Fayetteville-based nonprofit Tulsa Initiative recently announced the official launch of the Tulsa
Capital Accelerator—a revolving loan fund created to deliver flexible capital to entrepreneurs who have historically found the doors of conventional banking closed.
The fund will make micro-loans ranging from $500 to $10,000 available for inventory, equipment, working capital and other growth needs. It was built in partnership with Crystal Clear Consulting Group (CCCG), led by community-lending strategist Crystal D. McLean, CRPC®, AFC®.
“Too many brilliant businesses stall before they ever scale,” said Founder & Executive Director of Tulsa Initiative Qu’Derrick Covington in a press release. “We kept meeting founders with solid ideas but zero banking relationships. Rather than watch them quit, we created a fund that says yes when traditional lenders say come back later while also strengthening their banking relationships with our strategic banking partners.”
Designed Like a “Mini-CDFI”
“We engineered the Accelerator to mirror the best practices of Community Development
Financial Institutions—scaled to Fayetteville’s real-world needs,” said Crystal McLean in a press release. “With targeted capital and hands-on coaching, we can turn a $5,000 loan into jobs, generational wealth and a more resilient local economy.”
A priority borrower group will be alumni of the Tulsa Leadership Entrepreneurship Academy
(TLEA) – a mentoring program for young business enthusiasts. Graduates who complete TLEA’s curriculum will gain preferred access to the Accelerator’s micro-loans.
First-round funding targets 20–25 loans in year one. Every $10,000 recycled through the fund is projected to generate $45,000+ in local economic activity.
Click here to learn more about the Tulsa Initiative.
Editor’s note: Our print issue coming out July 4 will feature an expanded version of this story.
The My Future So Bright Program is seeking businesses to participate in this year’s summer cohorts. Small businesses in all industries are encouraged to participate. Photos provided by Mid-Carolina Regional Council.The My Future So Bright Summer Job
Fort Bragg Thrift Store Manager, Anna Prospero, and Thrift Store Floor Supervisor, Clea Frazier, pose with Fort Bragg ASYMCA Executive Director, Jeremy Hester and the thrift store staff. Photos by Jason Ragucci, Fort Bragg Garrison Public Affairs Off
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