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Carolina Small Business Development Fund is a statewide U.S. Treasury-certified Community Development Financial Institution (CDFI), and our work is widely recognized as an engine of economic development and opportunity that has received bipartisan support for our impacts on North Carolina’s small business community and overall ecosystem. We exist to foster economic development in underserved communities, and we fully believe that our work as well as the work of other CDFIs is vital to a healthy, prosperous ecosystem. Since 2010, We have deployed over $120M to over 3,100 small businesses in 72 of North Carolina’s 100 counties, helping these small businesses to create or retain approximately 5,300 jobs. We have also provided technical assistance to thousands of small businesses and published valuable research that has informed stakeholders.
Recently however, the worth and effectiveness of CSBDF and 1,431 other CDFIs nationwide have been questioned. On Friday, March 14, the Trump Administration issued an Executive Order titled “Continuing the Reduction of the Federal Bureaucracy.” This Executive Order included language that could adversely impact the operations of the CDFI Fund, a function of the U.S. Department of the Treasury that works to create economic opportunity and community development through investment and assistance to CDFIs. One important component of the Executive Order was that the CDFI Fund had to show that all of its programs were statutorily required.
On March 21, the U.S. Department of the Treasury issued its response to the Executive Order, stating that the 11 distinct programs operated by the Department within the CDFI Fund are all statutorily required. While this is a strong first step towards maintaining the important work done by the CDFI Fund, there is still more to do.
The CDFI Fund has provided billions in critical resources to help achieve economic growth, provide capital access to small businesses, foster job growth and wealth creation, and support underserved communities. We fully support the efforts of the CDFI Fund and encourage all of our stakeholders to join us in engaging policymakers to encourage the protection of CDFIs and the CDFI Fund. We encourage you to visit the Opportunity Finance Network’s policy action center to learn more about how you can support CDFIs through contacting policymakers, spreading the word, and engaging with others.
CDFIs are a vital resource to small business owners and communities across our country. In North Carolina, we take pride in working toward our vision of creating economic opportunity for all people. Thank you for your support of CSBDF and for helping us to ensure that CDFIs continue to play an important role in our communities.
Yours in partnership,
Kevin Dick, President and CEO
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