By Ruby Durham
The CLT Alliance Foundation isn’t just another foundation; it’s a dynamic launch pad empowering small business owners to catch their breath, think big, utilize their resources and turn their entrepreneurial dreams into reality.
More than just a hub for support, the CLT Alliance Foundation stands as a crucial intersection of capital, customers and connections, dedicating professional development opportunities to foster breakout success stories among small business owners and entrepreneurs.
According to the CLT Alliance Foundation, small businesses are the backbone of the American economy, accounting for nearly 50% of all businesses and driving 67% of new job creation. In Mecklenburg County, 37% of these small businesses are minority-owned, reflecting a diverse entrepreneurial spirit.
Many of these businesses face significant barriers, particularly in accessing the capital and connections necessary to thrive. Nate Hogan, president of the CLT Alliance Foundation, is determined to change that narrative.
“The foundation has been around since 2001 and we want people to think of us as the number one resource for small businesses for equity and growth opportunities based on where they are,” Hogan said.
At the foundation, the focus is on forward thinking strategies to empower small business owners that navigate the entrepreneurial ecosystem. The foundation offers robust funding options while following through with personalized coaching and support, actively addressing inequities that can stifle growth. From navigating the complexities of starting a business to establishing vital connections, the foundation provides the tools needed to break through traditional barriers.
“We have created programs to help small business owners feel armed with tools to be successful no matter if it’s areas within legal work, accounting or marketing,” Hogan said.
One of the CLT Alliance Foundation’s hallmark initiatives is the Charlotte Small Business Growth Fund. This innovative fund specifically targets underserved small businesses that may struggle to secure funding elsewhere. By partnering with mission-driven community development financial institutions, the foundation ensures that entrepreneurs receive ongoing coaching and mentorship in addition to financial support.
Another key initiative is Scale Up CLT, the city’s premier accelerator designed for businesses poised for expansion. In collaboration with the city of Charlotte and the Entrepreneurs Organization Charlotte, Scale Up CLT specifically caters to businesses with revenues between $250,000 and $1 million. This program aims to enhance the competitiveness of minority-owned businesses, providing them with the tools and resources they need to scale effectively.
Visibility is another crucial element in the success of small businesses. The foundation’s digital marketplace connects mid-market companies with contracting opportunities, elevating the profiles of smaller enterprises looking to establish vital partnerships. Furthermore, the RISE Digital Resource Hub harnesses innovative AI technology to deliver 24/7 access to essential resources for entrepreneurs, ensuring they have the information they need to succeed at any time.
Professional services also play a critical role in the foundation’s offerings. Through partnerships with organizations like the Charlotte Legal Initiative to Mobilize Businesses, Inc. (CLIMB), entrepreneurs can access pro bono legal, marketing and accounting services, ensuring they are well-supported in their ventures.
The foundation’s commitment to thought leadership and promotion aids in navigating the complex entrepreneurial ecosystem, equipping business owners with the insights and connections necessary for success.
Recognizing that mental wellness is integral to sustainable entrepreneurship, the foundation prioritizes the “Catch Your Breath” program. This initiative acknowledges the unique challenges faced by entrepreneurs, nearly half of whom experience mental health conditions during their lifetime — significantly higher than their non-entrepreneurial counterparts.
Catch Your Breath provides education, accountability, and peer support, equipping entrepreneurs with tools to combat burnout and stress. Through workshops focused on financial wellness, stress management, and a dedicated 12-week personal wellness accelerator cohort, the program nurtures resilience and community among business owners.
The CLT Alliance Foundation is not just transforming individual businesses, it is reshaping the entire Charlotte Region’s economic landscape and paving the way for a new era of success from one small business owner to the next, Hogan said. “It is all about impact, nothing else.”