Charlotte’s Commitment to Small Business Growth Expands with New Post-Pandemic Initiatives

Charlotte Continues to Support Small Businesses Post-Pandemic

It’s been over two years since the Covid pandemic officially ended, but in Charlotte, the journey of adaptation—a “pivot,” if you will—continues. In the heart of the city, Ralphine Caldwell, the executive director of LISC Charlotte, has been working tirelessly to support small businesses, especially those in the Historic West End.

When the pandemic first struck, many in the community faced significant challenges. Caldwell quickly recognized that numerous small, underfunded businesses went without the necessary support during this time. Understanding the urgent need for help, LISC Charlotte stepped in to fill that gap. Their focus shifted from affordable housing—a pre-pandemic priority—to providing essential aid for struggling small businesses.

The organization hasn’t completely abandoned its original mission. They are still actively working on affordable housing initiatives and are currently seeking to raise $30 million for this noble cause. However, Caldwell has noticed that their work to assist small businesses has grown immensely during this time. “It was a logical move for us,” she explained during a recent chat. “While others were supporting nonprofit organizations, we thought, let’s focus on the small businesses that employ our community members.”

In recent months, LISC Charlotte has rolled out several exciting initiatives aimed at helping businesses in the West End. Here’s a closer look:

West End Small Business Marketplace

This program is specifically designed to help small businesses build their capacity and enhance their financial readiness. It also provides greater access to capital. Recently, 16 small businesses were selected as the first cohort to take part in this initiative. Participants will receive comprehensive support through this program, which will run for three years, thanks to funding from the city of Charlotte and US Bank.

Real Estate Developer Incubator (REDI) Training Program

With the city’s increasing need for affordable housing and commercial projects, LISC Charlotte established the REDI Training Program to support emerging developers. The aim is to prepare them to tackle new market opportunities confidently. The first group of learners will kick off their training later this year, with funding from the city and Wells Fargo.

REDI Capital

This arm will provide flexible funding to graduates of the REDI Training Program whose projects are developed along the Beatties Ford Road/Rozzelles Ferry corridor. As Caldwell notes, this funding is crucial to help move projects forward and ensure their completion. It’s backed by a combination of funds from the Knight Foundation, Fifth Third Bank, and JPMorgan Chase.

Tenant Improvement Program (TIP)

Business owners in the West End looking to purchase new equipment or other major items can find relief through this flexible financing program. With $2 million secured from the Knight Foundation, this initiative aims to help business owners thrive and contribute to the revitalization of the neighborhood. The TIP is part of an $8.6 million grant, which will also support the creation of a food co-op and affordable housing through Historic West End Partners.

Financial Opportunity Center®

Finally, there’s an exciting new program in the pipeline: a Financial Opportunity Center. This will provide career and financial coaching to families earning low-to-moderate incomes and is expected to be the first of its kind in Charlotte. The center will leverage partnerships with existing local organizations to make the most significant impact.

“We’re here to empower others,” Caldwell emphasized. “Our goal is to build up their capacity to deliver meaningful results effectively.” The organization places a strong emphasis on supporting local alliances with grants, technical assistance, and professional networking opportunities to ensure everyone has a fair chance to thrive.

As Charlotte continues to forge ahead post-pandemic, it’s heartwarming to see such strong efforts aimed at supporting the community’s backbone—small businesses. With initiatives like these, the Historic West End is not just surviving; it’s thriving and developing into a vibrant, supportive community for all.