Dogwood Health Trust partners with CDFI Friendly America to lead access to capital learning cohort

Dogwood Health Trust partners with CDFI Friendly America to lead access to capital learning cohort

May 21, 2024 — Asheville, NC

Dogwood Health Trust has announced a partnership with CDFI Friendly America to lead the way in providing access to capital through the WNC Access to Capital Learning Cohort, supporting non-traditional small business lenders in Western North Carolina.

According to the WNC Capital Landscape Assessment report commissioned in 2022, only around 3% of existing small businesses in the region have access to startup, operating, and growth capital from formal sources, emphasizing the need for increased support and resources for small businesses, especially those owned by people of color and located in rural communities.

Empowering Local Economies

“Local small businesses are the backbone of Western North Carolina’s economy, providing financial stability for owners, their families, and employees,” said Dr. Susan Mims, CEO of Dogwood Health Trust. “By partnering with CDFI Friendly America, we aim to enhance the capacity of mission-aligned lenders to assist in the establishment and expansion of small businesses that lack traditional financing options, driving diversity and prosperity in our local economy.”

Expert Guidance and Collaboration

CDFI Friendly America will lead the WNC Access to Capital Learning Cohort through quarterly convenings over two years, focusing on assessing local market conditions, educating industry stakeholders, and implementing a cohesive strategy to increase CDFI financing for under-financed individuals, organizations, and businesses across the nation.

Mark Pinsky, president of CDFI Friendly America, emphasized the importance of shared learning and collaboration among cohort participants. “Through this initiative, lenders in Western North Carolina will develop a collaborative strategy to foster economic growth in the region.”

Building a Stronger Future

The WNC Access to Capital Learning Cohort aims to create a supportive ecosystem for small businesses seeking financial assistance by bringing together local lenders, national experts, and technical assistance resources to expand access to capital and provide support services for businesses to thrive.

The partnership between Dogwood Health Trust and CDFI Friendly America is poised to make a significant impact on the economic landscape of Western North Carolina, empowering small businesses and setting the stage for a more inclusive and resilient local economy.

Author: HERE Asheville