Novant Health And M&F Bank Partner In Loan Program To Support Diverse Suppliers
Novant Health and M&F Bank announced the joint development of the Diverse Supplier Community Reinvestment Program (DSCRP), a loan program designed to provide working capital to small business owners located in North Carolina, South Carolina and Virginia, who currently are part of Novant Health’s supplier network. The process is streamlined and features a full online application process, expedited review by senior commercial lenders and a dedicated underwriting team.
The two North Carolina companies came together to create this program to address a real need. Historically, small, diverse businesses have experienced more difficulties in obtaining adequate working capital to compete as suppliers for large companies. However, small businesses employ nearly 50 percent of the workforce in the private sector, and tend to employ diverse workforces.
“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,” said Fred M. Hargett, executive vice president and chief financial officer at Novant Health. “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.”
The program also is in keeping with M&F Bank’s support of small-and minority-owned businesses. Founded to serve those who historically had been under served by the banking industry, M&F Bank has a long track record of helping small businesses obtain and maintain working capital. James Sills, president and CEO of M&F Bank, said “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.”
The program officially launched on March 5.
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