Small businesses in the state of North Carolina, South Carolina, and Virginia are getting a much-needed boost to their capital demands as Novant Health and M&F Bank recently announced a joint a development loan program to provide capital for small business owners in each of the three states. All three states are currently apart of the Novant Health’s supplier network.
Many believe the program, entitled the Diverse Supplier Community Reinvestment program (DSCRP) will address immediate small businesses needs particularly a need to obtain necessary working capital to challenge big-name companies. M&F Bank has maintained a long history of supporting minority-owned and small businesses by providing working capital for companies to expand their operations.
James Sills, president and CEO of M&F Bank, and Fred M. Hargett, executive vice president and chief financial officer at Novant Health, recently spoke about the DSCRP. “The DSCRP serves our mission as a community bank very well, and satisfies our credit risk criteria. It offers the potential of a very positive impact in all the communities served by M&F and by Novant Health,” said Sills.
“Through a $5 million dollar investment, Novant Health will provide loan guarantees to its diverse suppliers to enhance the financial health of small, diverse businesses in the communities we serve. Our support of this loan program is consistent with our mission and values ‘to improve the health of our communities, one person at a time’ and represents our dedication to one of our core values – diversity and inclusion,” said Hargett.