Expanding Small Business Access to Capital in the Isothermal Region A Proposed RDGB Enterprise Project Project Narrative & Scope of Work

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1 Expanding Small Business Access to Capital in the Isothermal Region A Proposed RDGB Enterprise Project Project Narrative & Scope of Work Executive Summary Expanding Small Business Access to Capital in the Isothermal Region is a collaborative project between Isothermal Planning and Development Commission (lead applicant) and Mountain BizWorks (lead consultant) to increased CDFI small business lending and associated technical assistance activities in the Isothermal region. This project will directly result in measurable rural business activity and economic outcomes including 12 new rural business projects funded totaling $300,000, the creation and/or retention of 48 quality jobs, the startup and/or expansion of 48 rural businesses, 121 unique rural businesses provided high quality technical assistance, and at least $450,000 in additional private investment leveraged. Through this project, the partners also hope to clearly demonstrate the potential for a full-time CDFI regional office and to conduct outreach and educate key stakeholder groups. Isothermal Planning and Development Commission respectfully requests $153, in USDA RDBG grant support to be joined by $182, in matching funds for a total project budget of $336, It should be noted that both partners are keenly aware of USDA s RMAP & IRP programs and that this project will not duplicate resources provided by those programs. USDA funds are also not being requested for capitalizing a RLF. Rather, this project will help assess result in the greater utilization and impact of these and other existing programs through increased service accessibility and visibility, delivering needed technical assistance, and establishing key local partnerships. Type of Project: This request is for an initial RDBG Enterprise grant to support this project. Grant Period: We are proposing a 12-month project period to commence September 1, 2018, or upon notice of grant award. No Federal Judgements: Isothermal Planning and Development Commission hereby certifies that it has no currently outstanding Federal Judgements. The Applicant: Isothermal Planning and Development Commission (IPDC) is a unit of government of the State of North Carolina. The Council membership consists of the four Isothermal Region counties (Cleveland, McDowell, Polk, and Rutherford) and the 23 municipalities contained therein. Please find the additional required applicant information attached. The Consultant/Contractor: Mountain BizWorks (MBW) is a U.S. Treasury certified non-profit community development financial institution (CDFI). Since 1989, Mountain BizWorks has made business loans ranging from $1,000 to $250,000 to small businesses in Western North Carolina who may find it difficult to secure funding from banks and other traditional sources. What makes Page 1 of 11

2 Mountain BizWorks unique is that all loan decisions and relationships are managed locally, and the organization s work to ensure client success by offering highly customized, peer-to-peer business coaching by an extensive network of successful local business owners. This innovative blend of lending and learning helps entrepreneurs overcome obstacles, grow strategically, and create jobs. Project Activities and Timeline The Expanding Small Business Access to Capital in the Isothermal Region project aims to help address a regionally identified economic development priority to expand access to capital and related technical assistance (TA) for small businesses and entrepreneurs. Through this project, Isothermal Planning and Development Commission will contract with Mountain BizWorks to increase CDFI small business lending and TA services in the region in a manner that addresses local needs and demonstrates the potential for an ongoing presence. Mountain BizWorks has a 29-year track record of cultivating small business-led economic development in Western North Carolina. Historically, this activity has been focused on Buncombe and counties west (see inset map). In 2016, MBW was engaged by the High Country Regional Council of Governments to conduct a pilot project and feasibility study on expanding to serve the High Country region, an underserved area like the Isothermal region with no full-time CDFI presence. That study was very successful and MBW opened a new office in Boone, NC. Mountain BizWorks Loan & TA Clients Mountain BizWorks has a 25 year track record of serving the far western counties of NC and sees potential for growing its impact in the Isothermal Region. Combined with the regional leadership and connectivity of IPDC, this project will enable MBW to replicate and build on the lessons learned from the High Country study to similarly expand CDFI small business lending and TA presence in the Isothermal region through the following activities: Activity 1) Small business lending market development outreach and education: With guidance and assistance from IPDC, MBW will conduct outreach to key public and private stakeholders across the region including but not limited to a) elected officials, b) county and town managers, c) economic development staff, d) commercial lenders, e) community colleges, f) university and higher education business faculty, g) small business networks (chambers, Main Street programs, etc.), and h) other relevant community organizations. This outreach will help MBW ensure that it is aligned with local and regional economic development priorities, will help key stakeholders understand CDFI small business lending and TA products, and help develop referral channels and other important local partnerships. This activity will be led by MBW lenders and senior staff and will be achieved through 1:1 stakeholder meetings, targeted marketing and Page 2 of 11

3 education materials, quarterly outreach and education events, capturing and communicating success stories, and participation in relevant community economic development activities. IPDC and its staff will also proactively share information and resources through its weekly newsletter and at relevant community events. Activity 2) Increase CDFI lending operations in the Isothermal Region: MBW senior lenders will visit Isothermal Region communities on a regular basis (4 times per month, on average) to hold loan consultations with potential borrowers and existing clients. The goal will be to better understand the region s potential and areas of need for greater small business lending through actually working with and lending to local small businesses. We will aim to make a minimum of twelve new small business loans totaling $300,000 or more. This activity will leverage MBW s existing loan capital (including RMAP and IRP facilities) and over time, also locally sourced loan capital (see below). MBW will maintain a central regional lending office throughout the project period at the IPDC facility in Rutherfordton. Activity 3) Small business technical assistance: An essential component of Mountain BizWorks successful small business and microenterprise lending practice is providing high-quality technical assistance. These services are aimed at helping existing and aspiring entrepreneurs become loanready and then have access to support and advisory services to help ensure successful business plan execution. Several examples of clients that will benefit from these services can be found in the attached letters of support. MBW will take special care to not duplicate any existing programs/resources and will work closely with local partners such as IPDC, community college SBCs, and Main Street/downtown business associations (Tryon, Saluda, Marion, Rutherfordton, Shelby, etc.) to coordinate and provide TA activities. This project will help leverage and extend existing MBW coaching and TA offerings (including USDA RMAP TA) to the Isothermal Region. Support under this proposal will allow MBW to: 3a) Develop and train a network of locally-based business coaches and instructors: This will help MBW extend their highly effective peer-to-peer coaching program and efficiently deploy existing TA resources (including USDA RMAP TA). 3b) Offer a pilot program of business classes: MBW provides a series of three cohort courses that have a proven track record of helping small business owners start a new business (Foundations course), sustainably grow an existing business (Alpine course), and to scale up a business that has a high-potential growth opportunity (ScaleUp course). Each of these are very effective and efficient programs for providing targeted technical assistance towards a pipeline of qualified small business startup or expansion projects. Their peer-to-peer cohort format also supports building connected, vibrant entrepreneurial communities. With one exception (an excellent 8 week business planning course offered for downtown Marion, NC businesses), the Isothermal Region lacks similar services. During the project period, MBW will work with local partners to offer four Foundations courses for new businesses, and four Alpine courses for existing businesses. As was done in the High Country, MBW will also identify and train local instructors to sustain the courses beyond the project. Eight 2-hour workshops (2 per county) will also be held to provide targeted TA and preview the longer courses. Page 3 of 11

4 Activity 4) Cultivate local loan capital base: IPDC and Mountain BizWorks will begin to assess the potential for locally raised loan capital to support increased CDFI activity. Local individuals and institutional partners are a key source of loan capital for Mountain BizWorks and other CDFIs. Under this project, MBW will work with IPDC to explore ways to organize both loan loss reserve funds and flexible loan capital in the Isothermal Region. Pursuant to the IPDC Set V Regional Plan, the partners will also investigate the potential for organizing an Agricultural Venture Fund and Regional Venture Capital Fund. Activity 5) Residencies in each county: Through experience, IPDC knows that providing access to critical resources in a manner that meets unique local needs requires strong on-the-ground outreach and experience. As such, a central method MBW will employ to deliver the TA and CDFI lending services outlined in Activities 1-4, will be to hold a month-long residency office in each of IPDC s four counties. Similar to the pop up shop model, which is growing in popularity with regional small businesses, MBW will set up, market and staff a residency office (hosted by a local partner) to provide excellent visibility and access to MBW services. Each of these offices will provide for the following localized services: i) Conduct initial local planning (approx. 1 month prior to opening the office) to connect with key local partners, understand local needs and opportunities, review local small business resource asset maps (and create one if needed), review/generate local economic market data, and market services to be offered during the residency ii) Provide a drop-in time each week for local business owners or community leaders iii) Schedule and provide one-on-one technical assistance and CDFI lending services iv) Deliver 1 Foundations Course and 1 Alpine Course, and a public demo day to highlight the graduates and their small business projects v) Host a small business and partner workshop and networking session vi) Hold an orientation session for prospective local business coaches and instructors Additional benefits of this approach are expected to include: vii) Ensure a pipeline of qualified projects in each county viii) Familiarize MBW staff with local needs and opportunities ix) Gain local market understanding to enable smarter loan underwriting and project viability assessments x) Help determine how to best structure and locate an ongoing full-time Isothermal Region presence following the project xi) MBW gets a significant number of inquiries from small businesses looking to startup within the region or to move to region; this will help us better connect those economic development opportunities with the relevant Isothermal communities Activity 6) Complete strategic plan for a full-time CDFI lending office: Over the last three months of the project, IPDC and Mountain BizWorks will summarize findings from Activities 1-5, and develop a strategic plan for a full-time Isothermal Region CDFI lending office for Mountain BizWorks. Page 4 of 11

5 Project Timeline We are proposing a 12-month project timeline and are targeting a September 1, 2018 start date. An estimated project timeline follows: First Quarter: Project start-up: finalize project scope, subcontracts and other project planning details with all partners (to be completed in two weeks from project start) Produce required marketing, outreach and education materials (month 1) Begin stakeholder outreach Begin TA, lending visits and loan consultations Start marketing lending, coaching, and TA programs Review Isothermal Region town, county, and region economic development priorities Hold Rutherford Residency Office including 1:1 TA, loan consultations, 1 Foundations Course, 1 Alpine Course, and local coach/instructor orientation Hold workshops in Cleveland, McDowell and Polk counties Second Quarter: Continue stakeholder outreach Continue TA, lending visits and loan consultations (aim to approve 4 new loans) Begin cultivating new local loan capital partnerships Hold Polk Residency Office including 1:1 TA, loan consultations, 1 Foundations Course, 1 Alpine Course, and local coach/instructor orientation Hold a workshop in Cleveland County Complete quarterly project evaluation and report and host a project partners planning meeting Third Quarter: Continue stakeholder outreach Continue TA, lending visits and loan consultations (aim to approve 4 new loans) Continue cultivating new local loan capital partnerships Hold Cleveland Residency Office including 1:1 TA, loan consultations, 1 Foundations Course, 1 Alpine Course, and local coach/instructor orientation Hold Foundations Course instructor training Hold workshops in McDowell and Rutherford counties Complete quarterly project evaluation and report Fourth Quarter: Continue TA, lending visits and loan consultations (aim to approve 4 new loans) Continue cultivating new local loan capital partnerships Hold McDowell Residency Office including 1:1 TA, loan consultations, 1 Foundations Course, 1 Alpine Course, and local coach/instructor orientation Hold Alpine Course instructor training Hold a workshop in Polk County Complete strategic plan for a full-time CDFI lending office and host a project partners planning meeting Page 5 of 11

6 Project Results and Outcomes The Project will provide high-quality technical assistance and CDFI small business lending services to assess in the Isothermal Region. The project will address regional strategic goals and have direct economic development benefits. Project outputs will include: 120 current or aspiring business owners will receive high quality technical assistance A pilot Isothermal Region market development program of business coaching and classes: o 4 Foundations business planning courses delivered for new businesses o 4 Alpine business growth planning courses delivered for existing businesses o 8 business workshops held o 14 experienced local small business owners trained and added to peer-to-peer coaching/instructor network A one-month residency MBW office hosted in each of Cleveland, McDowell, Polk and Rutherford counties A strategic plan for a full-time Mountain BizWorks presence in the Isothermal Region. The plan will include details on small business lending and learning programs to be offered, project outcomes, strategies for developing a local loan capital base, and details on local outreach and training partners to be engaged. In addition to the above outputs, we expect the project to directly result in measurable economic outcomes, including: 12 new small business loans made totaling $300,000 and leveraging at least $450,000 in additional private investment 48 new jobs created and/or retained 8 new businesses started 14 existing small businesses expanded Consistent with Area Plans The project is well-aligned with priorities identified in the Isothermal Region region s current Regional Economic Development Strategy (USDA Set V Plan, adopted 2017) including Goal #2: Develop Targeted Industry Clusters. The region s target clusters include Agriculture, Manufacturing, and Tourism. Expanding access to capital and entrepreneurship are central strategies for advancing each of these sectors. MBW also brings substantial lending experience and a proven track record in cultivating businesses in each of these sectors. Their Appalachian Grown Farm Business Initiative provides targeted technical assistance for local farm and food businesses. Their worker ownership and cooperatives practice area is relevant for both agricultural cooperative development as well as for helping small rural manufacturers leverage worker ownership to increase retention, productivity, and sustainability. Lastly, their loan portfolio currently includes over 100 tourism-related businesses. Page 6 of 11

7 Basis for Success or Failure Numerous studies, such as Access to Capital and Credit in Appalachia published by Appalachian Regional Commission in 2013, have shown the concerning reality that access to capital for small businesses (based on lending volumes) averages between 18-56% of national levels depending on the county. A key strategy to closing this gap and increasing regional competiveness is through Community Development Financial Institutions (CDFIs), which specialize in providing smart capital to small businesses with reasonable interest rates and terms. CDFIs also often accompany capital with technical assistance to enhance borrower success. Studies also clearly show that permanent lending offices or branches directly support increased lending activity. Further, in 2016, the High Country Regional Council of Governments engaged Mountain BizWorks to explore the feasibility of a full-time CDFI office in the 7-county High Country region. MBW undertook a one year pilot project with an aim of making at least 6 loans totaling $120,000. In just the first year, MBW was able to make 14 loans totaling $370,000. This led MBW to open and staff a full-time office in Boone, NC. In the Isothermal Region, where there is a strong entrepreneurial spirit but no full-time CDFI presence, the credit and TA gap has been felt acutely. Under this project, IPDC will work with Mountain BizWorks, a WNC-based CDFI that has historically served counties Buncombe and west, to replicate and build on the findings of their High Country project, to demonstrate the potential for increased CDFI lending in the Isothermal Region. Measurement and Evaluation Immediate success for the project will include meeting or exceeding all of the project output and outcome goals. Long-term success would entail realization of a new Mountain BizWorks Isothermal Region office location, substantially increased CDFI small business lending activity, and necessary locally sourced loan capital. IPDC will provide project oversight to ensure the project is completed on time and in budget. IPDC will review progress reports including details on completed deliverables and outputs from MBW on a quarterly basis to ensure the project is on track. MBW will further capture and report on economic outcomes (loans made, new business formation/expansion, jobs created/retained) at the conclusion of the project via a certified survey of businesses and individuals served through the project. Area to Be Served The project region will be the same as the region served by the Isothermal Planning and Development Commission, which includes four counties and 23 municipalities (see below table). The entire region is rural and faces varying degrees of economic distress. Cleveland and Rutherford counties are designated as USDA StrikeForce priority counties. McDowell is classified as Tier One: Most Economically Distressed counties by the NC Department of Commerce. The weighted average Page 7 of 11

8 Median Household Income is $39,189 approximately 69% of the US MHI of $56,516 (NCDOC data). The region has consistently struggled with an unemployment rate 5-25% higher than the state average (NCDOC data). Cleveland County Town of Belwood Town of Boiling Springs Town of Earl Town of Fallston Town of Grover City of Kings Mountain Town of Kingstown Town of Lawndale Town of Polkville City of Shelby Town of Sugar Mountain McDowell County City of Marion Town of Old Fort Polk County Town of Columbus City of Saluda Town of Tryon Rutherford County Town of Bostic Chimney Rock Village Town of Ellenboro Town of Forest City Town of Lake Lure Town of Ruth Town of Rutherfordton Town of Spindale Coordination with Economic Development Activities within the Project Area The lead applicant, Isothermal Planning and Development Commission, is a Local Development District of the Appalachian Regional Commission. IPDC is also recognized by the State of North Carolina as the Lead Regional Organization for the four counties. IPDC will ensure that this project is responsive to and coordinated with the economic development plans and priorities of the project area at both the local and regional level. This will be achieved by helping connect MBW with the relevant public economic development officials across the region, sharing information to member governments and other partners, and including project lessons learned in future economic and community planning processes. Businesses to Be Assisted This project will serve small businesses, both startup and existing, through increasing access to CDFI loan capital and associated technical assistance. Small businesses make up the vast majority of businesses across the Isothermal region, so we expect robust demand for the services to be demonstrated under this project. Mountain BizWorks clients are typically small businesses with annual revenues less than $2.5m that are seeking loan capital for a variety of business purposes from startup expenses to working capital to equipment to expansion costs and are unable to obtain financing from a traditional bank. MBW makes loans up to $250,000, though the majority are much smaller, with an average loan size around $25,000. Please see the attached letters of support from Isothermal Region business that illustrate the type of businesses to be assisted. Page 8 of 11

9 Project Budget Summary Isothermal Planning and Development Commission respectfully requests $153, in USDA RDBG grant support to be joined by $182, in matching funds for a total project budget of $336, Matching and leveraged funds will be spent at a rate equal to, or in advance of, grant funds. We are not requesting funds to cover indirect costs. Please find a breakdown of the proposed project budget below. FUNDING BY SOURCE PROJECT BUDGET USDA MBW IPDC Total ACTIVITY 1) SMALL BUSINESS LENDING MARKET DEVELOPMENT OUTREACH & EDUCATION PERSONNEL 6,080 2,925 9,005 MATERIALS TRAINING/OUTREACH EVENTS 3,800 1,755 5,555 TRAVEL ACTIVITY 2) INCREASING CDFI LENDING OPERATIONS IN THE ISOTHERMAL REGION PERSONNEL TIME IN ISOTHERMAL REGION 16,800 7,020 23,820 ADDITIONAL PERSONNEL TIME SERVICING IR 6,720 4,095 10,815 CLIENTS FROM MAIN OFFICE MATERIALS TRAVEL 3,162 3,162 ACTIVITY 3) SMALL BUSINESS TECHNICAL ASSISTANCE DEVELOPING AND TRAINING 1:1 COACHING PROGRAM 7,000 2,925 9,925 FOUNDATIONS COURSE (X4) 7,600 7,600 ALPINE COURSE (X4) 7,600 7,600 TARGETED BUSINESS WORKSHOPS (X8) 4,000 4,000 1:1 TA FOR BIZ PROJECTS OVER $50K 7,350 7,350 TA TRAVEL 4,365 4,365 IT UPGRADES TO SUPPORT ADDT L TA 4,000 4,000 ACTIVITY 4) CULTIVATE LOCAL LOAN CAPITAL BASE LOAN & LLR CAPITAL 150, ,000 ACTIVITY 5) RESIDENCIES IN EACH COUNTY LENDING & TA PERSONNEL 38,640 4,095 42,735 COUNTY ASSET MAPS, ECON DATA 6,000 6,000 PROGRAM OUTREACH/MARKETING 6,000 6,000 OFFICE AND SUPPLIES EXPENSES 2,250 1,990 3,600 7,840 TRAINING/NETWORKING EVENTS (X4) 1,600 1,600 TRAVEL 5,616 5,616 Page 9 of 11

10 ACTIVITY 5) COMPLETE ASSESSMENT AND STRATEGIC PLAN FOR POTENTIAL FULL TIME CDFI LENDING OFFICE PERSONNEL 1,120 4,095 5,215 PROJECT COORDINATION IPDC PERSONNEL & EXPENSES 12,450 12,450 TOTALS 153, ,900 3, ,000 Additional Notes Regarding the Budget: MBW match for personnel time is committed and will use MBW funds. The matching MBW loan capital is on-hand and originates from various non-federal sources including MBW equity funds, local investors, foundations, and banks. The project will additionally leverage MBW s existing USDA RMAP and IRP funds, however these are not included in the pledged match. All loan capital amounts pledged are intended to be met or exceeded during the course of the project, however these are dependent on sufficient qualifying loan opportunities being sourced as a result of the project. Budget totals by cost category can be found in the SF-424A Please find project commitment letters from Mountain BizWorks and Ascent Business Network attached. Key Personnel Isothermal Planning and Development Commission: Steve Lockett, Director of Economic, Community & Workforce Development (Lead Applicant & Primary Point of Contact): Mr. Lockett. Mr. Lockett has been with Isothermal Planning and Development Commission since XXXX, and has extensive experience working with the District's member local governments, and various State and Federal agencies. Mr. Lockett s experience/expertise includes economic and entrepreneurial development, project management, and grant administration. Mountain BizWorks: Matthew Raker, Director of Community Investments & Impact, will serve as the lead point of contact for Mountain BizWorks on the project and be responsible for ensuring MBW fulfills on all subcontract responsibilities. Matt will also play a lead role in conducting Isothermal region outreach, developing local sources of loan capital, identifying new business coaches from the area, and completing the final strategic plan. Prior to joining MBW in mid-2015, Matt served as the Director of Entrepreneurship at AdvantageWest Economic Development Group. In that capacity, Matt helped grow the Advantage Opportunity Fund from an initial $40,000 investment to over $1.5m in small business lending; secured and managed over $5m in local, state and federal grant projects; and generated projects leading to over $150m in regional investment. Matt holds a B.S. in Page 10 of 11

11 Economics and a B.A. in Natural Resources Management from University of North Carolina Asheville. Kimberly Hunter, Entrepreneurship Program Manager, has served two stints at MBW including first as a lead business coach and now since 2016 as the entrepreneurship program manager. In between, she was a business professor at a local college and also the founder of multiple small businesses. Kimberly capably guides our robust technical assistance platform which is essential for developing qualified projects within our target markets and also ensuring borrower success. Clients served and program efficacy have grown under her leadership. Chris Grasinger, High Country Regional Manager, manages MBW s new High Country regional office to expand access to our lending and training programs to an underserved 7 county subregion. Prior to this, Chris served as a lead facilitator in our ScaleUp WNC intensive management training program for growth-oriented small businesses. Chris holds an MBA from Appalachian State University and is also a small business owner. As the project lead for MBW s High Country pilot project, his experience will essential for replicating that successful model in the Isothermal area. Christopher Murrey, Chief Credit Officer, joined in 2016 as to add greater underwriting and credit management experience, and to lead MBW s growing lending practice. Christopher brings 20+ years of industry experience including substantial lending, underwriting, complex transactions and team building experience. Christopher is responsible for MBW s lending products and the implementation of consistent underwriting procedures to achieve financial health, client success and mission impact. He will responsible to increasing the MBW lending department s capacity within the Isothermal area and meeting the project s lending goals. Page 11 of 11

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