LETTER FROM THE PRESIDENT
The National Institute of Minority Economic Development continues its rich history as a catalyst in the community economic development ecosystem throughout the region.
Our subsidiary, Institute Capital (ICAP), a Community Development Financial Institution (CDFI), continues its growth trajectory by deploying over $27M since 2021.
The Institute launched its second subsidiary, Institute Community Development Initiative (ICDI), a community development corporation or CDC. ICDI will act as an intermediary to mature or robust CDCs across the region, providing technical assistance, capacity building, project support, and operations funding. These services allow us to return to the services the North Carolina Community Development Initiative used to provide.
The addition of ICDI is exciting! It means that the Institute has evolved into a holistic community economic development catalyst. The Institute engages in policy and continues to support minority and women-owned businesses. ICDI focuses on community revitalization and stability via affordable housing and retail, and ICAP provides funding for both.
This annual report will highlight the community benefit and growth of the Institute, ICAP, and lay the groundwork for ICDI. We will also spotlight small business initiatives, client success stories, and relevant impact data while examining the financial trends and political landscape moving us forward.
Thus, the Institute remains on track to strengthen the asset base of diverse populations through policy, education, and economic opportunities.
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.
VISION
Economic Prosperity for Diverse Populations
WHO WE ARE
For 39 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.
2
ADVISE
We provide consulting services and awareness training to government agencies, large corporations, and municipalities.
3
MANAGE
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
ADVOCATE
Founded as a policy think tank in 1986, the Institute advocates against systemic social and economic injustices plaguing diverse people and communities. 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
2024
z Association of Women's Business Centers WBC of Excellence
z Eden Estates International President's Volunteer Service Award
z Kaye Gantt, Executive Vice President & COO nominee for COO of the Year Award - Operations Council
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 EVOLVED 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
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 & COO of ICAP appointed as Chair to the Board of Association of Women’s Business Centers
2024 TELLY AWARDS
National Institute of Minority Economic Development partnered with Rutherford Media Group and BLACKumentary Films to produce a three-part documentary entitled, "The Phenomenal ALH", which chronicles the life of Institute Founder and Visionary, Andrea L. Harris.
In 2024, this three-episode production earned two Telly Awards in the following categories:
DOCUMENTARY: LONG FORM (ABOVE 40 MINUTES) NON-BROADCAST
HISTORY - NON-BROADCAST
View the three-episode documentary: TheInstituteNC.org/ThePhenomenalALH
ORGANIZATIONAL STRUCTURE
CENTERFOR COMMUNITY ECONOMIC DEVELOPMENT
•Support CDCs
•Public/Private Collaborations
•Provide Affordable Housing
•Policy OPS
CENTERFOR ENTREPRENEURSHIP
•Education, Training, T/A
•Workshops
•Capacity Building
•Construction and Bonding Support
•Learning Lab
CENTERFOR COMMUNITY INVESTMENT
Financing
•Affordable Housing
•Diverse Businesses
Non-Profit Capacity Building
•Support CDCs
•Engage HBCUs
z The Center for Entrepreneurship provides meaningful education, training, growth strategies and technical assistance for diverse businesses. 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.
z Institute Capital is a CDFI that provides access to capital for small and diverse businesses, non-profit affordable housing developers, and community development organizations with the intent of improving the financing environment with fair and equitable lending practices.
z Institute Community Development Initiative (ICDI) is a trusted intermediary that supports the CDC network. ICDI’s work involves strategic investment, smart policy, and sector leadership. Whether investing in promising affordable housing developers, helping communities rebuild after hurricanes and other disasters, supporting community revitalization driven by the needs of community residents, or building a pipeline of future community development leaders, ICDI works to create thriving communities with opportunity for all.
Lea Henry Vice President Institute Community Development Initiative
CENTER FOR COMMUNITY ECONOMIC DEVELOPMENT
INSTITUTE COMMUNITY DEVELOPMENT
INITIATIVE
Institute Community Development Initiative (ICDI) leads collaborative community economic development efforts, driving innovation, investment, and action to create prosperous, sustainable communities.
ICDI has been established as a trusted intermediary to strategically assemble and invest funds in community development organizations across the state. We have grown and adapted our programs and strategies as the community development needs of our state have changed; however, our commitment to North Carolina communities has remained constant.
Our work involves strategic investment, smart policy, and sector leadership. Whether investing in our state’s most promising affordable housing developers, helping communities rebuild after hurricanes and other disasters, shaping state and local policy, supporting community revitalization driven by the needs of community members,
or building a pipeline of future community development leaders, the Initiative is working to create thriving communities with opportunity for all.
GOALS
z To act as project subject matter experts of community economic development and act as a network resource to the community
z Establish working relationships with existing high performing CDCs
z Provide project related consulting and support to the CED network
z Educate the network on community economic development best practices
z Support high performing CDCs with operating support
z Engage in community economic development activities on Institute owned property and where no CDC exists
The objective of ICDI is to reestablish a robust community economic development support system to high performing CDCs while conducting community economic development activities in communities where invited and/or no CDC exist.
PROGRAM MILESTONE
In December 2024, the Institute Community Development Initiative (ICDI) team celebrated the culmination of the inaugural cohort of the Guilford County Homeownership Pipeline Project Developers Capacity Building Program (DCBP).
The DCBP is envisioned to create business and housing development opportunities in Guilford County for emerging and seasoned developers by offering a robust curriculum regarding the fundamentals of low-to-middle priced housing development projects. Participants completed the 9-week cohort with new connections, further knowledge, and resources for successful real estate projects.
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.
113 Clients Served
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)
PROGRAM MILESTONES
Areas served include KY, NC, VA, WV and metro DC region
358 Entrepreneurs Trained
$33,155,398 Contracts Awarded
80 Jobs Created/ Retained
$482,500 in capital / loans / bonding Assisted clients in obtaining
CLIENT SUCCESS STORY | TESTIMONIAL
Mr. Roper first connected with SBTRC staff while attending the Bonding Education Program (BEP) series in 2015. As the owner of Roper Construction, he was looking for subcontracting opportunities and resources to help expand the business.
During the BEP series, Mr. Roper was able to establish relationships with subject matter experts in construction accounting, safety and project management, connect with prime contractors who offered valuable insight into upcoming opportunities, and work with bonding agents to evaluate the company’s bonding capacity.
Since completing the BEP series, Mr. Roper connected with 2 other industry professionals to launch NJR Construction. The company has expanded their scope of work, hired 40 employees and extended their reach from Charlotte to Fayetteville and Raleigh. They have successfully established a substantial bonding capacity and recently opened a revolving line of credit with a regional bank.
Mr. Roper has built the business to be a trusted trade partner working with multiple large Prime Contractors on both public and private jobs. The company has successfully expanded from being a subcontractor looking for opportunities in one specific scope, to being a Tier 1 partner who hires other subcontractors across multiple trades to complete large scale projects.
While attending the Coffee With Contractors event hosted by SBTRC and the Women’s Business Center, he recognized his growth and encouraged the audience to build relationships with professionals in the industry. “Attend these events, take advantage of opportunities offered by SBTRC, build relationships, and be consistent. This approach really works.”
ED ROPER | NJR CONSTRUCTION
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
12 NC counties served [Alexander, Anson, Cabarrus, Catawba, Cleveland, Gaston, Iredell, Lincoln, Mecklenburg, Rowan, Stanly and Union]
212 Clients Served
1,109 Entrepreneurs Trained
$956,000 Contracts Awarded
20 Business Starts
274 Jobs Created/ Retained
$1,324,500 in loans / grants / awards Assisted clients in obtaining
CLIENT SUCCESS | TESTIMONIAL
“I am deeply grateful for your invaluable guidance and support! Since March 2023, I reached out to you for counseling because I wanted to transform my investment property into a large event rental space. This project would allow me to expand my event management and design business, as well as support my nonprofit focused on preserving neighborhoods and culture.
With your business counseling and workshops, you helped me stay focused on completing my business plan, ensuring my strategies aligned with my vision and encouraged me to think with a businessminded approach. Although I was initially declined for a business loan, your expert advice helped me refine my loan application by adjusting the project’s financials and business plan. I’m also incredibly thankful for your referral to your lender, ICAP, which led to me securing a $300,000 commercial loan in March 2024! While it took a year, none of this would have been possible without your persistence and patience.
Additionally, I’ve secured funds from the City of Charlotte’s business matching grant for the Façade and Interior Grant Program. I’ve also received approval for a change of use rezone to meet the building and renovation requirements. With these funds, I was able to hire an architect, GC, and cover other project expenses. WBCC has empowered me to present my project with greater confidence and knowledge to City Council and other officials involved in neighborhood improvements.
I can truly see my dream taking shape, and I am deeply appreciative of everything you’ve done. Thank you from the bottom of my heart!”
-
Cynthia Harrison, President and CEO, “The Art Haus Cultural Venue”
“I first heard about the Women's Business Center of Charlotte (WBCC) through a recommendation from a fellow entrepreneur. I participated in several workshops that offered a comprehensive overview of business scaling, strategic planning, and operational efficiency. The sessions were interactive and tailored to the needs of small business owners like me.
I participated in the “Scaling Accelerator” program, which lasted 12 weeks. This program was a game-changer for my business. One of the most valuable things I learned was strategic business planning. The program taught me how to develop a scalable business model, manage resources effectively, implement efficient operational processes, marketing strategies, and financial management, which were crucial for sustaining growth. Since the program, we expanded our fleet, increased our service areas, and secured new contracts with healthcare providers.
I additionally received direct business counseling to apply for the Beyond Open local grant program. The technical assistance I received from WBCC resulted in obtaining a $149,900 grant! The lessons learned helped change my focus and value proposition, obtain additional contracts and leverage the new funds to get a better deal. I purchased 2 new vehicles and 4 pre-owned wheelchair vehicles. I was able to hire 10 new drivers and 3 new dispatchers. WBCC empowered me to dream beyond what was directly in front of me and walk into rooms confidently with a strategic plan.”
- Melessa Lawson , Owner and CEO, My Little Helper & Co LLC
THE WOMEN’S BUSINESS CENTER OF THE TRIAD
The mission of the Women’s Business Center of The Triad (WBCT) is to promote economic selfsufficiency for all women in the Greensboro, North Carolina area through entrepreneurship. WBCT 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 The Triad 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.
PROGRAM MILESTONES
14
NC counties served
[Alamance, Caswell, Chatham, Davidson, Davie, Guilford, Montgomery, Orange, Person, Randolph, Rockingham, Stokes, Surry, Yadkin]
83 Clients Served
1,123 Entrepreneurs Trained
$7,000 in loans / grants / awards Assisted clients in obtaining
8 Business Starts
CLIENT SUCCESS STORY | TESTIMONIAL
ULMA CAIN | WE'RE ALL LITTLE GARDENS
"My name is Ulma Cain, and I am the founder of We're All Little Gardens. My business focuses on providing sustainable indoor gardening solutions through Tower Gardens and offering STEM education and training programs for youth. As an educator, mother, and beginner traditional gardener, I started this business to empower families and communities to grow their own food sustainably and provide enriching experiences for children.
Before beginning counseling sessions with WBCT, I was in the early planning phase of entrepreneurship. My business was officially registered with the Secretary of State in June 2024. At the time, I sought clarity on my business model, refining my target audience, and the basics of running a business.
Through the guidance provided in our counseling sessions, I was able to implement several key strategies, including:
• Specific Strategy 1, speaking with Lu-Ann about how to approach running a business
• Specific Strategy 2, refining my target audience and tailoring my services to meet their needs
• Specific Strategy 3, leveraging partnerships to expand my network and reach These strategies have significantly impacted my business by landing my first contract, and increased sales.
Working with Lu-Ann Barry has been an exceptional experience. Her deep knowledge of entrepreneurship, ability to provide actionable advice, and encouraging demeanor have been invaluable. She has supported me in building confidence and connecting with resources.
Since starting my journey with WBCT, I have secured a contract with the Greater High Point Boys and Girls Club, assisted with setting up Tower Gardens at St. Pius Catholic School, and hosted several community workshops with AmeriHealth Caritas NC. Additionally, I am currently in discussions with Operation Excel, D-up, NC A&T Youth Empowering Agriculture STEM program, and Aunt E’s C.H.A.R.I.T.Y Network to launch collaborative projects and expand services.
In the new year, I look forward to continuing to grow my business, launching new initiatives, and gaining further insights from WBCT.
I deeply appreciate the comprehensive support provided by WBCT. The counseling sessions have been instrumental in turning my vision into a reality. WBCT has played a transformative role in empowering women entrepreneurs like me to thrive."
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
39 NC counties served [Starting from the Triangle area to the East Coast]
191 Clients Served
1,109 Entrepreneurs Trained
8 Business Starts
12 Jobs Created/ Retained
$617,000 in loans / grants / awards Assisted clients in obtaining
CLIENT SUCCESS STORY
TICCA HARRIS | THE RAW EDITION CANDLE COMPANY
Ticca Harris is a clinical research professional and biologist who founded The Raw Edition Candle Company in April 2021. Located at 304 S. Driver Street, Unit 103, Durham, NC 27703, Ticca's journey from starting a business at home to opening her own storefront is nothing short of inspiring.
Ticca began her candle-making journey from home, and by February 2022, she had incorporated a teaching aspect into her business. She rented the largest space at the Durham Bottling Company, but within a year, outgrew the space and moved into her own storefront in July 2023, recently celebrating her 1 year opening anniversary. At The Raw Edition Candle Company, Ticca not only offers her own unique candle line but also provides candle-making sessions for those interested in learning the craft.
Ticca connected with Phyllistine Thornton, business counselor at the Women’s Business Center of North Carolina (WBCNC) three years ago; this year, as her business has flourished, their collaboration has deepened.
Her tagline, "Pouring happiness into a jar," perfectly captures the essence of her work. Whether you're interested in exploring her candle line or registering for a candle-making session, a visit to The Raw Edition Candle Company promises a relaxing and peaceful experience. "A scent is always going to tie you back to a memory you have," Ticca says. So, stop by, and let her candles take you on a journey of memories and relaxation. In addition to spotlighting her work, The Raw Edition Candle Company proudly features over 10 local artisans, crafters, and makers, offering them a unique platform for retail shopping. This collaboration not only supports the community but also allows these talented creators to showcase and grow their brands within a vibrant storefront setting.
THE WOMEN’S BUSINESS CENTER
OF CENTRAL VIRGINIA
The mission of the Women’s Business Center of Central Virginia 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 Central Virginia 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
233 Clients Served
281 Entrepreneurs Trained
27 Business Starts
17 Jobs Created/ Retained
$35,000 in loans / grants / awards Assisted clients in obtaining
CLIENT SUCCESS STORY | TESTIMONIAL
ELYSIA HONEY HORN
I had the incredible fortune of chatting with Nicole at a mutual friend's birthday party a few months ago, and I was immediately impressed to learn that she is the Executive Director of the Women's Business Center of Central Virginia. What blew me away even more was discovering that she offers her expertise and services for free.
After just a few meetings with her, I've been able to set and achieve business goals that I had been putting off for years—such as opening a business account, getting a line of credit, hiring a scheduling manager, and transitioning my small manual booking system to an efficient online platform. Over the last half-year, with WBC's invaluable guidance and support, I've experienced a major transformation in my business.
After seven years as an LLC independent hairstylist with my own private studio, I finally feel like I've found the mentorship, accountability, and support I needed to take my business to the next level. I am beyond grateful for her help and couldn't be more appreciative of the progress I've made.
Sincerely,
Elysia Honey Horn @Elysiahoney
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 has grown over the past five cohorts and beginning with cohort VI is now scaling to accept applications from companies across the state of NC
ELIGIBLE PARTICIPANTS
This 10-week virtual incubator is for diverse business owners in underserved counties of North Carolina. ENCEP seeks to serve companies who:
z Are eager to learn from experts, work with a mentor, and network with other entrepreneurs;
z Have less than $250,000 in annual revenues; and
z Want to scale to $1 million in revenue and/or 50 employees within 5 years.
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
"I participated in ENCEP Cohort #7. I wanted to share that cohort #7 has been a game changer for me and my business. I was able to identify areas that I needed to shore up. I learned things that I had no clue about, how to run my own business, and I learned all of this through ENCEP. And so, for that I am truly grateful… to the team, the facilitators that came on, also my cohort members who helped me stay accountable, but then also pushed me to be my best self. Thank you all so much for this great opportunity. My life will forever be changed"
-
Crystal Moses, C. Moses Consulting
"It has been truly, truly a pleasure to be a part and to be selected to be a part of the ENCEP cohort for the 2024 calendar year. It was amazing to be a part of [it]. We were able to learn a little bit more - a deep dive into our lean canvas, into our business practice, and to practices that will help us to scale for the future. We learned everything from tax preparation, SEO, marketing and all of the things that will help us to put ourselves in a position… we learned how to better convey our message and our language. Crafting our language to speak to the clientele that we want to speak directly to.
We were able to glean from our classmates and fellow cohort members; learn a little bit about their business.
It's always good to be amongst like-minded people who have the same perspectives or different perspectives that offer something special to our business.
We are looking forward to taking everything that we learned and putting it into place so that we can now be bigger and better for 2025 and beyond.
Thank you to the entire team who put this together. We are so grateful to have been able to be a part.
Thank You!"
- Diesha Banner, A Glass Above
Roberta McCullough Senior Vice President & COO 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 and Diverse Business Lending
z Community Development Investing
CLIENT SUCCESS STORY
SHELIA MURPHY | ABRULE-MURPHY DEVELOPMENT
In the heart of Lumberton, North Carolina, Shelia Murphy's dedication to community health through LifeBridge Drug and Substance Abuse (LifeBridge DSA) was threatened. For a decade, LifeBridge DSA had provided vital mental and behavioral health services, specializing in substance abuse treatment, operating from a building that had become its home. However, the unexpected foreclosure by the previous owner placed Ms. Murphy and her mission at serious risk.
Recognizing the critical role LifeBridge DSA played in the community, Ms. Murphy turned to Institute Capital (ICAP) for assistance. She needed a financial partner who understood the urgency and believed in her vision. ICAP team member, Leslie Lewis, immediately stepped in to navigate the complexities of her situation.
Leslie and the Institute Capital team went beyond traditional lending, working diligently with the bank to facilitate Ms. Murphy's purchase of her first commercial building. This wasn't just a loan; it was a lifeline, ensuring the continuity of essential services for the Lumberton community.
Institute Capital is incredibly proud to have partnered with Shelia Murphy and Abrule-Murphy Development. This success story exemplifies our commitment to empowering local entrepreneurs and strengthening community infrastructure. By securing the future of LifeBridge DSA, we've helped preserve a vital resource for those in need.
CLIENT SUCCESS STORY
KALETA THOMAS | LOGISTICS BY MIA, LLC
In Charlotte, NC, Mia Logistics, LLC, a dynamic Amazon Relay and delivery services company, was gaining momentum. Founded and led by the visionary Kaleta Thomas, this women-owned enterprise was poised for significant growth. However, to truly capitalize on its early success, Mia Logistics needed to expand its operational capacity.
Recognizing the immense potential of Mia Logistics, Kaleta Thomas approached Institute Capital (ICAP) for funding. Her goal: to purchase a box truck and accelerate the company's expansion. Despite being a startup, Mia Logistics had demonstrated impressive revenue generation, a testament to Ms. Thomas's leadership and the company's strong business model.
ICAP's commitment to fostering entrepreneurial growth, particularly among women-owned businesses, led to the approval of Mia Logistics' funding request. Leveraging our strategic partnership with CornerSquare, which specializes in loan participation, we were able to provide the necessary capital for Ms. Thomas to acquire her much-needed box truck.
The success of Mia Logistics is a shining example of Institute Capital's mission in action. By providing timely and strategic financial support, we empower businesses to achieve their growth ambitions, create jobs, and contribute to the economic vitality of their communities. We congratulate Ms. Thomas and the entire Mia Logistics team on their remarkable progress and wish them continued success on their journey.
John Ham Vice President Center for Professional Services
CENTER FOR STRATEGIC PARTNERSHIPS
The Center for Strategic Partnerships (CSP) is the Institute’s consulting arm, offering services aligned with our non-profit mission and purpose to corporate, institutional, and public sector entities. Our overarching goals for this line of business include:
z Be a trusted consultant to clients seeking an innovative thinker, coach and implementation partner with a well-grounded diversity, equity, and inclusion lens.
z Execute high-quality projects that promise to positively impact communities and entrepreneurs that have been historically marginalized.
z Add value with superior, adaptable subject matter expertise, intellectual property and well-vetted partnerships.
z Create and build long-term rather than transactional relationships.
WHAT WE DO
z Public and Private Collaborations
z Supplier Inclusion
z Executive Management Education
PROGRAM MILESTONES
The Center for Strategic Partnerships (CSP) in partnership with Infinity Bridges, Inc., was selected to conduct a research study to attain a greater practical understanding of how the City of Durham facilitates commerce in conjunction with federal, state, and local governments, non-profits, private and public companies of all sizes and how these efforts affect economic development, particularly for minority and women-owned businesses.
Following extensive research, using both descriptive and analytical methodologies, CSP was able to provide its findings in a comprehensive report. This report included recommendations for how the City of Durham’s Office of Economic and Workforce Development (OEWD) can continue to play a major role in increasing the efficacy of Durham as a place to start, nurture, advance, and retain minority and women-owned businesses.
CLIENT SUCCESS STORY | TESTIMONIAL
CITY OF DURHAM OFFICE OF ECONOMIC AND WORKFORCE DEVELOPMENT
Our partnership with the Institute has been a transformative journey, rooted in a shared commitment to economic development and community empowerment. A standout moment that truly exemplifies the depth of our collaboration was our joint effort in executing the Mayor's Town Hall meeting with the Small Business Administration (SBA).
The Town Hall event presented a complex logistical and strategic challenge. The Institute stepped up with remarkable professionalism, providing comprehensive support that was instrumental in creating a seamless and impactful experience. As instrumental collaborators, the Institute played a critical role in event coordination and stakeholder engagement. Our team worked hand-in-hand with their professionals to design a strategic approach that would maximize the impact of the Town Hall. Their expertise complemented our internal capabilities, helping us develop targeted presentation materials and refine our outreach strategy.
The partnership displayed how seamlessly we integrated our respective strengths. While our OEWD team drove the core mission and organizational objectives, the Institute provided invaluable support in connecting with key stakeholders and ensuring the event's smooth execution. Their strategic insights and collaborative spirit were key to creating a meaningful dialogue platform for local small business owners.
The result was a highly successful Town Hall that generated significant community engagement and opened up new avenues of support for our local business ecosystem. It was a testament to what can be achieved through true partnership – where each party brings their unique strengths to the table. The feedback we received was impressive. We saw unprecedented levels of engagement, with business owners feeling genuinely heard and supported. The event generated immediate followup opportunities and created a tangible sense of hope and possibility for our local entrepreneurial ecosystem.
This is just one example of how the Institute has consistently gone above and beyond in our partnership. Their ability to understand our organizational goals and translate them into impactful actions has been remarkable. Whether it's complex event management like the SBA Town Hall or ongoing strategic initiatives, they bring a level of expertise and commitment that truly sets them apart. This collaborative approach has been characteristic of our entire relationship with the Institute. They consistently demonstrate an ability to listen, adapt, and work alongside our team, adding value through their expertise while respecting our organizational vision and goals.
We look forward to continuing this dynamic partnership, confident in our ability to drive meaningful economic development together.
Arthur A. Anderson, Jr. MSCJ Senior Analyst
Office of Economic and Workforce Development
City of Durham
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
635 Clients Served
$172,000
155 Jobs Created/ Retained
$392,000
CLIENT SUCCESS | TESTIMONIALS
"What started off as a passion project has bloomed into something bigger than my wildest imagination. When I first launched The Buy Black Guide on Juneteenth 2020, I had one goal in mind- to build community and to help one another to find local Black-owned businesses. Creating an online directory would allow the connectivity between consumers looking for products/services and business owners looking to increase their brand awareness during a difficult time for us all.
Once my business began to pick up steam, and I realized that I had filled a need for the community, I knew that it was important to the longevity of my platform that I tap into available resources in my area. I wanted to get this right because, at this point, it was bigger than me. Discovering Thrive High Point has been so instrumental for both my personal and professional growth, especially this year.
Thrive High Point is more than a hub for valuable information, it is also a community. Through that community, I have been able to expand my territory and land partnerships with local radio and news stations where I spotlight businesses live on TV bi-weekly. By attending monthly programming and networking events, I’ve been able to increase my confidence as a new business owner and learn new skills as a forever learner. From the summit to the ELP program, I am thankful for Thrive High Point for pouring into me and my business."
- Temoura Jefferies, The Buy Black Guide
"I am truly grateful for the immense blessing [Lynn Mitchell] and Thrive High Point community have been to me, as well as to both my LLC business and nonprofit endeavors.
Your impactful work has not only instructed and inspired me to share my passion for the greater good but you’ve also been instrumental in how quickly I have been able to grow and flourish in this new season of my life. And it’s all been effortless, it’s just who you are, one remarkable amazing woman.
You’ve encouraged me and given me hope and while “thank you” seems too small for all you’ve imparted, please know that I am forever grateful for the divine connection."
- Candice James, Thrive With Coach Candice, LLC
Kaye Gantt, MBA, MCA Executive Vice President & COO
OPERATIONS
INSTITUTE OPERATIONS
The Operations Team is responsible for managing and deploying resources to all programs, centers and affiliates, by researching, developing and implementing processes to improve workflow, manage the internal infrastructure of three organizations and create efficiencies to maximize resources.
RESPONSIBILITIES
z Human Resources
z Program Support & Budgets
z Corporate Marketing
z Information Technology Management
z Cyber & Information Security
z Equipment & Inventory Control
z Facilities Management
z Learning Management System Management
z Executive Networking Conference
z Vendor Management
z Contracts Management
z Compliance Certification Program
z Operations Policies & Procedures development and implementation
z Legal engagement
z Special Projects
2024 BRIEFING
z Manage $10.7M in state grants.
z Manage $3.4M building renovations project in Charlotte, NC for the NIMED small business incubator opening in Summer of 2025.
z Completion of a $2.2M building renovations project in Raleigh, NC - Dr. Abdul SM Rasheed Center for Entrepreneurship.
z Secured 501c3 designation for ICDI.
z ASPEN Grant consulting/activities for 17 small businesses.
CLIENT SUCCESS | TESTIMONIAL
"The work you and the Institute do is amazing and needed for the community. I would not have the ability to provide for so many in my community without the help you provided us years ago.
Being a small business owner is extremely hard work with challenges almost every day, however if you work through the hard times, it is so rewarding. My job used to be about building elevators but now it is about providing opportunity to the families Resolute Elevator supports. I am so blessed to now have over 40 employees, and my joy comes from seeing each of them succeed. Everything from seeing new pickup trucks in the parking lot or going to housewarming parties as our team buys their first homes. Much of this growth has been due to people such as yourself that have helped over the years, so again thank you."
JONATHAN FOX | RESOLUTE ELEVATOR
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 2024, we focused on 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.
2024 COMMUNITY ACTIVITIES:
z Susan G. Komen Walk for the Cure Raleigh, NC
Cheer Squad
z Compassion For Others Mecklenburg County, NC
Back to School 2024 event supporting approximately 20 foster kids living in an orphanage
z Children's Day Celebration Latino Community
z Community Dinner
Serving food for a low-income community during the summer season
z Heart of Christmas Homeless Project Hampton Roads, VA
Made hats and mittens (crochet/knit) for the homeless and foster teens.
z Special Olympics Camp Soar Charlotte, NC
Assist with activities
z Philips Academy - Charlotte, NC
Volunteer Coordinator
National Institute of Minority Economic Development
May 23, 2024
The National Institute of Minority Economic Development (the Institute), established in 1986, aims to enhance economic opportunity by diversifying North Carolina’s business landscape. The Institute assists clients in leveraging diversity to achieve business and economic goals. By focusing on the core elements of money, markets, and management, they help businesses start, grow, and succeed while integrating critical diversity management strategies throughout the process.
The Institute’s programs have particularly supported Black, Brown, and women entrepreneurs, offering tools and resources for establishing and stabilizing businesses, generating profits, and acquiring specialized training. They operate across several states and metropolitan areas, emphasizing support for minority-owned and lowto-moderate-income businesses. The organization’s efforts align with addressing wealth disparities, especially among minority women who control a significant share of small businesses.
Through policy advocacy, education, and fostering economic opportunities, the Institute has played a pivotal role in breaking barriers based on race, gender, and geography. It has set a national standard for promoting economic growth through business diversity, recognized as a model for collaboration and economic empowerment. The ongoing collaboration with various stakeholders continues to create an environment conducive to business growth and overall prosperity, reflecting the Institute’s commitment to serving diverse populations and fostering economic inclusivity.
More information about this Difference Maker can be found at: www.theinstitutenc.org
National Institute of Minority Economic Development was chosen from thousands of Difference Maker applicants as the MARCO Promos Difference Maker of the Week!
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
Black Pearl Global Investments
Bricker Graydon, LLP
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 Bank
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
Community Foundation of Greater Richmond
Cone Health System
Construction Bonds, Inc.
Consulate General of Mexico in Raleigh
Consulate General of Guatemala in Raleigh
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
East Greensboro Now
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
Great Lakes Small Business
Transportation Resource Center
Greensboro Housing Coalition
Groopworks, LLC
Guilford County Department of Social Services
Hampton Roads Connector Partners
Hines Development
IFB Insurance Services
Infinity Bridges, LLC
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
NC Women Business Owners Hall of Fame
National Association for Latino Community Asset Builders (NALCAB)
National Association of Women Business Owners (NAWBO) - Raleigh Chapter
Ohio Department of Development
Ohio Department of Transportation 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
Scott Insurance
Self Help Credit Union
South Piedmont Community College (SPCC)
Southwestern Ohio Regional Transit Authority (SORTA)
SunTrust Foundation
Tami Jaffi Consulting
Thalle
The CDFI Fund
The Fedeli Group
The Lane Construction Co.
The Rural Center
Thread Capital, a division of The Rural Center
Transit Authority of River City (TARCKY)
Truist Bank
Turner Construction
U.S. Bank
U.S. Department of Transportation
- Office of Small and Disadvantaged Business Utilization (OSDBU)
U.S. Patent & Trademark Office
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
Volvo Financial
Wake Technical Community College
Walsh Kokosing JV
Washington Metropolitan Area Transit Authority
Welfare Reform Liaison Project
Wells Fargo Bank
West Virginia DOT
Woodforest National Bank
Worth Advisors
Z. Smith Reynolds Foundation
BOARD OF DIRECTORS
NATIONAL INSTITUTE OF MINORITY ECONOMIC DEVELOPMENT
Lewis H. Myers (Chairman)
Retired Principal and Director, Market Development Perkins+Will
Michael Suggs (Vice Chairman) President Goler Community Development Corporation
Tyrone R. Baines, PhD (Secretary) Retired Supplier Diversity Consultant
American Honda Motor Company
Suzanne Malone (Treasurer) Chief Executive Officer Strategies for Small Business
INSTITUTE CAPITAL
Lewis H. Myers (Chairman)
Retired Principal and Director, Market Development
Perkins+Will
Michael Suggs (Vice Chairman) President Goler Community Development Corporation
Tyrone R. Baines, PhD (Secretary) Retired Supplier Diversity Consultant
American Honda Motor Company
Nikitra Bailey
Executive Vice President
National Fair Housing Alliance
Martin Eakes
Chief Executive Officer
Self-Help/Center for Responsible Lending
Ted Edwards
Principal The Banks Law Firm
Edward Fort, PhD
Chancellor & President Emeritus, Professor of Education NC A&T State University
Adam Klein
Associate Vice President for Economic Development
Duke University
Patricia Russell-McCloud, Esq. Russell-McCloud & Associates
Thurman Smith
Senior VP, Territory Executive PNC Bank - Community Development
Angelique D. Stallings
Vice President of Community Investment
Greater Durham Chamber of Commerce
Suzanne Malone (Treasurer)
Chief Executive Officer Strategies for Small Business
Lisa Jackson
Commercial Relationship Manager Pinnacle Financial Partners
Kevin J. Price
President & Chief Executive Officer NIMED
Institute Capital
Institute Community Development Initiative
Thurman Smith
Senior VP, Territory Executive PNC Bank - Community Development
Evan Sitton
Senior Vice President, CRA/ Community Development Banc of California
INSTITUTE COMMUNITY DEVELOPMENT INITIATIVE
Lewis H. Myers (Chairman)
Retired Principal and Director, Market Development Perkins+Will
Michael Suggs (Vice Chairman) President
Goler Community Development Corporation
Tyrone R. Baines, PhD (Secretary) Retired Supplier Diversity Consultant
American Honda Motor Company
Suzanne Malone (Treasurer) Chief Executive Officer Strategies for Small Business
Joel Dancy
Vice President, Community & Economic Development - Carolina Fifth Third Bank
J. Carl Manning
Executive Director
Kingdom CDC
Kevin J. Price
President & Chief Executive Officer NIMED
Institute Capital
Institute Community Development Initiative
OUR TEAM
(Listed in alphabetical order)
Amanda Alston
Policy Analyst
Institute Community Development Initiative
Irma Alvarez Urbina
Assistant Loan Administrator Institute Capital
Lu-Ann Barry Executive Director
Women’s Business Center of The Triad
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 Vice President, Chief Credit Officer Institute Capital
Regina Durham, MA Executive Administrator II Administration
James Farrar Compliance/Loan Administrator Institute Capital
Kaye Gantt, MBA, MCA
Executive Vice President & COO Administration
Rocio Gonzalez
Executive Director
Women’s Business Center of Charlotte
Nicole Gye'Nyame
Project Director
South Atlantic Region
Small Business Transportation Resource Center
John Ham Vice President Center for Strategic Partnerships
Lea Henry Vice President
Institute Community Development Initiative
Valeria Hernandez Director of Human Resources Administration
Linda Hughes, MS Technology and Innovation Manager Administration
Cleveland Jenkins
Commercial Loan Officer, Charlotte-Mecklenburg, NC & SC Institute Capital
Shoneca Kent Director of Housing Equity Initiatives
Institute Community Development Initiative
Leslie Lewis
Commercial Loan Officer, Central VA & DC Metro Institute Capital
Alyssa Mako, CGBP Vice President Center for Entrepreneurship
Roberta McCullough
Senior Vice President & COO Institute Capital
Sharon Nelson Director of Resource Development Administration
Janet Nghiemlee Operations Manager II Administration
Vanessa Nicholas Corporate Marketing Specialist Administration
Sheila Obregon Program Director
Women’s Business Center of Charlotte
Nicole Parker
Executive Director
Women's Business Center of Central Virginia
Jameko Pinder Accounting Associate Administration
Angela Poole, CPA
Vice President of Finance Administration
Kevin J. Price, MBA, MHA President & CEO Administration
Madieu Shyllon
Loan Administration Manager Institute Capital
Aaron Soto
Loan Administrator, Asheville NC & Western NC Institute Capital
Phyllis Thornton Business Counselor
Women's Business Center of North Carolina
Erica Vazquez
Executive Director
Women's Business Center of North Carolina
Tanzanian
ECONOMIC DEVELOPMENT SUMMIT
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:
Dar es Salaam
Embassy of the United Republic of Tanzania in Washington D.C.
