Business Expansion Funding Corp
- Assets
- $4.0m
- Revenue
- $2.3m
- Investments
- $0.0
- Employees
- 20
- Location
- Charlotte, NC
- Founding
- 11/1988
- Data as of
- 09/2021
- EIN
- 56-1434029
Organization Overview
Business Expansion Funding Corp is located in Charlotte, NC. The organization was established in 1988. According to its NTEE Classification (S20) the organization is classified as: Community & Neighborhood Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 09/2021, Business Expansion Funding Corp employed 20 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Business Expansion Funding Corp 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 09/2021, Business Expansion Funding Corp generated $2.3m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 9.9% each year. All expenses for the organization totaled $1.9m during the year ending 09/2021. While expenses have increased by 9.0% per year over the past 6 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
BEFCOR IS A NONPROFIT ORGANIZATION THAT PROMOTES ECONOMIC DEVELOPMENT BY ASSISTINGSMALL BUSINESSES. A US SMALL BUSINESS ADMINISTRATION CERTIFIED DEVELOPMENT COMPANY(CDC) AND DEPARTMENT OF TREASURY CDFI, BEFCOR IS AUTHORIZED TO MARKET, UNDERWRITE, CLOSE AND SERVICE CDC/504 AND CDFI LOANS AND OTHER PROGRAMS THAT ARE CONSISTENT WITH THE ECONOMIC DEVELOPMENT PURPOSES SET FORTH IN BEFCORS ARTICLES OF INCORPORATION, IN NORTH CAROLINA, AND OTHER AREAS AS PERMITTED BY SBA, DEPARTMENT OF TREASURY OR OTHER SOURCES.BEFCOR ENABLES SMALL BUSINESS TO PURCHASE OWNER-OCCUPIED COMMERCIAL REALESTATE AND OTHER FIXED ASSETS THAT PROMOTE BUSINESS EXPANSION AND JOB CREATION. CDFI PROGRAMS PERMIT MORE EXTENSIVE USES OF LOANS IN AN EFFORT TO ASSIST RURAL, MINORITY AND UNDER-SERVED BUSINESSES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SBA 504 LOANS AND SMALL BUSINESS LENDING FUND (SBLF) LOANS. BEFCOR RECEIVED SBA APPROVAL FOR SEVENTY-ONE 504 LOANS WITH A TOTAL LOAN AMOUNT OF $58,324,000. BEFCOR APPROVED ONE NEW LOAN FROM THE SBLF, WITH A LOAN AMOUNT OF $250,000 AND ONE SBLF #2 LOAN IN THE AMOUNT OF $24,000. BEFCOR PARTNERED WITH THE NC RURAL CENTER TO UNDERWRITE AND SERVICE RAPID RECOVERY LOANS IN RESPONSE TO COVID-19. IN TOTAL BEFCOR PROCESSED 238 LOANS TOTALING $21,634,082 BETWEEN FY2020 AND 2021.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Elaine Fairman Executive Dir. | Officer | 50 | $211,257 |
Louis Rogers III Busines Dev. Off. | 54 | $157,259 | |
Greg Simmons Busines Dev. Off. | 54 | $133,244 | |
Brian Huber Treasurer | OfficerTrustee | 0.5 | $0 |
Abbie Baynes Board Chair | OfficerTrustee | 2 | $0 |
Tim Key Secretary | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $2,311,147 |
| Investment income | $25,355 |
| 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 | $2,336,502 |
| 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. | $229,667 |
| Compensation of current officers, directors, key employees. | $91,867 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,053,138 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $161,161 |
| Payroll taxes | $91,524 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $59,347 |
| Advertising and promotion | $12,679 |
| Office expenses | $4,373 |
| Information technology | $74,121 |
| Royalties | $0 |
| Occupancy | $106,454 |
| Travel | $4,328 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $15,648 |
| Insurance | $12,235 |
| All other expenses | $6,752 |
| Total functional expenses | $1,884,129 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,009,550 |
| Savings and temporary cash investments | $215,335 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $93,249 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $588,592 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $39,669 |
| Net Land, buildings, and equipment | $20,809 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,585 |
| Total assets | $3,968,789 |
| Accounts payable and accrued expenses | $234,887 |
| Grants payable | $0 |
| Deferred revenue | $53,661 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $289,863 |
| Total liabilities | $578,411 |
| Net assets without donor restrictions | $2,329,632 |
| Net assets with donor restrictions | $1,060,746 |
| 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 | $3,968,789 |
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|---|---|---|
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Coastal Plain Area Economic Opportunity Authority Inc Valdosta, GA | $6,623,534 | $13,801,263 |
Coastal Community Action Inc Newport, NC | $6,264,251 | $13,623,681 |
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