WS Chronicle

By Busta Brown 

With the government shifting and times getting tough, small minority businesses need more than just luck. They need support, resources, and the right information to thrive, survive, and stay alive. It’s time that we came together to help our local small minority businesses build their own foundation. Over the past few months, I decided to use my platforms on my radio show and with my articles to lend a hand and a voice to empower them with tools and give them a real choice. 

I often share information about nonprofits that help small minority businesses thrive. But let’s be real – you can’t start a business or thrive without capital. Let me introduce you to someone who can help you secure the funding you need.  

“Our loans range from $5,000 to $350,000. So, we partner with the SBA (Small Business Administration). It allows us to give out those larger loans, because the SBA gives us a loan guarantee. Meaning, typically a bank wouldn’t be able to do this. But we want y’all to do this loan for this startup businesses. So, we’re going to make sure you, if anything were to happen, you pay your money back and it makes banks and people like ourselves feel more comfortable,” shared Madison Potter, who is a business solutions officer for Carolina Small Business Development Fund.  

As we continued our interview, I noticed how passionate Madison is about helping people, not just in business but in general. She has such a sweet and caring spirit. I value transparency, especially because many businesses are often misled or misinformed with plenty of consultants and advice out there. So, I asked the mother of one to share some honest, common misconceptions business owners have about securing funding and how they can navigate through that process.  

“You’re absolutely right; having sound financials is crucial when applying for a business loan or even some grants. No matter how strong the mission or how much the business aims to help the community, without accurate, well-organized financial records, lenders and grant organizations cannot make an informed decision. It’s not just about what’s in your bank account; it’s about having clear, professional records like profit and loss statements, balance sheets, and tax filings, all supported by reliable accounting software. 

“A solid financial picture demonstrates that the business is viable and can handle the obligations that come with a loan. If the business isn’t profitable, taking on a loan could do more harm than good, adding more financial pressure that the business may not be able to manage. This could place the business in a difficult position, and no lender wants to contribute to that. In short, businesses need to understand their cash flow and have their financials in order before considering a loan. This step is essential for responsible financial management and long-term success.” 

Madison has been in the financial industry for nine years and is passionate about building relationships within her community. Because of this, I saw her as the perfect person to share valuable information with small businesses that are seeking funding, and how they qualify with the Carolina Small Business Development Fund.  

“Many small business owners don’t want to regularly log into their accounting software to reconcile their books. As a result, a big part of our work at CDFI is providing hands-on support and education. For example, I recently worked with a woman who’s been in business for two years but has never used accounting software. Many business owners aren’t aware that there are free tools available, like Wave Apps, which a lot of small business owners recommend. But some people simply don’t know about these options. 

“Our job is to educate and guide them through the process. I often come across business plans where entrepreneurs don’t clearly explain who they are or why their business makes sense for them, which is crucial for getting funding. So, we’re here to walk them through that process as well,” she said.  

Madison also wants to point our readers to organizations that help. 

“There are also some excellent resources in Greensboro and across North Carolina. The Nussbaum Center, for instance, is a hub with valuable resources like the SBTDC and the Small Business Center. These are all free resources we connect entrepreneurs to. 

“Our goal is to help people not only understand the tools and resources available, but also to ensure they have the support they need to get funding and succeed,” shared the Raleigh, North Carolina, native. 

When small business owners go to a bank to request funding, they may be told they’re not quite ready. Part of Madison Potter and Carolina Small Business Development Fund’s role is to help them get prepared. “If they already have a business plan or financial projections, we’ll review them and provide feedback on areas where they can improve to increase their chances of approval. While no one is ever 100% ready, we help businesses go through the process more efficiently. 

“We also offer post-loan support. Many of the businesses we work with are first-time borrowers or entrepreneurs, so we check in with them every quarter to make sure their financials are on track. If they need help with marketing or face any challenges, we connect them with resources to support their growth,” shared Potter.  

When I asked Madison to share one of her success stories, her big, beautiful smile lit up like the sun. With a confident yet gentle delivery, she shared, “A general contractor here in Guilford County, who has contracted with the local government, was looking to really expand his business. He wanted to get some dump trucks but couldn’t get financing from anywhere else because he had a prior bankruptcy a while ago.  

“His credit has since rebounded tremendously, and he’s doing great in the credit space. The bankruptcy was over ten years ago, but traditionally with banks, if you have a bankruptcy, you’ll have a hard time getting lending for a very long period of time. But that’s where we come in and are able to do that. And I’m so happy to say he recently got those two dump trucks. He’s gonna start doing work in the western part of the state, to rehab the state. He’s also hiring additional people. So that’s what I mean when I say we’re at economic development entity, and we’re in the business of giving out capital for creating jobs and helping businesses grow and scale to continue to support families in the state of North Carolina.” 

I asked what other essential support small businesses need beyond capital to start or grow successfully. “There are important conversations happening in the CDFI space where access to capital is not always recognized as a necessity. However, as we discussed, it is essential, especially for individuals who have faced credit challenges in the past. 

“We advocate at both the state and federal levels, conducting research not only for our clients, but also on a statewide scale. Our goal is to push for policies and resources that support small businesses in the state. This advocacy work sets us apart from other CDFIs. While all of them play a vital role, we differentiate ourselves by actively engaging in legislative efforts, not from a partisan standpoint, but solely in the interest of small business owners and entrepreneurs.”  

If you’re interested in participating in some of the upcoming programs for grants and other small business initiatives, Carolina Small Business Development Fund is administering and partnering with Guilford County to administer a program called Guilford Games, which is an access-to-capital initiative for Small Business Enterprises. The loan amounts range from $25,000 to $75,000 and are available to existing businesses, typically those that have been operating for at least two years. This program is designed to help businesses grow and scale. 

“If you need working capital to hire staff, purchase equipment to improve efficiency, or invest in other tools to advance your business, this is an opportunity to take your business to the next level. Guilford County is supporting this initiative, and we are here to guide you through the process. Even if you are not yet certified as a Small Business Enterprise, we can help you start the certification process with the county and discuss lending options,” shared Madison.  

My Phenomenal Person and Nonprofit of the Week is Madison Potter and Carolina Small Business Development Fund.  

“I think entrepreneurs are rock stars! You are defying the odds every day. Continue to lean on your free resources, and please utilize me as a resource.” 

For more info call 252-689-8519 or email mpotter@carolinasmallbusiness.org.