NCGrowth is expanding into Tennessee through a new partnership with Eastern Eight CDC, supporting efforts to strengthen access to capital for small businesses.
Historically, Eastern Eight CDC has provided affordable housing solutions to eight counties in northeastern Tennessee. They are now seeking to provide commercial lending services to small businesses by pursuing certification as a Community Development Financial Institution (CDFI). They aim to use this increased capacity to support business growth and improve regional economic development efforts. However, to be successful in this new endeavor, Eastern Eight needs a broader and deeper understanding of local capital access challenges.
NCGrowth is working alongside Eastern Eight to assess regional lending gaps, identify unmet small business needs, and explore strategic partnerships with financial institutions. Through market analysis and stakeholder interviews, the project team will define a clear path forward for launching new lending programs.
Upon the completion of this project, NCGrowth will provide Eastern Eight with a final report encompassing all of our findings and our recommendations on next steps. This will include a pitch deck detailing regional needs and a list of potential projects for Eastern Eight to pursue at the onset of resource and network expansion. NCGrowth’s expansive catalog of previous work concerning economic development and the impact of CDFIs make this an incredible partnership.
