Mountain Bizcapital Inc
- Assets
- $30.0m
- Revenue
- $6.1m
- Investments
- $0.0
- Employees
- 36
- Location
- Asheville, NC
- Founding
- 08/2003
- Data as of
- 12/2022
- EIN
- 14-1864873
Organization Overview
Mountain Bizcapital Inc, operating under the name Mountain Bizworks, is located in Asheville, NC. The organization was established in 2003. According to its NTEE Classification (T30) the organization is classified as: Public Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. As of 12/2022, Mountain Bizworks employed 36 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Mountain Bizworks is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2022, Mountain Bizworks generated $6.1m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 23.7% each year . All expenses for the organization totaled $4.1m during the year ending 12/2022. While expenses have increased by 18.6% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
MOUNTAIN BIZWORKS CREATES ECONOMIC OPPORTUNITY FOR THE PEOPLE OF WESTERN NORTH CAROLINA BY HELPING SMALL BUSINESSES START, GROW, AND CREATE JOBS THROUGH SMALL BUSINESS LEARNING AND LENDING.
Describe the Organization's Program Activity:
Part 3 - Line 4a
MOUNTAIN BIZCAPITAL (MBC) IS A NOT-FOR-PROFIT CORPORATION ESTABLISHED 33 YEARS AGO. THE PRIMARY PURPOSE OF MBC IS TO PROVIDE DIRECT MICRO AND SMALL BUSINESS LOANS TO EXPAND ECONOMIC OPPORTUNITIES IN LOW INCOME AND OTHER UNDERBANKED COMMUNITIES. SINCE ITS EXISTENCE, MBC HAS PROVIDED 99.18 MILLION IN FINANCING TO OVER 3,799 BUSINESSES WHICH HAVE CREATED 7,923 JOBS AND HAS ENGAGED IN ENTREPRENEURIAL EDUCATION WITH OVER 18,310 ENTREPRENEURS IN WESTERN NORTH CAROLINA. IN APRIL 2003, MBC WAS CERTIFIED AS A COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION BY THE COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION FUND OF THE US DEPARTMENT OF TREASURY. THE ORGANIZATION IS CLASSIFIED AS A PUBLICLY- SUPPORTED CHARITABLE ORGANIZATION UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Matthew Raker Executive Di | Officer | 40 | $129,675 |
Duane Adams Member | Trustee | 1 | $0 |
Zane Adams 2nd Vice Cha | Trustee | 1 | $0 |
Adriana Chavela Member | Trustee | 1 | $0 |
Rebecca Crandall Secretary | Trustee | 1 | $0 |
Audrey Whetten Godfrey Member | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $3,075,293 |
| All other contributions, gifts, grants, and similar amounts not included above | $893,803 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,969,096 |
| Total Program Service Revenue | $2,150,902 |
| Investment income | $4,701 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $6,124,699 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $129,675 |
| Compensation of current officers, directors, key employees. | $16,856 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,649,356 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $187,568 |
| Payroll taxes | $138,269 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $8,998 |
| Fees for services: Accounting | $16,051 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $8,795 |
| Advertising and promotion | $0 |
| Office expenses | $154,561 |
| Information technology | $56,706 |
| Royalties | $0 |
| Occupancy | $50,807 |
| Travel | $75,933 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $181,123 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $28,656 |
| Insurance | $20,955 |
| All other expenses | $0 |
| Total functional expenses | $4,123,252 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $13,929,466 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $492,794 |
| Accounts receivable, net | $279,290 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $14,494,951 |
| Inventories for sale or use | $18,426 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $686,486 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $101,742 |
| Total assets | $30,003,155 |
| Accounts payable and accrued expenses | $293,467 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $15,701 |
| Secured mortgages and notes payable | $10,786,330 |
| Unsecured mortgages and notes payable | $2,950,000 |
| Other liabilities | $2,274,299 |
| Total liabilities | $16,319,797 |
| Net assets without donor restrictions | $9,438,476 |
| Net assets with donor restrictions | $4,244,882 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $30,003,155 |