and networking event, convening established and aspiring minority and women-owned businesses, corporate executives, public-sector decision-makers, community leaders, business lenders, equity investors, and other stakeholders engaged in advancing a diverse economy.

Health and safety is a top priority for the Institute and for the Pinehurst Resort. Participants may choose to participate in ENC in person or remotely. Those who join in person will receive a mask in their registration packet and are asked to follow hotel and state guidelines at minimum. Those who are unvaccinated are encouraged to wear a mask at all times or participate remotely.

Members of the media who would like to attend any of the conference events should contact Bethany Chaney, Vice President, Resource and Organizational Development, at 919-360-4346 or bchaney@theinstitutenc.org.

ABOUT THE INSTITUTE

The North Carolina Institute of Minority Economic Development in 1986 by noted civil rights and economic development advocate Andrea Harris to fill an evident need in North Carolina:  to expand and diversify our state’s economic base by providing direct support to minority and women-owned businesses. Now known as the National Institute of Minority Economic Development and spanning a five-state footprint in the southeast, the Institute continues to address racial and gender disparities in economic outcomes by improving the ecosystem for diverse small businesses and increasing access to capital for business and communities. The Institute has helped more than 10,000 minority business entities obtain over $1 billion in financial contracts and awards and to secure more than $140 million in bonding. More can be found at www.theinstitutenc.org.

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National Institute of Minority Economic Development

FOR IMMEDIATE RELEASE                                         

Contact:         Kevin J. Price
Phone:           919-956-8889
Email:            info@theinstitutenc.org  


THE INSTITUTE ANNOUNCES REBRANDING, NAME CHANGE AMID RECENT EXPANSION

[Durham, NC, February 1]  The North Carolina Institute of Minority Economic Development (the “Institute”), a catalyst of minority competitiveness, announced a rebrand in response to the organization’s growth and renewal of its values. “This is an exciting time in the life of The Institute, as we reposition the organization for greater impact and support of diverse populations,” said Kevin J. Price, President and CEO of the Institute. The Boards of Directors of the North Carolina Institute of Minority Economic Development (the “Institute”) and the North Carolina Community Development Initiative, Inc. (the “Initiative”) announced their plans to merge the two organizations early this summer.  “We are extremely excited about this opportunity to combine the strengths of these two incredible institutions to create an even more powerful force for economic opportunity and inclusion for diverse communities in North Carolina and the region,” said Lewis H. Myers, Chairman of the Institute’s Board of Directors.

At the forefront of this rebranding is a change of the organization’s name to National Institute of Minority Economic Development along with a refresh of its logo and visual brand identity. The circular emblem of the new logo evokes a global feel, reflecting the Institute’s expanding reach as the organization broadens its footprint. With its vibrant colors of blue, green, and teal, the logo also reflects the Institute’s affirmative values of trust, excellence, innovation, and collaboration.

These changes come at a time when the organization is expanding its market reach. While the Institute is firmly rooted in North Carolina, it has had a regional presence in five southeastern states. In 2021, it is deepening its presence in Virginia by establishing a new Women’s Business Center (WBC) Richmond on the campus of Virginia Union University. This expansion is made possible by grant funding awarded by the US Small Business Administration as part of its largest expansion of WBCs in SBA history.

Dannellia Gladden-Green, PhD will serve as Executive Director of WBC Richmond. With more than two decades in corporate America, she has held positions of increasing scope and responsibilities. Her areas of expertise include Productization, Business Development, and Supply Chain Management with an emphasis on Diversity Equity & Inclusion. She is an author and entrepreneur who founded SAGEsse Consulting, a general management and strategy company headquartered in Richmond, VA.

"For such a time as this, the Women's Business Center Richmond will become a leading complement to the entrepreneurial efforts of, for and through women-owned enterprises and I am super-excited to add my leadership to the team making this a reality," said Dr. Gladden-Green.

The WBC Richmond will provide one-on-one counseling, training, technical assistance, networking, and resources vital to the success of women entrepreneurs in the Richmond area. Services that are desperately needed as female entrepreneurs and women-owned small businesses struggle to recover during an economic downturn and worldwide pandemic.

Despite recent changes; new name, rebranding, expansion to new markets, the National Institute of Minority Economic Development remains committed to its mission. The Institute will continue to lead the charge to create an environment in which minority and diverse businesses compete and thrive at every level, are sustainable, create jobs which enhance knowledge and skills, and are valued partners in building economically vibrant and socially responsible communities.

ABOUT THE INSTITUTE

The Institute’s mission is to strengthen the asset base of diverse populations through policy, education, and economic opportunities. Our vision is economic prosperity for diverse populations and an environment in which race, gender, and geography are no longer barriers to economic opportunity and prosperity. We believe that all people, no matter race, gender, or social position, should have equal opportunity to live, grow, thrive, produce, and contribute to our economy and civic life.

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For more information, please contact:

Kevin J. Price, President and CEO, The National Institute of Minority Economic Development: kprice@theinstitutenc.org | (919) 956-8889

       

 

FOR IMMEDIATE RELEASE                                         

Contact:         Kevin J. Price
Phone:           919-956-8889
Email:            info@theinstitutenc.org  


THE INSTITUTE AND THE INITIATIVE ANNOUNCE PLANS TO MERGE

[Durham, NC, June 1]  The Boards of Directors of the North Carolina Institute of Minority Economic Development (the “Institute”) and the North Carolina Community Development Initiative, Inc. (the “Initiative”) announced their plans to merge the two organizations early this summer.  “We are extremely excited about this opportunity to combine the strengths of these two incredible institutions to create an even more powerful force for economic opportunity and inclusion for diverse communities in North Carolina and the region,” said Lewis H. Myers, Chairman of the Institute’s Board of Directors.

The merged organization, which will continue to be known as the Institute, will have offices in Durham, Raleigh, and Charlotte.  It will be governed by a Board of Directors with representation from the legacy Boards of both the Institute and the Initiative.  Following the merger, the Institute and its lending arm, Initiative Capital, will pursue a comprehensive strategy for building and protecting wealth in low to moderate income and communities of color.  Together, they will: support diverse business development, affordable housing, community development,   and entrepreneurship; nurture strong institutions led by, and serving people of color, including Historically Black Colleges and Universities; and invest in youth and the future leaders of this work. They will do this through a coordinated program of work that includes research and policy advocacy, capital investment, thought leadership, and education, training and leadership development.

“For well over twenty-five years, the Initiative and the Institute have worked closely to transform the communities in our state that have historically been excluded from access to resources and opportunities,” said James Speed, Chairman of the Initiative’s Board of Directors.  “The disparate impact of the public health and economic crises caused by the pandemic shows again how critical this work is and we realized that bold action was needed to create the kind of institution that our stakeholders need at this critical time and into the future.”

Founded in 1986 by Andrea Harris, a visionary and gifted leader who passed away on May 20, 2020, the Institute is a statewide nonprofit organization, based in Durham, North Carolina.  Its mission is to strengthen the asset base of diverse populations through policy, education and the expansion of economic opportunity.  The Institute is distinguished by its deep capacity in research and policy development, as well as for its high-quality technical assistance for entrepreneurs.  Among its many achievements, the Institute has enabled North Carolina businesses owned by women and people of color to obtain more than $1 billion in contracts in fields from construction to information technology.

The Initiative is a statewide nonprofit organization, based in Raleigh, North Carolina.  It was founded in 1993 by Abdul Sm Rasheed, a nationally recognized leader of the community economic development movement.  Together with its affiliated community development financial institution, the North Carolina Community Development Initiative Capital, Inc. (“Initiative Capital”), it works with a network of community-based development organizations across the state to strengthen traditionally excluded communities and to increase economic opportunities for all North Carolinians.  In just the past five years, the Initiative and Initiative Capital have invested $35 million in critical affordable housing and community development projects.  These investments have leveraged more than $100 million in additional public and private capital investment and resulted in the development, rehabilitation and preservation of over 4,000 units of affordable housing in North Carolina.

“We need strong institutions in the state and across the South, led by people of color to make sure that all communities have access to capital and the other resources that are required for real economic opportunity,” said Martin Eakes, CEO of the Center for Community Self-Help and a member of the Institute’s Board of Directors.  “I have been involved with both the Institute and the Initiative from their inception and I couldn’t be more excited to be a part of this next chapter in their work.”  In furtherance of this commitment, Self-Help has agreed to support this merger by serving as Management Agent for Initiative Capital for the next six to twelve months.

“I feel incredibly fortunate to have the opportunity to lead this new organization at a time when our collective work is more needed than ever,” said Kevin J. Price, the Institute’s President and CEO.  “This merger gives us all the tools, expertise and resources that we need to be the difference maker for our communities.  We are building on an incredible legacy of sacrifice and achievement by those who came before us, including, most importantly, Ms. Harris and Mr. Rasheed, and our commitment is to fully realize their vision for a more fair, just and inclusive economy that works for all of us.”

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For more information, please contact:  Kevin J. Price, President and CEO, The North Carolina Institute of Minority Economic Development, kprice@theinstitutenc.org, (919) 956-8889.

 

 

 

 

FOR IMMEDIATE RELEASE                                         

Contact:         Kevin J. Price
Phone:           919-956-8889
Email:            info@theinstitutenc.org  


THE INSTITUTE ANNOUNCES LAUNCH OF
SMALL DIVERSE BUSINESS EMERGENCY RELIEF FUND

[Durham, NC, April 20]  The North Carolina Institute of Minority Economic Development (The Institute), in partnership with the Women’s Business Center of North Carolina, announces the launch of the Small Diverse Business Emergency Relief Fund.

During this time of uncertainty, The Institute, the Women’s Business Center of North Carolina, the Women’s Business Center of Charlotte, and the South Atlantic Small Business Transportation Resource Center are partnering on the establishment of the Small Diverse Business Emergency Relief Fund. With the state and local shelter-in-place ordinances for citizens, many small businesses and entrepreneurs are experiencing significant economic impact.  The relief fund will provide grants for up to $1,000 for rent, utilities, and other operational expenses of small businesses that have been impacted by a decline in business due to COVID-19.  These funds are not expected to be repaid.  Businesses applying for grant funds must operate in North Carolina, be a small minority owned business, and must demonstrate the immediate needs for resources.  Funds will be administered through the Women’s Business Center of North Carolina.

“This fund is different than many that we’ve seen so far,” says Kevin J. Price, President and CEO of The Institute.  “We are focusing on micro-grants, trying to help small diverse businesses stay open and operational.  We’ve heard stories of business owners only needing $500 to pay a web designer or $250 to keep the lights on.  This is where our relief fund can make the difference between businesses closing their doors or remaining open.”

The Institute has launched a giving site at www.theinstitutenc.org/marketplace to allow community members to give to the Small Diverse Business Emergency Relief Fund.  This site is part of The Institute’s “Buy Small. Buy Local.” campaign.  The website features two key elements:  a Buyers & Sellers Connection portal and a giving portal.  The Buyers & Sellers Connect portal allows North Carolina small businesses to list their products and services for sellers to search.  Minority business owners can register in the connection portal to list their products and services for free.  Likewise, sellers can find the products and services they need in their region for free.  The giving portal directly supports the Small Diverse Business Emergency Relief Fund.  Individuals and corporations can give through this portal.

“Now more than ever, buying small, local, and diverse is critical,” says Price.  “The Small Diverse Business Emergency Relief Fund is an extension of this support.  Corporate partners have begun joining us in building this fund.  Giving to the Small Diverse Business Emergency Relief Fund will help ensure North Carolina’s small diverse businesses are able to weather the storm of COVID-19.”

Donations to the fund are being accepted now.  Business owners interested in applying to the fund should visit www.theinstitutenc.org/marketplace for application information.

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The Institute, headquartered in Durham, N.C., is a nonprofit management consulting and services organization focused on business diversity. It helps small businesses develop and grow, large corporations diversify their supply chains, and local and state governments expand their business base. For more information, contact the Institute at info@theinstitutenc.org.

The Women’s Business Center of North Carolina’s (WBCNC) mission is to enable and empower women, minority, and veteran entrepreneurs through advocacy, training, education and support.  The WBCNC achieves this by providing one-on-one confidential counselling, business certification review and assistance, educational webinars and seminars, business loan packaging, mentorship, and networking. The WBCNC’s outreach spans over a 52 county region from the Triad Region to the coastline. 

The Women’s Business Center of Charlotte’s mission is simple but impactful: to promote economic self-sufficiency through entrepreneurship for women in the Charlotte Metropolitan Area and surrounding areas.  Through the management and technical assistance provided by the WBCC, entrepreneurs, especially women who are economically or socially disadvantaged, are offered comprehensive training and counseling on a vast array of topics to help them start and grow their own businesses.  WBCC has direct oversight of 12 Counties within the Charlotte Statistical.

The Small Business Transportation Resource Center (SBTRC) provides small businesses with the tools, resources, expertise and technical assistance required to bid, win and successfully perform on federal and state transportations contracts.   The program focuses on businesses working across all modes of transportation: rail, highway, maritime, airports and mass transit systems.  The SBTRC serves all of North Carolina.

FOR IMMEDIATE RELEASE                                        

Contact:  Lew Myers                                 
Phone:    919-956-1899
Email:      info@theinstitutenc.org 

THE INSTITUTE WELCOMES KEVIN PRICE, NEW PRESIDENT & CEO

[Durham, NC, February 17]  Lewis H. Myers, Chair of the Board of Directors for the North Carolina Institute for Minority Economic Development, announced that they have hired Kevin J. Price to be only the third President & CEO in the 34-year history of the Institute. Myers, who is also serving as the Interim President & CEO stated that, “we were pleased that Kevin agreed to assume the leadership. He is uniquely qualified to assume the helm at this pivotal stage in the Institute’s evolution. He has the passion necessary to push us to continue the work for which we were created. He has experience, having begun his career in community economic development with Project Homestead in Greensboro. He went on to work for several banks leading community development and commercial banking, with a focus on providing services and resources to help grow diverse businesses and create jobs. He came to us having served for the past 14 years as Senior Director, Supplier Diversity & Performance Analytics for Novant Health, Inc. You can understand our excitement with bringing Kevin on board.”

Kevin is a native of Greensboro.  After high school, he served in the US Army.  After completing military service, Price obtained his Bachelor of Arts Degree in Political Science/Psychology from the University of North Carolina at Greensboro.  Upon graduation, he worked in senior leadership positions with Project Homestead in Greensboro where they were a leader in building affordable housing and commercial spaces totaling $42 million. He then spent 3 years with SouthTrust Bank as a Group Vice President/Community Development Manager leading the bank’s compliance with the Community Reinvestment Act.

He then moved to Regency Development, a subsidiary of SunTrust Bank, as Vice President of Faith-Based Initiatives leading their work with faith-based organizations between Maryland and Florida developing affordable multi-family housing. He later launched his own consulting firm providing community economic development guidance, training and support to HBCU’s, banks, faith-based organizations and government agencies. The company specialized in developing affordable multi-family projects using complexed financing, such as Low-Income Housing Tax Credits and Tax-Exempt Bonds. Price then served with M&F Bank as Vice President/Senior Business Development Officer where he led regional business development activities generating new retail, deposits and commercial lending relationships.

After spending several years consulting and leading community development and commercial banking, Price joined Novant Health in 2006 to launch and lead supplier diversity.  In that role, he was responsible for diversifying the company’s procurement spend.  Working collaboratively with executives and department leaders, Price identified minority, women, veteran and LGBT owned suppliers, ensuring that they were given an opportunity to compete for Novant Health’s business.  As a result, Novant Health increased its diverse supplier spend by more than 500% utilizing over 550 diverse suppliers.  Since he began supplier diversity in 2006, the company has spent over $1 billion with diverse businesses.  Additional notable accomplishments include collaborating with the Tuck School of Business at Dartmouth Minority Executive training program to include a healthcare component for six consecutive years and launching a $5 million loan guarantee program for diverse suppliers of Novant Health, in partnership with M&F Bank.  In partnership with Diversity, Inclusion & Equity, Price also served as a master diversity and inclusion facilitator/trainer for the company.  In recognition, Kevin and Novant Health have won numerous awards over the years.

Myers stated that, “in reviewing Kevin’s portfolio, you can understand how his experiences cover all aspects of the Institute’s work and why we feel blessed to have Kevin be our next leader. He begins work on Monday March 9th”.

Kevin has a Masters in Health Administration and Masters in Business Administration, both from Pfeiffer University.  He is married to Michelle Y. Price and they have three young adult children.

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The Institute, headquartered in Durham, N.C., is a nonprofit management consulting and services organization focused on business diversity. It helps small businesses develop and grow, large corporations diversify their supply chains, and local and state governments expand their business base. For more information, contact the Institute at info@theinstitutenc.org.

FOR IMMEDIATE RELEASE                                        

Contact:  Lew Myers                                 
Phone:    919-956-1899
Email:      info@theinstitutenc.org  

The Institute Welcomes New Policy Center Director

[Durham, NC, January 28]  The North Carolina Institute of Minority Economic Development (the Institute) welcomes Talitha Batts to its team as Director of The Policy Center.  In this role, Batts will revitalize the Institute’s Policy Center, advocate for economic growth of diverse communities, and advance state level policy.

Talitha Batts headshotTalitha Batts joins the Institute after an extensive and wide-ranging career in the corporate and collegiate arenas.  She began her career in the corporate world as a regional project manager for First Union National Bank (now Wells Fargo Bank) and Lenovo, Inc.  Batts’ transitioned her focus to public policy and education in 2015, leveraging her Masters of Education and Bachelor of Arts in English and Political Science degrees to design and improve student engagement and curriculums at Saint Augustine’s University and small business start-up resources at NC State University’s Small Business Technology Development Center.  In these roles, Batts used her extensive knowledge of the business world to assist pre-venture and startup entities in securing capital and advocated for small rural based businesses as they worked to obtain sustainable development.  In 2017, Batts received the Women Economic Forum’s Iconic Women Creating a Better World for All award for her work in educating women and girls about business development through entrepreneurship.  Additionally, Batts is a Nominated Change Maker for The United State of Women, The White House Summit.

“I’m excited to revitalize some of our prior partnerships, as well as, build new relationships and initiatives,” Batts says about her new role.  “I have always been passionate about helping small businesses grow.  The Policy Center allows me the opportunity to combine my knowledge and experience for statewide impact.”

Talitha Batts joined the Institute team on January 8, 2020.  As part of the Policy Center, Batts will be working closely with all of the Institute’s programs to represent the needs of minority and women owned businesses to the North Carolina Legislature.  The Institute is proud to have Talitha Batts as a member of its team and looks forward to the positive impact she will have for the state of North Carolina.

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The Policy Center is a research based nonpartisan program of the Institute focusing on strengthening the economic health of diverse communities by convening stakeholders, expanding dialogue, and advancing policy prescriptions.  The Policy Center strengthens the base of research, data, and analysis that address the economic health of diverse populations and share findings with leaders and the public-at-large; offers policy recommendations for business development and economic security to build widely shared prosperity; and convenes community and business leaders, community groups, and higher education institutions to advance a shared agenda for economic growth in diverse communities.

The Institute, headquartered in Durham, N.C., is a nonprofit management consulting and services organization focused on business diversity. It helps small businesses develop and grow, large corporations diversify their supply chains, and local and state governments expand their business base. For more information, contact the Institute at info@theinstitutenc.org.

FOR IMMEDIATE RELEASE                                        

Contact:          Lew Myers
Phone:            919-956-1899
Email:              info@theinstitutenc.org  

Roberta McCullough, Women’s Business Center of North Carolina Executive Director,
Appointed to National Board of the Association of Women’s Business Centers

Durham, NC – Roberta McCullough, the Executive Director of The Institute’s Women’s Business Center of North Carolina program, was appointed to the Association of Women’s Business Centers national board on September 25, 2019.  The Association of Women’s Business Centers’ (AWBC) national board consists of eight board members and two staff.  The organization’s focus is advocacy for all women entrepreneurs through global awareness and financial and educational support.

“The appointment has both a professional and personal impact for me,” McCullough says.  “To be part of a national movement that supports women across the country reach their fullest potential in business, is embedded in my entire professional life.  Personally, I am proud to be a woman, and to be in a position to help other women grow.”

Currently, McCullough is working with the AWBC to gain support from the House of Representatives and the Senate on H.R. 4405, otherwise known as the Women’s Business Center Improvement Act of 2019.  The bill will make critical improvements to budgets for Women’s Business Centers nationwide, nearly doubling the federal funding available for their work.  If passed, funding will increase from $18.1 million to $35 million annually. 

“My goal is to do my part to ensure Women’s Business Centers across the country receive the well-deserved funding that their work has shown they deserve our tax dollars have already contributed,” says McCullough, “and to receive just recognition for the economic impact we have had on this country.  The Centers have not received an increase in funding in 31 years; that is a travesty!”  Currently, there are over 100 Women’s Business Centers across the United States and its territories, with services being offered in 38 different languages.  Over 145,400 clients have been served by Women’s Business Centers nationwide, leading to the creation of over 17,400 new businesses and 23,471 new jobs.

The Institute is incredibly proud of the work the Women’s Business Center of North Carolina has done, and of the growth Roberta McCullough will help all Women’s Business Centers achieve in her new role.

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About the Women’s Business Center of North Carolina
The mission of the Women’s Business Center of North Carolina (WBCNC) is to promote economic self-sufficiency for all women in North Carolina through entrepreneurship.  The WBCNC empowers women by offering tools and support to establish businesses, stabilize companies, generate sustainable profits, strategize for future growth and contribute to the growth and economic development of the community.

About the Institute
The Institute's headquarters on West Parrish Street in downtown Durham, N.C. anchors the heart of what was once knows as Black Wall Street. Placed on the National Register of Historic Places in 1974 and later designated a National Historic Landmark, the building remains one of only a handful of landmarks owned by a minority organization.

 

      

 

 

 

FOR IMMEDIATE RELEASE                                        

Contacts:      

Natalie Williams        
The Women’s Business Center of Charlotte  
704-509-5884 
nwilliams@theinstitutenc.org

Audria Belton
SunTrust Foundation
404-813-3664 
audria.belton@suntrust.com 

WOMEN’S BUSINESS CENTER OF CHARLOTTE RECEIVES SUNTRUST FOUNDATION’S
2019 LIGHTING THE WAY AWARD AND $75,000 GRANT

[DURHAM, October 3]  Recognized for its generous contributions to Charlotte, the Women’s Business Center of Charlotte was awarded a 2019 Lighting the Way Award and $75,000 grant by the SunTrust Foundation.

The SunTrust Foundation’s Lighting the Way Awards recognize select nonprofit organizations that work to build self-sufficient families and more financially confident communities through financial education, financial counseling, career readiness/workforce development and small business/entrepreneurship.

“The SunTrust Foundation is proud to recognize and support our local nonprofit partners that empower and strengthen the communities they serve,” said Stan Little, president of the SunTrust Foundation.  “The Women’s Business Center of Charlotte is making a meaningful impact with its programs to improve the financial well-being of the people who need it most.”

The Women’s Business Center of Charlotte, a program of the Institute, is one of 36 nonprofits across the Southeast and Midwest presented with a 2019 Lighting the Way Award from the SunTrust Foundation, which gave a total of $2.7 million in grants to these nonprofits.

“We are so very humbled and honored to be one of the thirty-six other organizations across the nation selected for this award,” said Natalie Williams, Executive Director of the Women’s Business Center of Charlotte.  “When I received the call that we had won the award, I just started crying.  All I could think about was how many small businesses we could serve.  We are so grateful for our relationship with the SunTrust Foundation, and are excited about the level of expertise we will be able to share with small businesses in their community."

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About the Women’s Business Center of Charlotte

Through the management and technical assistance provided by the WBCC, entrepreneurs, especially women who are economically or socially disadvantaged, are offered comprehensive training and counseling on a vast array of topics to help them start and grow their own businesses.

The Women’s Business Center of Charlotte’s mission, a program of the NC Institute of Minority Economic Development, is simple but IMPACTFUL which is to promote economic self-sufficiency through entrepreneurship for women in the Charlotte Metropolitan Area and surrounding areas.  WBCC has direct oversight of 12 Counties within the Charlotte Statistical Area (Anson, Alexander, Catawba, Cabarrus, Cleveland, Gaston, Iredell, Lincolnton, Mecklenburg, Stanly, Union & Rowan).

This program is specifically designed to empower women entrepreneurs and small business owners to establish businesses, achieve business goals, strategize for future growth, generate sustainable profits, stabilize their companies, and to contribute in the growth and economic development of our community.

About SunTrust Foundation

The SunTrust Foundation is committed to SunTrust Bank’s (NYSE: STI) purpose of Lighting the Way to Financial Well-Being by engaging with local and national organizations to advance financial confidence. Grants and activities focus primarily on financial education, financial counseling, career readiness and small business/entrepreneurship, in addition to local community grants. The SunTrust Foundation supports American Red Cross disaster relief efforts and contributes as a United Way Global Corporate Leader. Established in 2008, the SunTrust Foundation has proudly provided grants totaling more than $170 million throughout the United States.

FOR IMMEDIATE RELEASE

December 17, 2018

Contact:     Lew Myers, Interim President and CEO
Phone:      
  919-971-5680
Email:          info@theinstitutenc.org

Farad Ali, President and CEO, Tapped for New Role at the
National Minority Supplier Development Council

Grew Programs, Revenue, Impact during Tenure; Board Chair Lew Myers to Be Interim CEO

Durham, NC -- The Board of Directors of The Institute, a nationally-known nonprofit management consulting and services firm based in downtown Durham, today announced the departure of President and CEO Farad Ali, who will assume the role of Vice President for the National Minority Supplier Development Council in New York City beginning in January.

Mr. Ali, an accomplished non-profit executive, champion for racial equity, and recent mayoral candidate, spent a total of 16 years with the Institute in various capacities before taking the helm in 2014, upon the retirement of founding CEO Andrea Harris. During his four-year tenure, Ali reshaped the organization’s business diversity strategies, cultivated new partnerships, and implemented a robust earned income model to improve the regional ecosystem for minority and women business owners statewide and regionally. Among The Institute’s recent accomplishments include:

  • Reinvigorating and managing the U.S. Department of Transportation’s South Atlantic Small Business Transportation Resource Center, covering North Carolina, Virginia, West Virginia, Kentucky and Washington, D.C.
  • Partnering with the N.C. Department of Transportation to deliver a targeted job training program in Tier One counties, resulting in over 400 individuals securing employment in transportation and construction projects throughout the state.
  • Establishing two U. S. Small Business Administration Women’s Business Centers, covering the state of North Carolina and earning the U.S. Small Business Administration Outstanding Women’s Business Center of the Year in 2014.
  • Securing annual support from the Corporation for National and Community Service to operate the award-winning N.C. Public Allies, a leadership and workforce development program that has trained and mentored diverse youth since 2010.

Ali also serves on the boards of directors for the Raleigh-Durham International Airport Authority, Latino Community Credit Union, Airport Minority Advisory Council National Association, Center for Community Self-Help, Triangle Community Foundation and the Triangle YMCA.

“I am and always will be deeply committed to Durham, to North Carolina, and to the transformative work of The Institute, which has been made possible only with the extraordinary partnership and dedication of my colleagues, board members, and mentor, Andrea Harris,” said Ali. “There is much still to be done to elevate the strengths, skills and extraordinary untapped potential of minority businesses and entrepreneurs, and I look forward to extending the experience and lessons I have gained in N.C. to a national context.”

A search for the Institute’s next CEO will begin in January. Board Chair Lew Myers will serve as Interim CEO during the transition period.

“While our Board, staff and stakeholders are sad to let him go, Farad is leaving The Institute in a stronger position strategically, programmatically and fiscally than four years ago,” said Myers. “We could not have asked for a better growth partner and business diversity advocate, and we wish him all the best at the national level.”

Myers, a founding board member of the Institute and current Board Chair, retired as Director of Marketing for the Freelon Group (now Perkins + Will) in 2016. Prior to joining the Freelon Group, Mr. Myers managed his own successful consulting firm, served as a vice-president for a construction management firm, and was Assistant Secretary for Small Business with the N.C. Department of Commerce. Ali will serve in a consulting capacity for 90 days to ensure project partners experience a smooth transition.

Additional information about the Institute is attached and at www.theinstitutenc.org.

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About the Institute

The Institute was founded in 1986 as the North Carolina Institute of Minority Economic Development with a grant from the Z. Smith Reynolds Foundation and N.C. Association of Minority Businesses to diversify North Carolina’s business base as a strategy for expanding economic opportunity.

Business, government and community leaders recognized then that globalization, changing demographics and technology were changing the game, replacing traditional industries and markets with new ones that required different skills and strategies for business success. Engaging significant untapped segments of the population – racial minorities, women, people with disabilities, rural residents and others – became a business and economic imperative.

Today, more than 30 years later, the Institute remains the only organization of its kind in the country focused on business and economic growth through effective business diversity. North Carolina's model of collaboration and its exceptional ecosystem are recognized as a model by other states and regions. The Institute continues to work with small businesses, multinational corporations, local governments and state leaders to open doors of opportunity and create an environment where businesses of all kinds grow and thrive.

The Institute's headquarters on West Parrish Street in downtown Durham, N.C. anchors the heart of what was once knows as Black Wall Street. Placed on the National Register of Historic Places in 1974 and later designated a National Historic Landmark, the building remains one of only a handful of landmarks owned by a minority organization.

Board of Directors

Lewis H. Myers, Chairman
Michael Suggs, Vice Chairman, Goler Community Development Corporation
Dr. Tyrone R. Baines, PhD., Secretary, Honda American Motor Co.
Lori Jones Gibbs, Treasurer, PNC Bank
Martin Eakes, Self-Help
Dr. Edward Fort, NC A&T University
Michael Goodmon, Capitol Broadcasting Company, Inc.
Sue Malone, Strategies for Small Business
Will C. Mann, Wells Fargo Social Responsibility Group
Troy Roberts, Alliance of Professionals & Consultants, Inc.

FOR IMMEDIATE RELEASE                                        

Contact:          Farad Ali
Phone:            919-956-1899
Email:              info@theinstitutenc.org  

THE INSTITUTE WELCOMES NEW SBTRC EXECUTIVE DIRECTOR TO DC METRO AREA

[District of Columbia, Metro Area, November 15]  The North Carolina Institute of Minority Economic Development (the Institute) welcomes Clayton Toppin to its team as DC Metro Area Executive Director for the South Atlantic Region Small Business Transportation Resource Center.  In this role, Toppin will develop and implement processes to facilitate activities on behalf of small businesses in the DC Metro Area by providing access to opportunities, technical assistance and financial resources.

Toppin joins the Institute after an extensive career in business development.  For over ten years, Toppin has built public and private sector relationships with local and regional businesses; assisted in creating capital development strategy; and been the catalyst for growth within large and small businesses.  These skills paired with his Masters of Business Administration from Colorado Technical University position Toppin to excel in the role of Executive Director.

Clayton Toppin joined the Institute team on October 15, 2018.  As part of the Small Business Transportation Resource Center, Toppin is working closely with the Greensboro and Durham SBTRC offices to implement Bonding Education Programs, Access to Capital Programs, and the Women and Girls in Transportation Initiative.  The Institute is proud to have Clayton Toppin as a member of its team, and looks forward to the positive impact he will have on small businesses in the DC market. 

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The South Atlantic Region Small Business Transportation Resource Center (SBTRC) serves as a regional office for the Office of Small and Disadvantaged Business Utilization (OSDBU).  SBTRC works closely with prime and subcontractors, as well as state and local transportation agencies within the South Atlantic Region.  The main focus of the SBTRC is assisting firms that are interested in doing business with the U.S. DOT directly, or with state and local agencies receiving U.S. DOT funding.  SBTRC supports small businesses in the District of Columbia and the four-state region of Kentucky, North Carolina, Virginia, and West Virginia.

The Institute, headquartered in Durham, N.C., is a nonprofit management consulting and services organization focused on business diversity. It helps small businesses develop and grow, large corporations diversify their supply chains, and local and state governments expand their business base. For more information, contact the Institute at info@theinstitutenc.org.

 

FOR IMMEDIATE RELEASE                       

Contact:          Farad Ali
Phone:             919-956-8889
Email:              info@theinstitutenc.org

PNC BANK GRANT FUNDS WOMEN AND GIRLS IN TRANSPORTATION INITIATIVE 
Providing Transportation Job Opportunities in Eastern NC

[DURHAM, NORTH CAROLINA, September 5]  The Institute’s long-standing partnership with the Department of Transportation through the South Atlantic Region’s Small Business Transportation Resource Center (SBTRC) has been strengthened by the commitment and dedication of PNC Bank.  Through a $25,000 grant to SBTRC, PNC Bank is helping SBTRC create employment opportunities for women and girls in Eastern North Carolina. 

The PNC Bank grant will be used to directly fund the SBTRC’s Women and Girls in Transportation Initiative (WITI), a program offered by the U.S. Department of Transportation.  Funding from PNC Bank allows the Institute’s Small Business Transportation Resource Center to join a dozen other centers across the United States that offer programming to encourage women and girls to consider transportation as a career path.  Women are historically underrepresented in transportation related careers, a multibillion dollar industry.  The South Atlantic Region SBTRC has participated in the Women and Girls in Transportation Initiative in the past to spark the interest of women in this field by offering internships to female college students with transportation-related agencies.  Young girls in middle and high school participate in the WITI program through an annual event Transportation & STEM Career Fair at North Carolina School of Science and Math.  Both programs provide exposure to well-established women in transportation and engineering careers.

“The WITI program creates career pathways in a field with infinite possibilities,” says Farad Ali, President and CEO of the Institute.  “PNC Bank’s dedication to building gender diversity in the workplace directly aligns with the Institute’s mission of helping clients harness the power of diversity to achieve business and economic objectives.  We thank PNC Bank for their commitment to building pathways for women in our state.”

PNC Bank’s commitment to the South Atlantic Region SBTRC will provide two paid internship positions for female students interested in learning more about careers in the transportation industry.  Students from rural counties in Eastern North Carolina are eligible to apply for these PNC Bank funded internships.  The SBTRC is currently working with regional government agencies in Vance County to define internship projects that align with currently planned projects.

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The Institute, headquartered in Durham, N.C., is a nonprofit management consulting and services organization focused on business diversity. It helps small businesses develop and grow, large corporations diversify their supply chains, and local and state governments expand their business base. For more information on WITI, or to apply for an internship, contact the South Atlantic Region SBTRC at SBTRC@theinstitutenc.org.

FOR IMMEDIATE RELEASE                       

Contact:          Farad Ali
Phone:             919-956-8889
Email:              info@theinstitutenc.org

 WELLS FARGO CONTINUES LONG-STANDING PARTNERSHIP WITH THE INSTITUTE TO SUPPORT BUSINESS DIVERSITY
Building Diverse Business Opportunities throughout North Carolina

 [DURHAM, NORTH CAROLINA, August 9] For over 20 years, Wells Fargo and the Institute have shared a common mission and vision for our state:  creating opportunities for diverse businesses in the public and private marketplace. Wells Fargo has renewed its commitment to this vision, and the work of the Institute, with a $75,000 grant. This grant supports the Institute’s work to advocate for policies that support business diversity and advances educational opportunities through the Institute’s programs like the Minority Executive Education Institute. Ultimately, these initiatives will continue to expand business opportunities for diverse businesses in North Carolina’s public and private sectors.

Wells Fargo’s commitment to creating business opportunities has not only built a strong relationship between the two organizations, but has also provided an extensive network of resources to minority owned and operated businesses throughout the state. Due in part to the funding Wells Fargo has provided for the past 20 years, the Institute has been able to serve over 10,000 clients and create 3,100 jobs.

“Wells Fargo’s financial support of the Institute is critical to the success of our programs, and the businesses our clients are building,” says Farad Ali, President and CEO of the Institute. “Wells Fargo’s commitment to the communities in which it does business is clear in both funding and in the support of Wells Fargo team members.”

“Wells Fargo is proud to continue our long-term relationship with the Institute and support for its programs focused on expanding diverse businesses across North Carolina,” said Juan Austin, Community Relations Senior Manager for Wells Fargo in the Carolinas and Mid-Atlantic Markets. “Our commitment extends beyond financial support and includes active team member leadership and involvement.”

Will Mann, Community Relations Leader for Wells Fargo’s East Coast markets, has served on the Institute’s board for over 20 years.

“Without Wells Fargo’s financial and team member support, the landscape of diverse business opportunities in North Carolina would look vastly different. We deeply appreciate and thank Wells Fargo for all they continue to do for the businesses we support,” said Ali.

In the coming year, the Institute plans to invest the Wells Fargo grant directly into advocacy initiatives and programs to build business capacity for minority owned businesses with goal of creating additional jobs throughout North Carolina in 2019.

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The Institute, headquartered in Durham, N.C., is a nonprofit management consulting and services organization focused on business diversity. It helps small businesses develop and grow, large corporations diversify their supply chains, and local and state governments expand their business base. For more information, contact the Institute at info@theinstitutenc.org.

About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.9 trillion in assets. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, investment and mortgage products and services, as well as consumer and commercial finance, through 8,050 locations, 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 38 countries and territories to support customers who conduct business in the global economy. With approximately 265,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 26 on Fortune’s 2018 rankings of America’s largest corporations. News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories.

Three Helius entrepreneurs are among the first participants of the new Microloan Program developed for small businesses by the Helius Foundation, a non-profit business training program founded in 2015. The program includes a one-day educational seminar held in partnership with The Institute and the AJ Fletcher Foundation in Durham, NC.

Michael Goodmon of Capitol Broadcasting and the AJ Fletcher Foundation, along with Farad Ali, CEO of The Institute, will present at the event. We will have a number of Helius Fellows attend the event, which includes discussions on everything from how to develop a successful business plan to the ins and outs of business finances.

Geraud Staton, Executive Director of the Helius Foundation, will be on hand to help facilitate the training. He believes the Helius Microloan program fills a void in the marketplace for small business owners needing to secure small, more affordable microloans that may not otherwise be available to them.

“Entrepreneurship is important for the economy of Durham and the Triangle as a whole,” Geraud said. “Entrepreneurship helps create jobs, build self-sustainability, and results in innovation. And access to capital is often a barrier for new and expanding businesses. Thanks to the AJ Fletcher Foundation and our partnership with The Institute, the Helius Microloan Program will be a valued support to Durham entrepreneurs.”

The Helius Microloan Program was designed expressly for entrepreneurs in communities for whom loans of $500 to $5,000 would have a positive impact on their home businesses. From additional working capital, to equipment repair, to purchasing inventory, these microloans are a welcomed relief from tremendously costly payday loans.

As Farad Ali of The Institute says, "Micro-Businesses and Small Business are important in the business eco-system of our diverse community. At the Institute, we value strengthening the asset base of our community by expanding the access to capital." That makes Helius and the Institute ideal partners in this program.

Geraud said, quoting the Helius mission statement, “We see a Durham where everyone has the capability to support themselves and their families with dignity, in the face of educational, financial and racial inequalities.”

Michael Goodmon says, “Durham is a special community because people here care; it’s part of why Durham has made such an incredible come back. But in order to sustain that growth and ensure that growth happens throughout the city, access to capital for small businesses is critical. The funds from AJ Fletcher Foundation will tap in to Durham’s caring nature by matching investments on the Kiva platform and open up more capital for small businesses in Durham.”

Article and image courtesy of The Helius Foundation