NIMED 2022 Annual Report

LETTER FROM THE PRESIDENT

more than $20 million in grant funds to over 1,110 small and diverse businesses across the state in four rounds of funding.

• The Institute was approved by SBA for a fourth Women’s Business Center located on the historic campus of Bennett College an HBCU . Of the 156 WBCs across the United State, this center - Women’s Business Center of Greensboro is the only one located on an all-women campus.

The National Institute of Minority Economic Development (Institute) and Institute Capital (ICAP) experienced tremendous growth in 2022. It would not have been possible without the stewardship and wise counsel of our board of directors, dedicated advisory council members of both organizations and a staff of amazing professionals.

The Institute has established four lines of business “Centers of Excellence” to drive entrepreneurship, advocacy, access to capital, and economic prosperity. Through these Centers we provide meaningful education, training and growth strategies; we address root causes of economic and social disparities; we provide access to capital to diverse businesses and community development projects; and we offer uniquely customized diversity, equity and inclusion consulting services.

These Centers allow us to move the needle towards a more equitable existence for all to live and thrive, while we expand the narrative and our capacity throughout our footprint. In 2022 our Centers of Excellence proved that our strategic approach to economic inclusion for diverse populations is the right course. The results are detailed in this annual report:

• RETOOLNC – in partnership with the State of North Carolina the Institute disbursed

• The Institute was established as a thought leader in the area of equity, diversity, and inclusion three decades ago. Ms. Andrea Harris (founder) was keenly aware that knowing the data and being engaged at a high level was particularly important when advocating against norms that systematically disproportionately disenfranchise people of color. This year in particular through our Research, Policy and Impact Center, we have re-established the Institute as the premier thought leader in the field of community economic development.

The 2022 Annual Report will highlight the growth of the Institute and ICAP, spotlight small business initiatives and success stories, and examine the financial trends moving us forward. The report will reveal, that while we are growing, we are strategic with both the rate and direction— expanding our footprint, fostering collaborative strategic partnerships, and increasing service offerings.

In conclusion, you will recognize that the state of the Institute is strong and continues to build on a strong legacy.

Yours on the Journey,

Kevin J. Price President & CEO

OUR MISSION

To strengthen the asset base of diverse populations through policy, education and economic opportunities.

OUR VISION

Economic Prosperity for Diverse Populations

Innovation

WHO WE ARE

For more than 35 years the National Institute of Minority Economic Development (Institute) has been a catalyst of minority competitiveness, business access to capital and economic opportunities to promote financial equity, and community economic development.

We lead the state’s collaborative community economic development efforts, driving innovation, investment, and action to create prosperous, sustainable, and thriving communities. As a result, the Institute maintains its status as a thought leader and trusted advisor to businesses large and small, government agencies, policy makers, and community organizations.

WHAT WE DO

1

SUPPORT

We provide education and supportive services to various organizations, state and federal agencies, as well as minority and women-led businesses from emerging entrepreneurs to mature businesses.

ADVISE

2 MANAGE

3

We provide diversity, equity, and inclusion consulting services and awareness training to government agencies, large corporations, and municipalities.

4

We manage state and federal technical assistance programs, are the fiduciary agent for state and federal contracts, and manage fee-for-service contracts with colleges, universities, and nonprofit organizations.

ADVOCATE

Founded as a policy think tank in 1986, the Institute advocates against systemic social and economic injustices plaguing people and communities of color. We advocate on behalf of diverse populations to influence systems and policy changes to combat economic disparities.

5

FINANCE

We provide capital to community development corporations, affordable housing initiatives, and diverse businesses through our Community Development Financial Institution (CDFI), Institute Capital (ICAP) to ensure economic and community development projects have access to affordable resources.

AWARD WINNING ORGANIZATION

Kaye Gantt, Executive Vice President & COO awarded Harriet Tubman Excellence in Leadership Award by National Association of Minority Contractors (NAMC)

Roberta McCullough, Sr. Vice President, Operations of ICAP appointed as Chair to Board of Association of Women’s Business Centers

2022

z 2022 Changemaker - NC Project LEAD

z National Diversity Impact 50 Award - Career Mastered

z Agency/Corporation Advocate of the Year Award - Minority Business Development Agency (MBDA) Charlotte MEDWeek

2021

z Agency Diversity Advocate of the Year Award - City of Durham

z Outstanding Service Award: Visionary Leadership in Sustainable Business - NC Business Council

2019

z Lighting The Way Award - SunTrust Foundation

z SHE Evolve Summit - Strength - Honorable - Empowering Award

2018

z City of Charlotte & Mecklenburg County Crowns of Enterprise Award Diversity Advocate of the Year

2017

z National Training Institute Innovation Award

z Who’s Who Black Charlotte

z Diversity Advocate of the Year - Minority Business Development Agency (MBDA) Charlotte MEDWeek

2014

z National Women’s Business Center of the Year by SBA

z National Women’s Business Center of Excellence Award from SBA

z Southeastern Region Women’s Business Center of the Year by SBA (comprised of AL, FL, GA, KY, MS, NC, SC and TN)

z State of North Carolina Women’s Business Center of the Year by SBA

ECONOMIC PROSPERITY FOR DIVERSE POPULATIONS

The National Institute of Minority Economic Development strengthens the asset base of diverse populations through policy, education, and economic opportunities, creating an environment in which race, gender, and geography are no longer a barrier to prosperity. We do this by helping diverse small businesses to grow, compete, thrive, create jobs, become sustainable, and be valued partners within their local communities.

Our core competencies include business and entrepreneurial education, technical assistance, research and advocacy, affordable housing and community development (CDFI) financing, and Diversity, Equity, and Inclusion (DEI). Our work is organized into four synergistic centers to help emerging leaders, business owners, non-profit organizations, HBCUs, and our strategic partners to contribute to growth, sustainability, and economic justice in low-to-moderate income communities.

● The Center for Entrepreneurship provides meaningful education, training, growth strategies and technical assistance for diverse businesses. By focusing on those led and owned by Black, Latino, women, and other minorities, we support and grow key stakeholders in the small business ecosystem, stabilizing families through expanded economic opportunity and improved business value. Services include technical assistance to small business owners and aspiring entrepreneurs; workshops, seminars, and summits; strategic partnerships with HBCUs and other colleges and universities; corporate/executive education; and other capacity-building growth strategies.

● The Research, Policy and Impact Center addresses the root causes of economic disparities – income, wages, general economic opportunity, community access, and funding allocations – keeping our clients and stakeholders informed of shifts in the ecosystem and opportunities to participate in corporate and public policy dialogues and decision-making.

● Our CDFI, Institute Capital, provides access to capital for minority-owned small businesses, non-profit affordable housing developers, and HBCU ventures, improving the financing environment with fair and equitable lending practices.

● The Center for Professional Services, a consulting arm, offers uniquely customized professional development, supplier diversity strategies, and diversity, inclusion and equity education to corporations and governments.

We have grown into a five-state footprint including NC, VA, KY, WV, and the Metro DC area.

ORGANIZATIONAL STRUCTURE

•Data team

•Collaboration with Subject Matter Experts (SMEs)

•Quarterly surveys

•Strategic Priorities

•Economic Development

•Policy Development

•Education

•Advocacy

RESEARCH, POLICY & IMPACT CENTER

CENTERFOR ENTREPRENEURSHIP

•Education, training, T/A

•Workshops

•Capacity building (for/nonprofits)

•Construction and Bonding support

•Learning Lab

•Consulting arm

•Public/Private Collaborations

•Diversity, Equity and Inclusion

•Supplier Inclusion

•Minority Executive Education Institute

CENTERFOR PROFESSIONAL SERVICES

CENTERFOR COMMUNITY INVESTMENT

•Non-Profit Capacity Building

•Support CDCs

•Engage HBCUs

•Financing

•Affordable Housing

•Diverse Businesses

Stephen Sills, PhD Vice President Research, Policy & Impact Center

RESEARCH, POLICY & IMPACT CENTER

The Research, Policy & Impact Center is a non-partisan research center that believes the sustainable growth of diverse businesses, the workforce and the economy are critical to the success of our communities.

Our goal is to be a change agent that provides information and data to transform ideas into action.

KEY STRATEGIC PRIORITIES

Advocacy

Retain and strengthen a core of expert advisors which consist of economists, demographers, statisticians, financial analysts, and policy makers to provide relevant information that informs key stakeholders, corporate partners and business clients.

Policy Development

Issue periodic reports to inform the general public and key stakeholders on issues relevant to opportunities and barriers to the growth of net worth by minorities and women.

Education

Serve as the center of knowledge on the status of minority and women owned business and relevant public sector policies and private sector practices.

Host forums and symposia on key areas of interest in economic development and net worth growth of minorities, women and under-resourced populations.

Economic Development

Monitor and analyze relevant policies that impact the state of minority and women owned businesses, as well as institutions that help build net worth among under-resourced populations and neighborhoods such as HBCUs, faith-based organizations and cultural organizations.

Provide education, training and support to institutions such as HBCUs that bring economic value and impact to the success of minorities and historically low wealth populations and neighborhoods.

PROGRAM MILESTONES

SUCCESS STORY

In July of 2022, the Foundation for a Healthy High Point with the assistance of the Research, Policy & Impact Center, released the study, the Assessment of Social Drivers of Health in High Point, highlighting summary data on health and economic disparities. The study shares recommendations to help alleviate social and financial hardship issues across the Greater High Point community. The study goes beyond health and medical needs to identify the specific socioeconomic conditions which continue to impact residents across the Foundation’s service area negatively.

The report underscores that in some High Point neighborhoods, resource inequality and structural impediments are directly linked to poor community health outcomes such as chronic lifestyle diseases like diabetes, hypertension, and heart disease; respiratory issues like asthma and COPD; and poor self-reported mental health.

Using community surveys, focus groups, and one-on-one interviews, participating residents shared their personal experiences, including positive attributes and barriers to accessing key needs, like healthcare, transportation, and food. The findings offer a fresh look at our community’s needs, capturing how community members live, work, engage, and access services on a day-to-day basis and outlining the opportunities for our medical and nonprofit entities, municipalities, funders, and other agencies to work together to improve our overall community health.

“It is eye-opening to hear firsthand stories of continued disparities from community members,” states Curtis Holloman, executive director of the Foundation. “These neighborhood-based feedback sessions provided details around the upstream issues causing the downstream problems, yet this information offers great hope. As funders, service providers, employers, and neighbors, we know precisely where we need to work harder to create a community where all can thrive.”

The findings from this study serve as another source for our community partners and other stakeholders to use as a reference and will help to prioritize the Foundation’s community investments going forward.

EXECUTIVE SUMMARY

An Assessment of Social Drivers of Health in High Point

Alyssa Mako, CGBP Vice President Center for Entrepreneurship

CENTER FOR ENTREPRENEURSHIP

SMALL BUSINESS TRANSPORTATION RESOURCE CENTER

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 SBTRC is a grantee of the U.S. Department of Transportation, Office of Small Disadvantaged Business Utilization.

WHAT WE DO

SBTRC provides small businesses with the tools, resources, expertise and technical assistance required to bid, win and successfully perform on federal and state transportation contracts. The program targets all modes of transportation: rail, highway, maritime, airports and mass transit systems. Programs include:

z Bonding Education Program (BEP)

z Capital Access Program (CAP)

z Women in Transportation Initiative (WITI)

Areas served include KY, NC, VA, WV and metro DC region

43 Clients

1,589 Entrepreneurs Trained

45 Jobs Created/ Retained

$407,712 Grant Funds Disbursed

Assisted clients in obtaining $37,689,040 Contracts Awarded

$21,577,500 in capital & bonding

CLIENT SUCCESS STORY | TESTIMONIALS

CEO Gerald Carr of All Pro Builders & Restorations, LLC., always planned big. He knew the roads of being a business owner weren’t easy. Sure, he could just build and restore houses but he figured his dream could be pushed further. All he needed was a good team and opportunities to construct a legacy that helped his community.

Fast forward, years later from their start in 2008 through mistakes, success and maturation and you have an entrepreneur, who graduated from the SBTRC’s Bonding Class in May 2017 and also recently became North Carolina’s Minority Business Enterprise of 2018. After finishing the first phase of a major contract worth 1.2 million in September 2018 for Charlotte Douglas Airport’s New Terminal, Gerald Carr has his sights set on realizing that building of a legacy can come true.

Recently, he was able to add five new employees and create a network of new subcontractors to give opportunities to for the contracts he wins. In talking about what helped him succeed, Gerald Carr said, “Being able to utilize resources such as the Bonding Education Program, and similar programs that emphasize networking or has a component that help facilitate mentorships for small companies are factors that really helped us and can help small businesses succeed.”

“I had to send you an email of how honored I was to be in the presence of you ladies and to be able to network with the other companies these past two days. You have no idea of how grateful I truly am for you and your team! In all honesty I am still overwhelmed with joy about everything I've learned in such a short period of time from you guys. The presentations and the networking was phenomenal. Of course this was the first time ever attending an event of such and I am just beyond elated! Super excited to even fathom the thought of being able to attend MED week luncheon! That is such a big deal and all I can say is that manifestation is REAL! Thank you again for all of the knowledge that you bestowed upon me and I look forward to working with you and your team to learn more! Please don't hesitate to drop more knowledge on me outside of this bonding education class cause I am HERE for all of it...!"

- Jewel Gaddy, Women Express Logistics LLC

THE WOMEN’S BUSINESS CENTER OF CHARLOTTE

The mission of the Women’s Business Center of Charlotte (WBCC) is to empower women with the tools, resources, and opportunities needed to establish businesses, stabilize their companies, generate sustainable profits, strategize for future growth and contribute to the growth, and economic development of our community.

Located in the Partnership, Outreach, and Research to Accelerate Learning (PORTAL) building on UNC Charlotte’s campus, WBCC is uniquely poised to bring equitable economic development resources to the Charlotte region.

The Women's Business Center of Charlotte is funded in part through a cooperative agreement with the U.S. Small Business Administration (SBA) and the City of Charlotte.

WHAT WE DO

WBCC services include:

z Customized one-on-one counseling

z Workshops & Monthly Seminars

z Financial Assistance

z Business Plan & Certification Assistance

z Networking Opportunities

z Leadership & Business Development Training

PROGRAM MILESTONES

12 NC counties served [Alexander, Anson, Cabarrus, Catawba, Cleveland, Gaston, Iredell, Lincoln, Mecklenburg, Rowan, Stanly and Union]

845 Clients Served

1,194 Entrepreneurs Trained

5 Business Starts

12 Jobs Created/ Retained

$391,790 Grant Funds Disbursed

$25,200 Contracts Awarded

$159,185 Capital Formation

CLIENT SUCCESS | TESTIMONIALS

“Thank you for sponsoring the Supply Chain Management program. I have learned so much about growing and sustaining my business. While in this course I have had many achievements. I won our graduation pitch and grand prize, have gotten HUB certified and MWBE certified, received the NC Tool grant, been highlighted in 31 days of Small Business, featured on the cover of HUAMI magazine, built amazing relationships with SCM cohorts and selected to vend at the Omega Conclave to name a few. I have increased sales by 30% so far this year. This program was executed by the extremely knowledgeable G'Sean Williams, supported and facilitated by the amazing Julie Logan and the glue that kept it all together Linda Hughes. What a dynamic team! I would definitely recommend this program and WBCC to all business owners. We appreciate you and your community involvement.“

- Tameran Davenport, CEO, Positive Outlook Grooming - 2022 SCM Graduate

"What we have enjoyed the most is being able to work hand in hand with you and WBCC. Thanks to you, we are learning and growing, and that is why we share every advance of our business. You have been an essential part of our training and growth. We especially appreciate the information you have provided regarding the requirements to qualify for credit with Carolina Small Business, the contacts you have shared with us, and training on how to analyze our work to structure hours of service and inventory costs: Your help has been invaluable since our inception. Thank you for the recommendations in each of our stages; you have been with us, supporting us since our beginnings.

We are grateful for the time invested and for all the dedication

Thanks for trusting us!”

- Erika Valbuena, Services GlobalGroup LLC

THE WOMEN’S BUSINESS CENTER OF GREENSBORO

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

The Women’s Business Center of Greensboro is funded in part through a cooperative agreement with the U.S. Small Business Administration.

GRAND OPENING

To expand programming, services and training to women and minority owned businesses, the National Institute of Minority Economic Development launched the opening of the Women’s Business Center of Greensboro in partnership with Bennett College on August 24, 2022. The Women’s Business Center of Greensboro made history as the first WBC in the country located on a women’s college campus.

The grand opening & ribbon cutting ceremony was well attended with media coverage, 150+ guests including Congresswoman Kathy Manning, local government officials, small business leaders and college students. The festivities continued the next day with a visit from Governor Roy Cooper as he took a tour of WBCG’s offices and the Bennett College campus.

THE WOMEN’S BUSINESS CENTER OF NORTH CAROLINA

The mission of the Women’s Business Center of North Carolina is to promote economic selfsufficiency for all women in North Carolina through entrepreneurship. We empower women by offering tools and support to establish businesses, stabilize their companies, generate sustainable profits, strategize for future growth and contribute to the growth and economic development of the community.

The Women’s Business Center of North Carolina is funded in part through a cooperative agreement with the U.S. Small Business Administration.

WHAT WE DO

z Customized, one-on-one business counseling

z Seminars and classes focused on key business topics, such as marketing, finance, certification, and small business resources

z Review and feedback on business plans

z Loan package preparation assistance

z Certification assistance and review

z Networking opportunities

PROGRAM MILESTONES

52 NC counties served [Starting from the Piedmont area to the East Coast]

833 Clients $20,000 Grant Funds Disbursed

1,161 Entrepreneurs Trained

5 Business Starts

8 Jobs Created/ Retained

$290,000 Capital Formation

CLIENT SUCCESS STORY

NICOLE MCINTYRE | COCOA FORTE™

Background/Overview

Established in 2011, Cocoa Forte™ is a family business owned and operated by husband-and-wife duo, Freddie and Nicole McIntyre. Cocoa Forte™ is a mobile dessert food truck business specializing in customized hand-dipped cheesecakes. Starting off as a hobby, the couple spent their days and weekends hauling a 10×10’ tent and freezers filled with frozen cheesecakes to events and festivals all over the state of North Carolina.

Each cheesecake brings twelve slices and customers can add flavors per cheesecake order. Additionally, Cocoa Forte™ offers delivery or pick-up options and provides catering for private corporate meetings and personal gatherings. What started off as a simple concept became a full-on business that tasted and tested well against seasonal dessert brand names!

Client Need

After eight (8) rewarding years of business, that Mrs. Nicole McIntyre approached the Women’s Business Center in October of 2021 to request assistance and advice on how to build the Cocoa Forte™ into a franchise! Specifically, The McIntyre’s posed Cocoa Forte™ with a great goal of learning how to offer food truck licensees to allow other entrepreneurs the ability to utilize their dessert and business services. To take it a step further, Mrs. Nicole McIntyre, penned the goal of obtaining 4-5 franchisees within 2020 – 2022 timespan and sought the WBCNC for guidance.

Women's Business Center Activities

The Center began providing counseling sessions, on a regular basis and technical assistance for the desired goals. In these client interactions the small business expert assisted Mrs. McIntyre with: franchise financing, marketing, and best practice resources, franchise food industry data, small business certifications (local, state, federal, corporate), and SBA franchising guidelines.

The McIntyres exceeded their business goals and began receiving well deserved recognition from local credible firms. Throughout the year of 2022, Mrs. Nicole McIntyre had the opportunity to speak on several notable platforms to promote her business and shed light on the food truck industry for aspiring entrepreneurs. In June of 2022, the business went on to be a recipient of the WBCNC’s “Rising Star” award and was publicly recognized at the WBCNC’S annual Moving Forward With Purpose conference. To add, Mrs. Nicole McIntyre was also honored with the Trailblazer Award presented by the MyLocal CFO at the annual Business Financial and Leadership Conference. Mrs. Nicole McIntyre has gone on to become a certified Franchise Executive, is a member of the International Franchise Association and has served as a board member for the Raleigh/Durham Mobile Food Association (RDUMFA.

Cocoa Forte™ has defied odds and is still a thriving food business of the NC Triangle. Nicole McIntyre is a pillar of her community, provides mentorship to other women in business and continues to make her WBCNC family proud!.

THE WOMEN’S BUSINESS CENTER OF RICHMOND

On March 18, 2021, the National Institute of Minority Economic Development, opened the doors of the Women’s Business Center of Richmond on the campus of Virginia Union University.

The WBC Richmond provides services that are desperately needed as female entrepreneurs and women-owned small businesses struggle to recover during an economic downturn and worldwide pandemic. The Women’s Business Center of Richmond is funded in part through a cooperative agreement with the U.S. Small Business Administration.

WHAT WE DO

z Entrepreneurial Assistance

z Marketing and Branding

z Intellectual Property Protection

z Network-building events

z Social Integration activities

z Credit Profile Assessment

z Loan Readiness & Preparation

z Financial Sustainability

PROGRAM MILESTONES

484 Clients

1,347 Entrepreneurs Trained

$22,000 Grant Funds Disbursed

$22,000 Capital Formation

CLIENT SUCCESS STORY

JEANETTE CAIN MAYO FOUNDER & CEO ADVERTISING SPECIALISTS

Jeanette Cain Mayo is the Founder and CEO of a full-service advertising and promotional products company headquartered in Richmond, Advertising Specialists.

After being a business owner for more than two decades, Mayo has demonstrated success and accomplished many of her entrepreneurial goals. When the COVID pandemic hit, the challenges became too much for her to overcome based on experience alone. Even with her company’s annual revenues plummeting, she had long since avoided business loans and was not about to start even with SBA Disaster Relief Funds which in her words “might be forgivable”. Although Mayo decided to avoid taking on debt to sustain her company, something inside of her knew that she needed to rethink how she did business.

As a vendor to the Women’s Business Center of Richmond, Mayo spoke with the Executive Director about becoming a client. After an informational overview of the center’s services, she came to the conclusion that the assistance needed from the WBC Richmond involved reexamining her business plan with specific emphasis on her strategy, client-base, and product portfolio. In subsequent sessions, Mayo agreed to exploring new ways of defining her target market and her business model altogether. Perhaps the most significant change to her business practices involved supply chain management.

Historically, Advertising Specialist held vast inventory, performed most of its own product printing, and settled supplier accounts in-full at the time of purchase. Mayo whose major accounts included the City of Richmond, the Richmond Public Schools and Police Department along with some of the area’s largest corporations, saw her revenues drop to less than 25% of its pre-pandemic level between March of 2020 through December of 2021.

With help from her WBC Richmond Business Counselor, she touts results in that “together we devised an actionable plan to aggressively manage my inventory” in a unique and beneficial way. She successfully negotiated new terms and conditions with suppliers who were having their own business challenges regarding payment reconciliation and introduced new personal protection products into her portfolio. Mayo’s pivot was not rapid, yet it was effective and at the present time, she has seen a restoration of her business-based income to 90% of what it was with approximately 100% recovery of her profit margins. Although a capital infusion might have accelerated her recovery, it was important to Mayo to demonstrate her resiliency without taking on debt.

“Partnering with the Women's Business Center Richmond has certainly given me new vision,” she stated.” I look forward to continuing to work with the center to discover new possibilities and bring them to a reality for growth.”

Roberta McCullough Senior Vice President, Operations Institute Capital

CENTER FOR COMMUNITY INVESTMENT

INSTITUTE CAPITAL

Institute Capital (ICAP), a 501c3 organization, is one of five Black-led CDFIs based in North Carolina. Our mission is to stimulate and encourage community and economic development activities that benefit low¬ to moderate-income communities and individuals; provide financing for community development including affordable housing and commercial real estate, small businesses, and community facilities; and expand economic opportunity, improve the quality of life, and empower minorities and low wealth communities. ICAP specializes in loans up to $500,000 to diverse businesses and up to $750,000 for affordable housing activities. The ICAP team has more than 100 years of

combined banking and finance experience that includes lending, CRA and technical assistance for community and economic development. Over its 20-year history, it has leveraged over $1 billion in community economic development activities throughout North Carolina. ICAP is headquartered in Durham, North Carolina.

AREAS OF FOCUS

z Affordable Housing

z Small Business Lending

z HBCU Business Collaborative

z Community Development Investing

2022 ACCOMPLISHMENTS

$20,440,224 Grant Funds Disbursed

Areas served include North Carolina, South Carolina, and Virginia

1,100+ Transactions

$11,356,644 ICAP Direct Loans

CLIENT SUCCESS STORY

BURNETT DEVELOPMENT

BRIAN BURNETT, FOUNDER

Burnett Development is a real estate development company based out of Raleigh, North Carolina specializing in creating affordable housing solutions. Founder, Brian Burnett grew up in the Southeast Raleigh neighborhood and as a result, is on a mission to develop "legacy-friendly" projects. Whatever community revitalization projects they are involved in, they strive to incorporate historical characteristics to the extent possible.

One of their recent projects involved moving two historic houses from one location to another ideal location where they would be converted to student housing. Mr. Burnett approached Institute Capital (ICAP), our affiliate Community Development Financial Institution (CDFI) for assistance with this project. Institute Capital was able to provide funding to move and renovate the two historic homes to convert to twelve affordable housing units for student. The properties have now been relocated and renovations are near completion.

Vice President Center for Professional Services

John Ham

CENTER FOR PROFESSIONAL SERVICES

As the Institute’s consulting arm, the Center for Professional Services (CPS) helps public agencies, community organizations, and the corporate sector play more effective roles in support of equitable economic ecosystems.

CPS assists with market analysis, organizational assessments, industry coaching, program development and planning, sustainability, and opportunities sourcing.

WHAT WE DO

z Public and Private Collaborations

z Supplier Inclusion

z Diversity, Equity, and Inclusion (DEI)

z Executive Management Education

Thrive High Point: Minority Entrepreneurship Initiative is a program offered by Business High Point: Chamber of Commerce, formally launched in Fall 2021. High Point, NC has a diverse population of business owners and budding entrepreneurs. Thrive has been developed to support the broad needs of minority and women-owned businesses in the city.

The concept for the program originated from the High Point Equity Project. Launched in Summer 2021, the High Point Equity Project is a sustainable course of action that supports the growth and development of minority-owned and economically challenged businesses in the City of High Point through the provision of non-traditional business financing, technical assistance, entrepreneurial mentorship, and business coaching.

Several new partnerships helped to generate the project’s momentum, starting with High Point University’s $500,000 challenge gift and the High Point Community Foundation’s agreement to act as

the fiduciary agent. These commitments prompted a steering committee of local leaders, facilitated by High Point’s social innovation consulting firm Change Often, to identify the National Institute of Minority Economic Development (The Institute) as the best partner for collaborative programming.

Thrive High Point is a driving force in enhancing and broadening High Point’s inclusive economic ecosystem.

WHAT THRIVE OFFERS

z Coaching and counseling

z Mentorship

z Networking opportunities

z Shared working space

z Access to capital and grant opportunities

z Training, group sessions, courses, and interactive activities

581 Clients

167 Entrepreneurs Trained

2 Business Starts

$73,336 Grant Funds Disbursed

$100,000 Capital Formation

CLIENT SUCCESS STORY | TESTIMONIAL

“I am writing to you to express my gratitude for the assistance you have provided me in my journey thus far. Every piece of advice and each learning opportunity you've provided has been gratefully received. In December, John Muldoon invited me to take a trip to Eindhoven, The Netherlands. While there I was able to meet some incredible Dutch designers and experience the power of design in The Netherlands' design capital.

I owe a huge thank you to you and Thrive. We are just getting started but with the help from you all, I was able to have a proper beginning to this journey. Thank you Ms. Lynn!"

- Caleb Collins- I Am New Culture (Furniture Designer)

SPECIAL PROJECTS & PARTNERSHIPS

EASTERN NORTH CAROLINA ENTREPRENEURIAL PROMISE

The Eastern North Carolina Entrepreneurial Promise ("ENCEP") is a virtual regional accelerator delivering mentoring, 1:1 coaching, targeted strategic advisory services, and access to capital to 15 small and emerging businesses from across eastern NC. ENCEP is a two-year project of The Institute and Natural Capital Investment Fund, which received funding from the NC IDEA Foundation to launch the program.

ELIGIBLE PARTICIPANTS

Participating companies must have revenues of $250,000 or less and the potential to grow to employ more than 50 people and/or generate revenues greater than $1M. The focus is on women-owned businesses ("WBE") or minority-owned businesses ("MBE") in Tier 1 or Tier 2 counties (33 of 38 counties East of I-95).

WHAT ENCEP OFFERS

z Intensive training to participants (10 weeks)

z 1:1 coaching focused on specific identified needs for development

z Mentoring with an experienced business owner

z Peer networking

z Connections to capital

z Targeted strategic advisory services

PARTICIPANT TESTIMONIALS

"What can I say? Eastern North Carolina Entrepreneurial Promise has been such a wonderful resource for me. Back in 2016, I started Carolina's hierarchy of needs to house the homeless community, and out of that mission I started A Heart 2 Care Family Care Home. I started this business with a passion, but I did not have the knowledge base I needed to operate a business. I had no business experience. I am a first generation entrepreneur.

The amount of information that I gained from being a part of this cohort is priceless. . . The whole team has been so important and so impactful to me. They gave me the skills and knowledge base I need. Before, I did not know what I was doing to the degree that I could scale my business. Since then, I have generated so many resources. I built so much confidence, where I can go out here and scale my business, get the resources I need so I can grow and provide the help I need to the community. Assisted living housing resources are very important and is much needed in our community and I'm so glad to have been a part of this cohort. Again, thank you so much . . . for such a great opportunity to grow and scale my business and learn how to operate my business effectively.”

- Shalakee Edwards, A Heart 2 Care Family Care Home, LLC

"Being a small business owner and just starting up, there's so many things that I overlooked. You can be overwhelmed when you're starting a business, but ENCEP has taught us that solo is a "no, no". Having people in place, networking . . . connecting . . . the value in that. Even looking at your business plan and knowing your why - the consistency you have. This program has literally changed our life and the dynamic of our business. I am so grateful! I will tell anyone who's a business owner who was thinking about starting a business to connect with ENCEP. ENCEP definitely helped us connect the dots, build the confidence, gave us the extra education, the knowledge, and the relationships with other like-minded business owners.

ENCEP - Tell a friend to tell a friend. Tell a business owner to tell a business owner. Thank you all so much for everything behind the scenes, in front of the scenes. You're a blessing! Thank you.”

- Keya S. Taft, Good Ground LLC

COMMUNITY INVOLVEMENT

The leadership and staff of the National Institute of Minority Economic Development understand that community involvement is integral to cultivating a healthy and vibrant society. Participating in our local communities can help create a sense of belonging, foster cooperation and collaboration between individuals, and even work to solve the challenges and issues our communities face. Community involvement can also help us to develop our skills and knowledge, build meaningful relationships, and even inspire us to take action on a larger scale.

In 2022, we focused on increasing community involvement through volunteering, attending meetings, joining local organizations, and simply engaging with our neighbors to help strengthen our communities and improve the quality of life for everyone. Investing in our communities can make a positive difference and create a brighter future for everyone.

2022 COMMUNITY ACTIVITIES INCLUDED:

z World Hunger Day - Durham Central Park, Durham, NC

z Yates Baptist Church - Durham, NC

z Beyond Basketball Youth SummitChavis Heights Community Center, Raleigh, NC

z Back To School Supplies BashApex, NC

z Dress for Success - Charlotte, NC

z Early Voting: Local Voting PollSouth Regional Library, Durham, NC

z Philips Academy, Charlotte, NC

z Black Girl Magic School ProgramThomasboro Academy, Charlotte, NC

z Reaching All Minds (RAM) Academy - Durham, NC

z NC Central University Home Coming Parade - Durham, NC

z Helping Hands Mission - Durham, NC

OUR FINANCIALS

Breakdown of Assets

STATEMENT OF ACTIVITIES | FY 2021 AUDITED

OUR PARTNERS

Thank you to our extensive network of investors and partners, developed over three decades, connects clients with business assistance and opportunity for achieving their business objectives.

AARP

AARP Virginia

Akerman

AmeriCorps

Archer Western Aspen Institute

Association of Women’s Business Centers

Assured Partners

Balfour Beatty

Bank OZK

BEFCOR

Bennett College

Business High Point Chamber of Commerce

Cabarrus Center for Innovation & Entrepreneurship

Carolina Small Business Development Fund

Carolinas-Virginia Minority Supplier Development Council (CVMSDC)

Catalyst Surety Partners

Centennial Surety Associates

Center City Partners

Central Piedmont Community College

Central Virginia African American Chamber of Commerce (CVAACC)

Charlotte Area Transit System (CATS)

Charlotte Business Inclusion

Charlotte Business Resource

Charlotte Douglas International Airport

Charlotte Mecklenburg Library

Charlotte Mecklenburg Schools

Charlotte Works

Children's Home Society

City of Charlotte

City of Durham

City of Fayetteville

City of Greensboro

City of Greenville

City of Hampton, Economic Development

City of High Point

City of Louisville (KY)

City of Norfolk

City of Raleigh

City of Richmond

City of Virginia Beach

City of Winston-Salem

Civic Credit Union

Community Foundation of Greater Greensboro

Cone Health System

Construction Bonds Inc.

CornerSquare Community Capital

Courageous Life Academy

Crowder Construction

CT Wilson Construction

D.G. McGee Enterprises, LLC

Department of Small and Local Business Development (DSLBD)

District Department of Transportation (DDOT)

DiverseCity Services

Duke Energy

Duke University

Duke University Health System

Edward Jones

FAM Construction

Fayetteville Area System of Transit (FAST)

Fayetteville State University

Fifth Third Bank

First Citizens Bank

Flatiron Construction

Foodbuy

Foundation For A Healthy High Point

Foundation For Health Leadership and Innovation

Foundation For The Carolinas

Greensboro Housing Coalition

Groopworks, LLC

Guilford County Department of Social Services

Hampton Roads Connector Partners

Hines Development

IFB Insurance Services

Internal Revenue Services (IRS)

Kauffman Foundation

Kentucky Transportation Cabinet

Kerr-Tar Regional Council of Governments

L A Surety

Lenovo

Lincoln Harris

LISC

Louisville Metro Sewer District (KY)

Mary Reynolds Babcock Foundation

Melville Charitable Trust

Messer Construction

Metcon

Metropolitan Washington Airport Authority

My Local CFO

National Association for Latino Community Asset Builders (NALCAB)

NC Agricultural & Technical State University

NC Central University

NC Department of Administration

– Office for Historically

Underutilized Businesses (HUB)

NC Department of Labor (DOL)

NC Department of Revenue (DOR)

NC Department of Transportation (NC DOT)

NC Education Lottery

NC General Assembly

NC IDEA

NC School of Science & Mathematics

NC Secretary of State Opportunity Finance Network (OFN)

Out of the Garden Project

Owens & Minor

Pacific Western Bank

Partner Community Capital (PCAP)

Piedmont Virginia Community College

PNC Foundation Prospera

PTAC

Raleigh-Durham Airport Authority

Rowan Cabarrus Community College (RCCC)

SAM’S Club Samet

Self Help Credit Union

South Piedmont Community College (SPCC)

SunTrust Foundation

Tami Jaffi Consulting

Thalle

The CDFI Fund

The Lane Construction Co.

The Rural Center

Thread Capital, a division of The Rural Center

Transit Authority of River City (TARC-KY)

Truist Bank

Turner Construction

U.S. Department of Transportation - Office of Small and Disadvantaged Business Utilization (OSDBU)

U.S. Small Business Administration (SBA)

UNC Charlotte

UNC Greensboro Center for Housing and Community Studies

UNC Pembroke

United Infrastructure Group

US Bank

Virginia Asian-Am Chamber of Commerce

Virginia Department of Small Business & Supplier Diversity (SBSD)

Virginia Department of Transportation

Virginia Hispanic Chamber of Commerce

Virginia Union University

Wake Technical Community College

Washington Metropolitan Area Transit Authority

Welfare Reform Liaison Project

Wells Fargo Bank

West Virginia DOT

Woodforest National Bank

Worth Advisors

Z. Smith Reynolds Foundation

INSTITUTE BOARD OF DIRECTORS

Martin Eakes Chief Executive Officer Self-Help/Center for Responsible Lending

Edward Fort, PhD Chancellor & President Emeritus, Professor of Education NC A&T State University

Thurman Smith Senior VP, Territory Executive PNC Bank - Community Development

Suzanne Malone (Treasurer) Chief Executive Officer Strategies for Small Business

Ted Edwards Principal The Banks Law Firm

Jeanne C. Tedrow President & CEO NC Center for Nonprofits

W. Troy Roberts President Alliance of Professionals & Consultants, Inc. (APC)

Michael Suggs (Vice Chairman) President Goler Community Development Corporation

Adam Klein Director of Strategy Capitol Broadcasting Company, Inc.

Nikitra Bailey Executive Vice President National Fair Housing Alliance

Karla E. Haynes Executive Director Cleveland County CDC

Lewis H. Myers (Chairman) Principal and Director, Market Development Perkins+Will (Retired)

Tyrone R. Baines, PhD (Secretary) Supplier Diversity Consultant American Honda Motor Company (Retired)

INSTITUTE CAPITAL BOARD OF DIRECTORS

Tyrone R. Baines, PhD (Secretary) Supplier Diversity Consultant American Honda Motor Company (Retired)

Lewis H. Myers (Chairman) Principal and Director, Market Development Perkins+Will (Retired)

Walter Davis Founding Member Peachtree Providence Partners

Michael Suggs (Vice Chairman) President Goler Community Development Corporation

Kevin J. Price Chief Executive Officer Institute Capital

Suzanne Malone (Treasurer) Chief Executive Officer Strategies for Small Business

Lisa Long Jackson Commercial Relationship Manager Pinnacle Financial Partners

Evan Sitton SVP, CRA/Community Development Pacific Western Bank

Thurman Smith Senior VP, Territory Executive PNC Bank - Community Development

OUR TEAM

(Listed in alphabetical order)

Irma Alvarez Urbina

Funding Processor/Admin Institute Capital

Lu-Ann Barry Executive Director

Women’s Business Center of Greensboro

Talitha Batts, MEd Director Research, Policy & Impact Center

Christian Boyle Accounting Associate II Administration

Tanya Branch, CPA Chief Financial Officer Administration

TF Congleton Commercial Loan Officer Institute Capital

Regina Durham, MA Executive Administrator II Administration

Kaye Gantt, MBA, MCA Executive Vice President & COO Administration

Shara Gibson, MBA Program Director

Women’s Business Center of Richmond

Dannellia Gladden-Green, PhD

Executive Director

Women’s Business Center of Richmond

Rocio Gonzalez

Executive Director

Women’s Business Center of Charlotte

John Ham

Vice President

Center for Professional Services

Linda Hughes, MS Technology and Innovation Manager Administration

Darrell Izard Accounting Associate I Administration

Kaela Keaton Program Director

Women’s Business Center of Greensboro

Kayla Larkins Marketing Associate Administration

Brandon Lee

Supplier Diversity & Inclusion Mgr. Center for Professional Services

Tianna Leger, MS Program Director

Women’s Business Center of North Carolina

Alyssa Mako, CGBP Vice President Center for Entrepreneurship

Roberta McCullough Senior Vice President of Operations Institute Capital

Bruce McIver Director Institute Learning Lab

Lynn Mitchell Executive Director THRIVE High Point

Eric Nelson, MBA Director of Business Development (Western NC & SC) Institute Capital

Sharon Nelson Director of Business Development Administration

Janet Nghiemlee Office Manager II Administration

Vanessa Nicholas Corporate Marketing Specialist Administration

Sheila Obregon Program Manager

Women’s Business Center of Charlotte Elizabeth Palmquist

Loan Closer/Compliance Officer Institute Capital

Angela Poole, CPA Vice President of Finance Administration

Kevin J. Price, MBA, MHA President & CEO

Stephen Sills, PhD Vice President

Research, Policy & Impact Center

Dan Stafford, MBA, ASBC, CGBP Compliance and Resource Director Administration

Jenine Stevenson, SSGB Project Coordinator South Atlantic Region Small Business Transportation Resource Center

Will Taylor

Director of Business Development (Central & Eastern NC, Greater VA) Institute Capital

Phyllis Thornton Administrative Support

Women’s Business Center of North Carolina

Suling Walker Executive Director

Women’s Business Center of North Carolina

Kelcy Walker Pope, PhD

Director of Health Equity Initiatives

Research, Policy & Impact Center