2023 Institute Annual Report

LETTER FROM THE PRESIDENT

The impact of the National Institute of Minority Economic Development (Institute) on the lives and communities often overlooked for economic resources remains strong and continues to build on our rich legacy!

The Institute and our affiliate Institute Capital (ICAP) experienced exciting growth in 2023. It would not have been possible without the stewardship and wise counsel of our board of directors, dedicated advisory council members, corporate, foundation, banking partners and a staff of amazing professionals.

Our four distinct lines of business (Centers of Excellence) drove advocacy, data, entrepreneurship, access to capital, collaboration and economic prosperity. Through these Centers we provided meaningful education, training, access to capital and growth strategies to address the root causes of economic and social disparities.

The Institute and ICAP created new local and international relationships. We accessed new capital from our banking partners and made those resources available to our clients. We also increased our visibility and credibility with corporate and government partners.

This annual report will highlight the community benefit and growth of the Institute and ICAP. It also will introduce a new structure that includes a second affiliate, Institute Community Development Initiative (ICDI), highlighting a return to our roots of wholistic community economic development engagement. We also will spotlight small business initiatives, client success stories, and examine the financial trends moving us forward.

Thus, the Institute remains on track for strengthening the asset base of diverse populations through policy, education, and economic opportunities.

Yours on the Journey,

Kevin J. Price President & CEO

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

Economic Prosperity for Diverse Populations

WHO WE ARE

For more than 38 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, policymakers, 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

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

3 ADVOCATE

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.

4 FINANCE

5

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.

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

2023

z Association of Women's Business Centers WBC of Excellence

z U.S. Small Business Administration Community Advantage SBLC

2022

z Charlotte Business Journal "Power 100"

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

ORGANIZATIONAL STRUCTURE

•Data team

•Collaboration with Subject Matter Experts (SMEs)

•Quarterly surveys

•Strategic Priorities

•Economic Development

•Policy Development

•Education

•Advocacy

RESEARCH, POLICY & IMPACT CENTER

•Education, training, T/A

•Workshops

•Capacity building (for/nonprofits)

• Construction and Bonding support

• Learning Lab

CENTERFOR ENTREPRENEURSHIP

•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

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.

SUCCESS STORY

In March of 2023, The Research, Policy, and Impact Center (RPIC) was chosen to assist the One High Point Commission in completing its 2021 mandate to conduct research and develop policy recommendations for reparations and restorative policies in the City of High Point. High Point is one of the first dozen cities in the United States to formally seal at the reparations commission.

For a year and a half, the Commission held monthly public meetings, in addition to a Commission retreat in October 2022 and a joint meeting with the NAACP in March of 2023.

RPIC was engaged to project manage the development of a final report that included original research from Dr. Omar Ali of UNC Greensboro; Dr. Paul Ringel of High Point University, and Dr. Virginia Summey. Dr. Stephen Sills, then the Senior Vice President of RPIC, performed a meta-analysis of research he conducted on socioeconomic conditions in High Point and Guilford County over the past decade. Lea Henry, Director of Housing Equity Initiatives, served as the project manager and proposed the policy recommendations which were considered and refined by the Commission.

The final report compiled research on the impact of slavery, Jim Crow, and discrimination on the Black residents of High Point. This data was used to create policy recommendations in several areas, including housing, transportation, and health. The final report was unanimously accepted by the members of the One High Point Commission in July 2023. In August 2023, RPIC staff Dr. Stephen Sills and Lea Henry participated in a public information meeting at the High Point Theater that was attended by hundreds of community members.

On September 18, 2023, the High Point City Council made history by approving the One High Point Commission report and instructing staff to continue due diligence on the recommended policies.

One High Point Commission (OHPC) August 2023 Panel

OHPC Commissioners and Project Manager - July 2023

OHPC Project Manager Chair and Consultants

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)

PROGRAM MILESTONES

z Women in Transportation Initiative (WITI) Areas served include KY, NC, VA, WV and metro DC region

CLIENT SUCCESS STORY | TESTIMONIAL

MICHELE HORN | LANDART SOLUTIONS

Michele Horn is the CEO and Owner of LandArt Solutions based out of Fayetteville, North Carolina. Horn has experience in art and business and has put together her two passions to create a thriving landscaping business.

Since 2008, LandArt Solutions has been providing premier landscaping services to North Carolina. LandArt believes in providing innovative and sustainable landscaping. They provide their services to residential, government, and commercial clients.

Horn and her team believe in the acronym G.R.I.T. which stands for Growth, Respect, Integrity, and Teamwork. It is these beliefs and values that have helped LandArt to grow throughout the years. In fact, LandArt Solutions has been recognized as a North Carolina “Best Place to Work.”

“I have been blessed with an ongoing multi-year relationship with the SBTRC and I don't take that for granted. The SBTRC has an overwhelming amount of resources in place for women and minority-owned businesses, you have to learn when to plug yourself into what is offered. Two very large personal and company growth leveraging opportunities were afforded to me through the sponsorship partners of the SBTRC; both required large commitments of my time away from my day-to-day business. I now approach business with more confidence, with the power of information based decision-making skills, and with a network of peer entrepreneurs as accountability partners.” – Michele Horn

With a continued drive to succeed, there is no doubt that LandArt Solutions will continue to grow and thrive. LandArt has continued to get larger contracts - recently obtaining over $1 million in contracts with Barnhill Contracting and a $ 1.4 million contract in Morrisville, NC. LandArt Solutions also has completed Federal contracts at Fort Liberty in Fayetteville, NC.

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

CLIENT SUCCESS | TESTIMONIALS

BAILEY HOLSTON | AUTO REPAIR MOM

Bailey Holston had worked for several years in several autobody shops for high-end car brands and had dreams of owning her business, “where women felt heard and confident, they had received the right guidance about their car repair needs”. Bailey attended a WBCC virtual workshop in October of 2022 on how to start your business and requested 1:1 business counseling where she learned about sources of personal capital and loan funds, business formation, market research, and the process and what to look for when securing a commercial location. With her and her husband’s investment and a micro-loan, Bailey purchased 3 lifts, an air compressor, an oil tank, and other equipment, remodeled the building and office space, and opened her business on May 1st, 2023. She is employing 3 Fulltime technicians. Bailey said she did not know how to start her business and WBCC’s help and connections were impactful.

“Hi, I’m Bailey Holston. I wanted to give a shoutout to The Women’s Business Center for helping me open my business. I went to a 5 Key Steps to Designing Your Business class when I decided I wanted to open my shop and they helped me get in touch with a business coach and also met someone who helped me finance and get loans for my business so I could open, and they were a great help to me. I’ve been open since May 1, 2023. If you need help just get connected to the Women’s Business Center.” -

Bailey Holston

LAKISHA WILLIAMS | SKY3 GENERAL CONTRACTING, CONSULTING & DESIGN

Lakisha Williams started her business with one employee, and she is now employing 15 covering several counties surrounding the Charlotte area.

“Hi, my name is Lakisha Williams, Sky3 General Contracting Design and Consulting LLC. I was introduced through a mentor of mine and my gosh that introduction has made a huge difference in my business. Through customized 1-1 coaching I received guidance through every step of the way, from start up to where I am now. Access to grants through partnerships with different banks and just that leadership knowing how to finance your business and what to do first and next is very important as well. Business planning and certification assistance, very important... So now I am certified with 5 different entities in the city of Charlotte and I am able to respond to RFPs which is extremely important in the construction industry. Finally, the opportunity to network with prime contractors or the opportunity to go to conferences such as the ENC conference really allowed me to pivot and find exactly what I wanted to do. So, the Women’s Business Center just a special thank you to you for allowing me to grow my business with your support.” -

Lakisha Williams

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 the 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.

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 written business plans.

z Loan package preparation assistance and lender referrals.

z Certification assistance and review.

z Networking opportunities to find mutual support, access to resources and business referrals.

z Global business development.

CLIENT SUCCESS STORY

WBC GREENSBORO INAUGURAL COHORT: R.E.A.L. ENTREPRENEURSHIP IN PARTNERSHIP WITH EAST GREENSBORO NOW

FOCUS

Business Plan Development BACKGROUND

During our inaugural year, the need for assistance with business plan development was received from various events and counseling sessions conducted. In response, we were able to develop a partnership with East Greensboro NOW which already had a curriculum in place and was prepared to offer it postpandemic.

THE RESULT

Out of 16 applicants, the inaugural R.E.A.L. Entrepreneurship cohort consists of 12 entrepreneurs who were ready to take the next steps in their business development. For some that will reflect the first time building a business plan and tasks to support moving from ideation into execution while for other participants, the conclusion of this cohort will position them to update existing plans to build capacity with the development of new services and products. At the conclusion of this program, WBCG will have clients ready to continue building on our existing relationship as we work together to launch new businesses in Guilford County.

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 52

CLIENT SUCCESS STORY

ANITA TURNAGE JONES | ANITA'S MARKETING AGENCY

In the heart of Wilson, North Carolina, Anita Turnage Jones turned her dream of creating a thriving marketing company into reality with Anita's Marketing. In 2010, she took the bold step of moving her business from the confines of her home to a vibrant space in Wilson County. Anita, like many other small business owners, faced challenges after COVID and sought ways to elevate her company to the next level. This is where the WBCNC got involved in 2023, providing invaluable support through their team of expert business consultants. One of the key milestones in Anita's journey was navigating the Economically Disadvantaged Women-Owned Small Business (EDWOSB) certification application process. The WBCNC counselor not only assisted her in completing the application but also educated her on how to effectively leverage this credential.

Awarded and armed with her EDWOSB certification a few months later, Anita's Marketing gained access to set-aside government contracts, opening new avenues for funding and growth. The WBCNC's strategic guidance enabled Anita to tap into opportunities that were previously out of reach, propelling her business to new heights. But the support didn't stop there. WBCNC's business coaching played a crucial role in helping Anita expand her staff through innovative approaches. By tapping into local university marketing internships, Anita's Marketing not only brought fresh perspectives to the team but also contributed to the growth of the next generation of marketing professionals.

Anita's commitment to her clients, coupled with the newfound resources and strategies provided by WBCNC, transformed her small marketing hub into a dynamic success story. Passionately serving our clients and being dedicated to excellence is a hallmark of ours, as a recognized “WBC of Excellence” through the Association of Women’s Business Center’s (AWBC) program.

Today, Anita's Marketing stands as a testament to the power of dreams, supported by the collaborative efforts of a visionary entrepreneur and the strategic guidance of the Women's Business Center of North Carolina. The success story of Anita's Marketing is not just about business growth; it's a narrative of empowerment, resilience and the impactful role that programs of The National Institute, like the WBCNC, play in fostering success for small businesses within our communities.

THE WOMEN’S BUSINESS CENTER OF RICHMOND

The mission of the Women’s Business Center of Richmond is to empower women entrepreneurs to achieve economic success by providing them with the resources and support they need to start, grow, and scale their businesses. Located on the campus of Virginia Union University, WBC Richmond is uniquely poised be a leading advocate and technical assistance provider for women entrepreneurs in Central Virginia.

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

CLIENT SUCCESS STORY | TESTIMONIAL

CHAZITY JAMES | NOTOVA CAFÉ, LLC

Meet Chazity James, a determined entrepreneur whose journey with WBC Richmond has been nothing short of transformative. Chazity, the founder of a local restaurant brand Notova LLC, turned to WBC Richmond in early 2022 seeking guidance to finally get her business off the ground.

Upon contacting our center, Chazity gained access to personalized mentoring and skill-building workshops through her participation in Business Start Bootcamp and Becoming Your Own CEO programs. Our dedicated team provided her with crucial insights into sustainable business practices, marketing strategies, and financial management. Through our technical assistance initiatives, Chazity not only refined her business plan but also negotiated a lease to open her first brick and mortar location.

Today, Chazity’s restaurant has experienced remarkable growth, gaining recognition for serving quality meals and classic Cajun cuisine. Her success not only underscores the impact of WBC Richmond's comprehensive support but also serves as a testament to the potential that lies within every woman entrepreneur.

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 SUCCESS & TESTIMONIAL

NIADRA PRATT PASSAGES COUNSELING

On November 10, 2023, during the final cohort session Niadra Pratt, Founder of Passages Counseling was honored with the “Most Likely to Scale” award from the Eastern NC Entrepreneurial Promise (ENCEP). Pratt reflects on her journey as a local business owner and the recognition that comes with a $2,500 grant.

Pratt’s decision to enroll in ENCEP was motivated by a friend’s positive experience. Her primary objective was to enhance her skills as a businessperson. Winning the “Most Likely to Scale” award was a pleasant shock, and Pratt acknowledges the hard work put in during the program.

“Every day since I was accepted into ENCEP, I have leaned on [my goal] and applied everything that was provided as a way to enhance the vision that I have for the agency,” noted Pratt. The $2,500 grant accompanying the award is a significant asset for Passages Counseling’s growth. Pratt’s strategic allocation of these funds is grounded in key initiatives to enhance the impact and reach of services. A portion will assist with the Sliding Scale Fee Assistance Program, ensuring accessibility. Another part will contribute to the introduction of specialized counseling programs tailored to address specific community needs. As an entrepreneur, Pratt has faced challenges that come with the territory. One significant hurdle was securing consistent and sustainable funding. “In the face of financial uncertainty, I learned the importance of financial planning, budgeting, and exploring diverse revenue streams,” reflected Pratt. Flexibility and a proactive approach to change became guiding principles in navigating the unpredictable nature of the business. Looking ahead, Pratt envisions sustained advocacy for mental health and substance abuse awareness, reduction of associated stigmas, and the cultivation of a safe and supportive community.

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

z Affordable Housing

z Small Business Lending

z HBCU Business Collaborative

z Community Development Investing

CLIENT SUCCESS STORY

MAGNOLIA HOUSE

Once a haven for African Americans traveling during segregation, the Magnolia House is being given a new life thanks to the dedication of Natalie Pass Miller and her family. The historic Greensboro motel has been undergoing renovations for decades, and Pass Miller has taken up the torch from her father, Sam Pass, to see the project through to completion.

Pass Miller's commitment to the Magnolia House is a shining example of Institute Capital's dedication to supporting the revitalization of historic communities. Through Institute Capital's support, Pass Miller has been able to make significant progress on the renovations, and the Magnolia House is poised to become a cornerstone of the Greensboro community once again.

Here are some of the key results that Pass Miller has been able to achieve:

z Secured funding for the continuation of the renovation project

z Increased awareness of the Magnolia House's history and significance

z Connected with resources and expertise to help complete the project

The Magnolia House story is a testament to the power of community and collaboration. With the continued support of Institute Capital and the Greensboro community, Pass Miller is confident that she will be able to fulfill her father's dream and reopen the Magnolia House as a beacon of hope and opportunity. With Pass Miller's dedication and the community's support, the Magnolia House is poised to become a cornerstone of Greensboro's cultural heritage.

CLIENT SUCCESS STORY

RAPID STRATEGY

Rapid Strategy, a cybersecurity and IT management solutions provider, has quickly established itself as a disruptor in its field since its inception in 2021. Based in Charlotte, NC, the company is on a mission to transform IT and cybersecurity as organizations transition to cloud-based solutions.

At the helm of Rapid Strategy are co-founders Ron Meeting and Jesse Rhee. Ron, serving as CEO, brings nearly two decades of experience in cybersecurity, with a background spanning financial services and federal government roles. His expertise includes significant stints as a Global CISO in the financial and healthcare sectors, and work on various cyber intelligence missions with the DHS and DoD. Jesse, the COO, has a rich history in IT management solutions, consulting for Fortune 100 companies across federal, banking, and healthcare sectors. Their partnership was born from a chance meeting and a mutual understanding of the challenges in technology from a minority perspective, along with a shared vision for community development.

Rapid Strategy's journey so far has been marked by significant achievements. They have been recognized as a HubZone business, acclaimed as Charlotte NC’s Best Small IT Services firm, and nominated by NC Tech for the Best Use of Cyber Technology in NC. The company also won the Fannie Mae Diverse Supplier selection program and secured a position on the GSA MAS federal contracting vehicle. Their client portfolio boasts prestigious names like the Federal Trade Commission, Federal Reserve Board, and Veterans Affairs.

A noteworthy aspect of their work includes supporting the White House in the Executive Order on National Cyber Workforce and Education Strategy. More recently, they entered a teaming agreement with a major defense contractor to provide cybersecurity services for the U.S. Army.

Beyond business achievements, Rapid Strategy is deeply committed to community service and social responsibility. Their initiatives include mentoring programs, hiring graduates from North Carolina universities, offering internships, and making generous donations to various non-profits like the CLT Foundation and Neighborhood Hope through QC SWAP. Impressively, they have contributed over $2,500 in two years to events like Bad Prom. Furthermore, they are actively involved in initiatives benefiting dogs, reflecting a broader commitment to community well-being.

In line with the recent Executive Order signed by President Biden on Cyber Workforce Development, Rapid Strategy has played an instrumental role. They reviewed the drafted policy, provided feedback, and endorsed it, thus committing to introducing organizations like nPower and ITSMF to support the cause. The company has set ambitious goals, including employing 500 minorities and veterans in cybersecurity, thereby contributing to national security and homeland protection.

Through these diverse initiatives, Rapid Strategy is not just a small business entity but a socially responsible organization, dedicated to fostering inclusivity, community engagement, and workforce development, thereby redefining the narrative in the cybersecurity domain.

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

SUCCESS STORY

NIMED was selected for participation in the International Economic Development Council’s Equity Communities Cohort 2023. This technical assistance cohort is meant to assist local economic development leaders to create and implement locally tailored strategies that will increase equitable economic development through an equity action plan. NIMED’s scope of work is to increase affordable housing in North Carolina through development and redevelopment. To achieve this goal, the Institute will focus on

bringing together and providing support, training, and capacity-building efforts to North Carolina’s Community Development Corporations (CDCs). As part of this cohort, NIMED hosted an IEDC team in August with experts from Ohio, Pennsylvania, and Virginia to provide recommendations on achieving NIMED’s scope of work. During our site visit, the team recognized high levels of community respect for the work of NIMED and enthusiasm from the stakeholder community to be involved in moving in partnership with NIMED.

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 (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

174 Clients Served

101

25 Community Outreach Sessions

68 Coaching Sessions

CLIENT SUCCESS STORY | TESTIMONIAL

KIT-TENA

FERGUSON | SOULSTICE LLC

"As the proud minority business owner of Soulstice, LLC, and member of THRIVE, I am thrilled to share my incredible success story, all thanks to the unwavering support and guidance I received from the Institute.

When I first embarked on my entrepreneurial journey, like others, I faced challenges and uncertainties. However, the Institute provided me with the knowledge, resources, and mentorship I needed to overcome these obstacles and thrive in the competitive business landscape.

Through your comprehensive programs and workshops, the Institute empowered me with essential skills in business strategy, marketing, financial management, and more, especially for my industry, health, and wellness. The expert guidance I received helped me develop a solid foundation for my business and equipped me with the tools to make informed decisions scaling.

Moreover, the Institute's network of industry professionals and fellow minority business owners proved to be invaluable. The connections I made through your community allowed me to collaborate, share insights, and learn from others' experiences. This support system fostered a sense of camaraderie and encouragement, which motivated me to push boundaries and strive for excellence.

It has been an honor to be recognized as a valuable and growing business in my community. I am grateful for Lynn Mitchell, Executive Director of THRIVE High Point and their entire team. I was overjoyed to be chosen as a THRIVE Honoree at the 2023 THRIVE Summit, as well as a Spotlight Business for the event. Another proud moment of recognition was winning 2023 Minority Business of the Year through the High Point Chamber of Commerce. This is an example of how support and resources propel new and small businesses to big wins. It was truly amazing to be featured in High Point Discovered Magazine where I was able to share my own personal story of natural healing and my journey to opening Soulstice as a new wellness lounge in High Point, NC.

In addition to the educational and networking opportunities, the Institute played a crucial role in connecting me with potential clients and partners; I am excited about new collaborative ventures I have with other businesses in my community. The extensive network and reputation opened doors that would have otherwise remained closed, allowing me to grow my business and reach new heights.

The ongoing support from the Institute did not end with the completion of the programs. You continued to provide guidance, mentorship, and resources, ensuring that I stayed on the path to success. The commitment to my growth and development as a minority business owner was evident in every interaction.

Thanks to the unwavering support of the Institute, I have not only achieved many business goals but have also become a role model and inspiration for aspiring minority entrepreneurs, opened more conversations and opportunities to educate people about mindfulness and holistic healing therapies and the importance of wellness for entrepreneurs. The Institute’s dedication to fostering diversity and inclusion in the business world has had a profound impact on my journey, and I am forever grateful for your support. Thank you.

- Kit-Tena Ferguson, Soulstice, LLC

The Institute’s Minority Executive Education Institute (MEEI) delivers a comprehensive and robust graduate level business education program supporting the growth and development of minority businesses. MEEI business education builds the capacity and extends the capabilities of minority firms through:

z Extensive Course Content

z Leading Business Experts

z Access to New Business Resources MEEI programming utilizes the talents of graduate-level professors from universities across the state and leading business experts, creating a powerful learning experience that gives minority and women business owners concrete knowledge that can be used to grow revenue, expand into new markets, or launch new product ideas.

“The MEEI Program equipped me with tangible skills, such as effective communication, strategic thinking, and legacy strategies. Through selfreflection and deep discussions, I gained a heightened awareness of my strengths, areas for growth, and the importance of embracing my identity as the leader of my organization.

As I reflect on my journey, I am grateful for the MEEI Program for helping me unlock my full potential as a leader.”

- 2023 MEEI Alumni

COMMUNITY ENGAGEMENT

The leadership and staff of the National Institute of Minority Economic Development understand that community engagement 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 engagement 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 2023, 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.

2023 COMMUNITY ACTIVITIES:

z AWBC Board - Virtual

z Black Girl Rally - Girls for a Change, Richmond, VA

z Bridge Spirit Night - MBL, Richmond, VA

z Caring House Meal Program - Caring House, Durham, NC

z Caterpillar M. Independence Countries Celebration Event - Huntington Green Community - Huntersville, NC

z Caterpillar Ministries

ƒ Christmas Toy Store - Lake Forest Church in Huntersville, NC

ƒ Community Dinner - El Buen Samaritano Church in Huntersville, NC

ƒ Board meeting - Dad's House Huntersville, NC

ƒ Extra-meeting - Virtual

ƒ Fund-raising Meeting - Dad's House Huntersville, NC

z Compassion for Others

ƒ Christmas Event for low-income families - Huntington Green Community - Huntersville, NC

ƒ Back to School - Church of God Children's HomeConcord, NC

ƒ Christmas Events Program Planning - Virtual

ƒ Feeding Program Planning - Virtual

ƒ Ukraine support & 1st year meeting - Huntersville, NC

z Durham World Hunger Day 2023 - Durham Central Park - Durham, NC

z Lake Forest Church Soccer Camp for Kids - Lake Norman Charter - Huntersville, NC

z Latin American Coalition IDs for Immigrant CommunityLake Forest Church Social Area - Huntersville, NC

z Loaves & Fishes (meals for needy families) - YMCA (McCrorey Branch) - Charlotte, NC

z Making Strides Walk - American Cancer Assoc. - South Park Amphitheater Charlotte, NC

z PCAP Board - Virtual

z Share Your Christmas Drive - Yates Baptist ChurchDurham, NC

z Shockhoe Bottom Beautification Day - MBL, Richmond, VA

z Susan G. Komen Race for the Cure - Boxyard RTP, NC

z Tarheel 10 Miler - UNC-Chapel Hill, NC

z Wigs for Kids - Aveda Institute - Chapel Hill, NC

z YMCA Food Giveaway - YMCA Manchester, Richmond VA

RESOURCE DEVELOPMENT SPOTLIGHT

Since the merger between the NC Institute of Minority Economic Development and NC Community Development Initiative in 2020, now known as the National Institute of Minority Economic Development; we have seen a tremendous amount of growth and new partnerships across the organization, making development especially exciting!

Some of our key highlights include:

z Gaining relationships with several new funders, including Principal Foundation, Aspen Institute, Community Foundation of Greater Greensboro, and Community Foundation of Greater Richmond.

z We experienced an increase of $700,000 in total grant funding for 2023 compared to 2022 ($1.9 million in 2023, $1.2 million in 2022)

z Receiving a $2.2 million grant from the State of North Carolina to renovate our building in Raleigh. That funding, along with significant contributions from Wells Fargo, the Lenovo Foundation, and Bank of America allowed us to fully upfit this location with state-of-the-art technology and a new training room with private workstations, small group meeting rooms, and more. The building was reopened in 2023 as the Abdul SM Rasheed Center for Entrepreneurship and will house the Institute’s new Student Entrepreneur Learning Lab in addition to other programs.

z To ensure the future of our work, we launched the Institute Legacy Fund at the 2023 Executive Networking Conference (ENC ’23). We’ll be sharing more about this leading up to our 40th Anniversary in 2026. This fund is specifically designed to support long-term sustainability for the critical programs and services provided by the Institute.

If you are interested in becoming a Legacy Donor or your company would like to learn more about our work and how you can support the Institute, please contact: development@theinstitutenc.org

GRAND OPENING & DEDICATION

TO THE

ABDUL SM RASHEED

CENTER FOR ENTREPRENEURSHIP & STUDENT LEARNING LAB

Institute Capital Among 10 CDFIs Selected by Aspen Institute to Launch “Shared Success” Project Scaling Small Business Job Quality

This special fund will ensure that the mission set forth by the late Andrea Harris will be carried forward by the Institute indefinitely - and that we will continue to be present, walking side-by-side with future women and minority leaders in small business pursuits across our growing circle of impact. Your gift helps us build that future now. We are grateful to have you be part of that.

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

Appalachian Community Capital

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

CT Wilson Construction

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

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 Bank

First Citizens Bank

First Horizon 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

NC Agricultural & Technical State University

NC Central University

NC Department of Administration –Office for Historically Underutilized Businesses (HUB)

NC Department of Commerce

NC Department of Information Technology

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 National Association for Latino Community Asset Builders (NALCAB)

Opportunity Finance Network (OFN)

Out of the Garden Project

Owens & Minor

PNC Bank & PNC Foundation

PTAC

Pacific Western Bank

Partner Community Capital (PCAP)

Piedmont Virginia Community College

Pinnacle Financial Partners

Prospera

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. Bank

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

Virginia Asian-Am Chamber of Commerce

Virginia CDFI Coalition

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

Self-Help/Center for Responsible Lending

Martin Eakes

Chief Executive Officer

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

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

Ted Edwards Principal The Banks Law Firm

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)

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

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)

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)

Amanda Alston Program Manager THRIVE High Point

Irma Alvarez Urbina Technical Assistance Coordinator/ Compliance Support Institute Capital

Lu-Ann Barry Executive Director Women’s Business Center of Greensboro

Christian Boyle Assistant Controller Administration

Tanya Branch, CPA Chief Financial Officer Administration

LaToria Brent Project Director, DC Metro

South Atlantic Region Small Business Transportation Resource Center

Tiwarda "TF" Congleton Senior Credit Officer Institute Capital

Regina Durham, MA Executive Administrator II Administration

Jessica Fludd

Director of Human Resources Administration

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

Shara Gibson, MBA Executive Director

Women’s Business Center of Richmond

Rocio Gonzalez Executive Director

Women’s Business Center of Charlotte

John Ham Vice President Center for Strategic Partnerships

Lea Henry Interim Vice President Research, Policy & Impact Center

Linda Hughes, MS Technology and Innovation Manager Administration

Shoneca Kent Director of Housing Equity Initiatives Research, Policy & Impact Center

Hannah King Marketing Associate South Atlantic Region Small Business Transportation Resource Center

Tianna Leger, MS Program Director

Women’s Business Center of North Carolina

Leslie Lewis Business Development Manager Institute Capital

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 Resource 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 Manager Institute Capital

Angela Poole, CPA Vice President of Finance Administration

Kevin J. Price, MBA, MHA President & CEO Administration

Nicole Salle Program Director Women's Business Center of Richmond

Phyllis Thornton Program Manager Center for Strategic Partnerships

Kelcy Walker Pope, PhD Director of Health Equity Initiatives Research, Policy & Impact Center

Business

AUGUST 5-7, 2024

At the legendary PINEHURST RESORT

Course No. 8 “The Centennial Course”

The Executive Networking Conference (ENC) was established in the mid-1980s as a means of building relationships and supply chain opportunities for minority business executives. Over the years ENC evolved into the state's premier professional development and business 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.

REGISTER TO ATTEND

www.TheInstituteNC.org/ENC24

www.TheInstituteNC.org/ENC24sponsor BECOME A SPONSOR

www.TheInstituteNC.org/ENC2024hotel

Premier

Networking Conference & Golf Tournament

Tanzanian ECONOMIC DEVELOPMENT SUMMIT

Save the Dates

MARCH 10-14, 2025

Hyatt Regency - Dar Es Salaam

An executive-led summit bringing together key government and business leaders from the U.S. and Tanzania.

The summit will provide opportunities to engage and develop relationships with Tanzania businesses and government executives, learn more about Tanzania government priorities, and present U.S. company products and solutions that can help the Tanzania government achieve its economic goals.

The summit will focus on the following priority sectors:

- Healthcare

- Technology

- Manufacturing

- Agriculture - Travel & Tourism

Dar Es Salaam

Embassy of the United Republic of Tanzania in Washington D.C.

The

Contact :

P

F : (919) 688-7668

E

National