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Camber Foundation announces $125,000 grant for UNC-Pembroke Entrepreneurship HUB to increase capital for small business owners in rural North Carolina.
Camber Foundation is honored to announce it is investing $125,000 in the University of North Carolina at Pembroke (UNCP) Thomas Entrepreneurship HUB (HUB). The grant will support the development of a small business lending program and small business loan fund for entrepreneurs in Robeson County. Funds also allow for future expansion of the program into surrounding counties.
Camber Foundation believes that strengthening the economic fiber of communities will boost the quality of life and prosperity of the individuals and families within them. Camber has a particular interest in supporting entrepreneurship as it bolsters economic growth, creates jobs, and drives innovation.
The UNC-Pembroke Thomas Entrepreneurship HUB
The HUB serves small businesses and startups in Robeson and surrounding counties by providing business advising and planning, networking, and office space.
Through the grant from Camber Foundation, UNCP Thomas Entrepreneurship HUB is developing a small business lending program and small business loan fund. In addition to providing access to capital, loan recipients will receive business counseling and financial training to set them up for continued success.
“The UNCP Thomas Entrepreneurship HUB, working in partnership with BEFCOR (Business Expansion Funding Corporation) is establishing a community development financial institution (CDFI) that will support small businesses, startup companies and early-stage businesses,” said Elizabeth Wilkerson, executive director of Thomas Entrepreneurship HUB. “We are grateful for Camber’s generosity, as their seed funding for this program is instrumental in building a program that will provide access to capital for underserved entrepreneurs in our region.”
The need for a small business loan fund is a pressing one, especially for underserved populations. 75% of HUB clients are minority-owned businesses. Often, microlenders have stringent underwriting criteria that create barriers through information requirements, rigid collateral and down payment protocols, and high interest rates—upwards of 10%. According to the NC Rural Center’s report “Forces Driving Change in Rural North Carolina,” 40 percent of rural small business owners in the U.S. report struggling to access capital and instead use personal savings for their business.
“Through counseling and training entrepreneurs in the area, the UNCP Thomas Entrepreneurship HUB realized that there is a great need for actual capital to start these small businesses via microloans,” said Christopher Fipps, director of community investment, Camber Foundation. “These can be hard to access for small business owners, as they come with substantial collateral and have been historically more difficult for people of marginalized communities to obtain. The HUB noticed a gap and created a solution to fill it, and we are glad to support them.”
For more information on Camber Foundation, its impactful grants, and grant application process, click here.
