CLIMB Fund Annual Report 2023 : simplebooklet.com

Thank you for your interest in CLIMB Fund. We are pleased to report on the impact we’ve made this pastyear through the outcomes and stories we feature here in Small Business, Big Impact.We chose this title after reflecting on all the ways that CLIMB Fund makes an impact, even beyond ourprimary function as a financial institution. CLIMB Fund is a mission-driven nonprofit organization in addition to being a lender, which means that weprioritize the way in which we fulfill our purpose: to create jobs, wealth, and opportunities in communitiesmost in need of the access to capital we provide.With our focus throughout South Carolina on Partnership, Client Experience, Outreach, andEnvironmental Justice, CLIMB Fund’s impact goes beyond providing community development funding toour small business clients. Our impact is also in the way we make it happen.We also recognize that the impact made by the capital we provide our clients doesn’t stop with the smallbusiness itself, but spreads throughout entire communities, another testament to the Big Impact of SmallBusiness, as you’ll read in this report.CLIMB Fund is so proud to share about our work and our clients with you, and about the impact made byboth this past year. We are excited for you to see how Small Business truly makes a Big Impact.CLIMB Fund Annual Report 2023 | Small Business, Big ImpactPage 3Cindi RourkCEOSmall Business, BigSmall Business, Big ImpactImpactA Note from CLIMB Fund“At CLIMB Fund, we're committed todriving change in communities acrossSouth Carolina by carrying out our worknot just as a lender, but as a force forpositive impact. We invite you to explore how we go beyond our mission by prioritizingpartnerships, client experience, outreach,and environmental justice, and howdoing so enables us to have even greaterimpact on our small business clients. Joinus in celebrating those stories with usand the profound difference that smallbusinesses make in their communities.”

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Small BusineSmall BusinePage 4As a nonprofit organization and mission-driven lender, CLIMB Fundfocuses its lending to create social economic justice in SouthCarolina. We carry out this work by lending to small businessowners and entrepreneurs who have been historically deniedaccess to capital from traditional financial institutions. We areproud to report on how much CLIMB Fund’s portfolio reflects ourcommitment to creating jobs, wealth, and opportunities where theywould not otherwise exist by lending in disinvested communities.A majority of CLIMB Fund loans made in 2023were to BIPOC-owned businesses includingBlack and Latino-owned enterprisesAll Veteran-owned business clients this yearparticipated in the Charleston Metro Chamberof Commerce Minority Business Accelerator60%60%PERCENTAGE OF LOANS MADE TOBIPOC-OWNED BUSINESSES100%100%35%35%A majority of the businesses featuredin this report are Woman-ownedPERCENTAGE OF LOANS MADE TOWOMAN-OWNED BUSINESSESOF VETERAN-OWNED BUSINESS CLIENTSWERE ALSO BIPOCThe Foundation Behind Our Funding

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Dollars lent#1#1RECORD-SETTING TOTALPORTFOLIO SIZE IN DOLLARS LENT& ACTIVE LOANSCLIMB Fund made more loansand lent more dollars to smallbusinesses than ever beforeMEETING MISSION & FOSTERINGJOB CREATION IN SCCOMMUNITIESAs a result of the CLIMB Fundloans made this year, 453 jobswere created$6.4M$6.4M ImpactImpactIN 312 LOANS$16M$16M2023: CLIMB Fund’s Biggest Year YetLENT OVER 109 LOANS IN 2023CLIMB Fund was again named #1SBA lender in dollar volume andnumber of microloans approved inSCSERVING SC AS THE STATE’SLARGEST MICROLENDER FOR 14YEARS IN A ROWCLIMB Fund Annual Report 2023 | Small Business, Big Impact$5.2M$3.4M$6.4M73 loans106 loans109 loans2021 2022 2023BigBigss,ss,

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CLIMB Fund established critical partnerships this year thatenabled us to have our biggest year yet. Through thesepartnerships, we boosted our capacity to carry out our mission:reaching as many of South Carolina’s small business ownersand entrepreneurs who have been denied access to capital aspossible.One of these partnerships included establishing our presencein the Upstate by working with the economic developmentorganization OneSpartanburg and its Power Up: Fundingprogram. CLIMB Fund Annual Report 2023 | Small Business, Big ImpactPage 6Small Business, BigSmall Business, Big ImpactImpactImpact through Partnership$2.8M$2.8MThe program, funded by Spartanburg County Council, provides small and BIPOC-owned businesses withaccess to capital through exclusive loans and grants. The program includes a $10 million loan pooland $665,000 in grant funds.To administer our portion of the funds, CLIMB Fund grew our team to include our first CommunityDevelopment Loan Officer in the Upstate region. With this new partnership and local presence,CLIMB Fund is making strides toward our mission to reach South Carolina communities that are most inneed of the access to capital we provide in all corners of the state.Kelly HarveyUpstate Community Development Loan OfficerDollars received from theEquitable Recovery Programas one of the largestrecipients in SCCLIMB Fund was chosen toadminister $250,000 from theSBA Community Navigatorand grew our presence innew areas of the statethrough the programProsperingPartnerships

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Impact through PartnershipCLIMB Fund Annual Report 2023 | Small Business, Big ImpactHwy 25 Tires and MoreGreenville, SCClient SpotlightsClient SpotlightsJustin Fox, Harvard graduate and soon-to-be Doctor of FamilyMedicine, learned his first recipe for wine on a phone call withhis father, who is serving a prison sentence in relation to acontroversial case that aired nationwide on an episode of“Reasonable Doubt.” His father explained how he would usethe simple ingredients and resources available to fermentwhat he called “prison wine.” Justin’s father insisted his sonmake his own at home so that they could share the progressof the fermentation daily as a means to reconnect. Fromthere, Justin’s hobby turned into a company and ElwoodWine was born – not only as a business – but to raiseawareness about the injustice in the judicial system and tosupport programs that help children of incarcerated parents.CLIMB Fund was able to assist with start-up funding forworking capital and to purchase equipment, supplies, andmarketing. Elwood Wine created three full-time jobs andplans to hire six part-time employees in the next two years.Juan Flores has owned his full-service tire shop, Hwy 25Tires and More, for 14 years. The shop specializes in tirereplacement, repair, mounting, balancing, rotations, andtowing. As demand grew, the shop decided to expandthe services it provides. For the first time as the leadfinancial institution, CLIMB Fund financed inventory andworking capital to facilitate the addition of servicesthrough the SBA 504 Loan Program, in partnership withProvident Business Financial Services. SBA 504 loans aimto improve local economies by assisting designatedbusiness types including woman-, BIPOC-, and veteran-owned businesses. As an economic developmentprogram, 504 loan qualified businesses must meet eitherjob creation, community development, or other publicpolicy goals. In exchange for attractive long-term, fixed-rate financing, the SBA counts on its small business loanrecipients to boost the surrounding communities throughjob creation. Hwy 25 Tires and More will hire six newemployees, which will bring the team to 12 employeestotal. Page 7Elwood WineBoiling Springs, SCelwoodprisonwine.com

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CLIMB Fund Annual Report 2023 | Small Business, Big ImpactPage 8Small Business, BigSmall Business, Big ImpactImpactImpact through Client ExperienceCLIMB Fund makes a difference not only as a lenderproviding access to capital to those historically denied it, butalso through the way we make it happen. Our values as anorganization guide our approach to working within ourcommunities and are the standards that the CLIMB Fundteam uphold while serving our clients and their businessfunding needs.“Besides the loan we got from CLIMB Fund, we got amazing support. I was really surprised. I thought, ’Ok, youget a loan from the bank and that’s it. You never see those people again.’ CLIMB Fund is so involved to makesure you are going in the right direction.” - Maka Aptsiauri, Chef/Owner | Euro Foods Bakery & Cafe, Charleston, SC | CLIMB Fund client since 2019One of those values is Customer Passion. CLIMB Fund isproud to go beyond what traditional financial institutionstypically provide by offering our clients extensive smallbusiness coaching with experts specialized in bookkeeping,accounting, general business coaching, website creation, andthe trucking and food & beverage industries.Corey VanhornCLIMB Fund’s newest Trucking, Transport, & Logistics Consultant16,170+16,170+Hours of business consultation servicesprovided to clients this yearHarnessing Technologyto Enhance Client ExperienceCLIMB Fund took on technology upgrades toensure that our Customer Passion is reflected on the webNEW-AND-IMPROVED WEBSITEincluding a Business Resource Center to provideguidance for small business start-up and growthFINANCIAL EDUCATION PLATFORMoffering customizable learning modules on theCLIMB Fund websiteUPGRADED LOAN APPLICATION SOFTWAREmaking the loan process easier for applicants1-ON-1 APPOINTMENTS WITH LOAN OFFICERSso that potential clients can have all theirquestions answered via videocall

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Philosophers & Fools is the first combinationbookstore/bar/gathering space in Charleston, SC. While inthe process of seeking start-up funding from CLIMB Fund,owners Jenny Ferrara and Michael Bourke experiencedchallenges securing their intended location due to the natureof the business. CLIMB Fund was able to offer flexibility during the loanprocess to allow for the business to find a new location thatwould be approved by the neighborhood and city. Afterworking together for nearly one year, CLIMB Fund made aloan to Philosophers & Fools that will result in the immediatecreation of one full-time and three part-time employees, withthe addition of three more part-time employees over the nexttwo years.While working as a radiologist assistant at the MedicalUniversity of South Carolina (MUSC), U.S. Navy veteranDr. Cephus E. Simmons Sr. was determined to find abetter catheter for radiology procedures. When he foundthere weren't better alternatives on the market, hedecided to create one. Dr. Simmons invented the firstand only double-balloon catheter suitable for use in thetreatment of children and adults. Over the span of three years, CLIMB Fund developed arelationship with Dr. Simmons and his company,SealCath, working together to strengthen the company’sbusiness strategy. Now, with a CLIMB Fund loan forequipment, research, development, and inventory,SealCath will create five full-time jobs in the next twoyears.Impact through Client ExperienceCLIMB Fund Annual Report 2023 | Small Business, Big ImpactPage 9Charleston, SC Mount Pleasant, SCsealcath.comphilosophersandfools.comClient SpotlightsClient SpotlightsSealCathPhilosophers & Fools

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CLIMB Fund Annual Report 2023 | Small Business, Big ImpactPage 10Small Business, BigSmall Business, Big ImpactImpactImpact through OutreachAnother one of CLIMB Fund’s values that sets us apartfrom traditional lenders is the value of Partnerships inDiverse Communities. In addition to our lending toBIPOC-, Veteran-, and Woman-owned businesses, we havealso heightened our efforts to lend to rural businessowners and entrepreneurs as well. CLIMB Fund has madeit a priority to engage with rural community organizationsto bring awareness of our resources to another disinvestedsegment of South Carolina’s population.Ramping Up our Rural OutreachCLIMB Fund prioritized engaging withrural small business owners andentrepreneurs by increasing our presenceat rural community organization eventsNCGROWTH & SMARTUP SMALL RURAL BUSINESSDEVELOPMENT WORKSHOP AND BUSINESS RESOURCE FAIRSaint Helena Island, SCSC BLACK FARMERS COALITIONANNUAL CONFERENCEWalterboro, SCOur loans to rural clients have included critical community assets such as the only specialty grocerystore in Oconee County, SC, and the first residential garbage collection service in several rural areas ofCharleston County, both of which are featured on the next page.With stories like these in mind, it is easy to see the impact that the access to capital CLIMB Fundprovides makes in these communities. $1M$1MUSDA funds for CLIMB Fund to lend in rural SC

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Buddy’s Market is the only specialty grocery store in OconeeCounty, SC. It offers fresh fruits and vegetables, meats,cheeses, ready-to-bake meals, and other artisanal foods. As anative of the area, owner Margaret Allen saw the need for thebusiness when she realized the region was lacking high-quality, fresh produce and locally prepared foods. Now, themarket serves to bridge the gap between the rural communitywhere it’s located and the farmers and agribusinesses of thearea by cultivating connections to customers and neighbors.CLIMB Fund was able to assist with start-up funding includingimprovements to the business location, equipment, andinventory. Buddy’s Market will immediately hire three employees, withan additional three full-time and two part-time employees inthe next two years.Awendaw Sanitation Services provides residentialgarbage collection to rural areas of Charleston Countyincluding Awendaw, McClellanville, Buckhall, Tibwin,Jamestown, Huger, and Shulerville. Prior to thecompany’s existence, residents of these areas wouldload garbage in personal vehicles and dispose of it atlocal landfills themselves. Awendaw Sanitation Services,owned by Stacia Dawson, now provides an essentialservice in communities where it was never availablebefore. CLIMB Fund was able to support AwendawSanitation Services by financing the purchase ofequipment and supplies, in addition to working capital. The company has hired two part-time employees andwill hire four full-time employees within the next twoyears.Impact through OutreachCLIMB Fund Annual Report 2023 | Small Business, Big ImpactPage 11Seneca, SCAwendaw, SCawendawsanitationcompany.comClient SpotlightsClient SpotlightsAwendaw Sanitation ServicesBuddy’s Market

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Electricity10.7%Waste8.7%25 CO2 metric tons3 CO2 metric tons9 CO2 metric tons5 CO2 metric tons4 CO2 metric tonsCLIMB Fund is proud to be not only a social justiceorganization, but an organization focused on environmentaljustice as well. This year marked the launch of a new, two-pronged initiative for our organization in regard to making animpact on mitigating climate change in South Carolina.First, we established a Sustainability Committee thatexamined our own environmental impact and thenimplemented new practices to decrease it according to ourAction Plan.We also began conducting Sustainability Assessments withour incoming clients to gather data on what South Carolina’ssmall businesses need in order to decrease theirenvironmental impact as well. To that end, the SustainabilityImpact through Environmental JusticeCLIMB Fund Annual Report 2023 | Small Business, Big ImpactPage 12Small Business, BigSmall Business, Big ImpactImpactCommuting54.3%Business travel 6.5%Refrigeration & AC19.6%Care for Gadsden Creek Community Clean UpCharleston, SCClimate Change Informational Packet as a resource for our clients.With this new practice in place, CLIMB Fund will now be able to further develop tailored resources tosupport the education, knowledge, and climate resiliency of South Carolina small businesses. Committee created a Sustainability and Going GreenCLIMB Fund conducted its first climate impact assessment tounderstand our current CO2 emissions. We look forward to seeing theeffects of our newly adopted sustainable practices in the next year.3,1203,120pounds of food wastecomposted at CLIMB Fund insix months, equivalent to...bins99Sustainability Committee Mission Statement: To build a strong economic, social, and climate resilient present and futurefor South Carolina by creating green loan products and educating our team, clients, and community about climate action.

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Impact through Environmental JusticeAtlyss Food Co is owned by Jenny Gaddy, an environmentaladvocate and chef who was deeply affected by the amount offood waste she experienced during her career as a restaurantchef for 20 years. After noticing a need in the Charleston areafor a healthy, delicious, and local meal delivery service,coupled with her mission to make the food service industrymore environmentally friendly, Atlyss Food Co was born. Thecompany prepares its meals with local produce grownorganically and sustainably, and ethically raised meats. AtlyssFood Co prioritizes environmentally conscious practicesincluding the use of biodegradable containers, labels, andutensils, produced from recycled materials. CLIMB Fundmade a loan for equipment, upfit, and working capital to openthe first Atlyss Food Co café location, resulting in the creationof eight full-time jobs and an additional four in the next twoyears.Nicole Saenz started Rock n’ Roots Plant Co. afterpivoting during the pandemic from her career as a dentalhygienist to focusing on her passion for plants, crystals,and gems. She began with creating and selling plantarrangements online, then opened her storefront inPawleys Island, SC, where the business hosts specializedplant parties for guests to create their own livingterrariums or planters. As part of the supplies used tocreate the arrangements, Rock n’ Roots provides its ownhouse blend soil, which is made of a special compostincluding oyster shells, shrimp, nitrogen, and essentialminerals. CLIMB Fund was able to assist with openingthe second Rock n’ Roots store, creating one full-timeand three part-time jobs. In the next two years, thecompany plans to hire four additional full-time and eightmore part-time employees.CLIMB Fund Annual Report 2023 | Small Business, Big ImpactPage 13Charleston, SC Pawleys Island & Charleston, SCrocknrootsplantco.comatlyssfoodco.comClient SpotlightsClient SpotlightsRock n’ Roots Plant Co.Atlyss Food Co

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Number of counties with CLIMB Fund clientsCLIMB Fund has become another step closer toserving small business clients in each of SouthCarolina’s 46 counties. This year, we swept throughthe state with clients in 19 counties and fourregional offices. Impact Throughout South CarolinaCLIMB Fund Annual Report 2023 | Small Business, Big ImpactPage 14Small Business, BigSmall Business, Big ImpactImpact20212022202319177171%171%Increase in number of SCcounties with CLIMB Fundclients since statewideexpansionTo reach our goal of welcominga small business client to theCLIMB Fund family in eachcounty, we took advantage ofcommunity developmentopportunities in places acrossthe state, like Woodruff,Duncan, and Barnwell, SC.CLIMB Fund Small Business MixerWoodruff, SCSouthern Palmetto Chamber & Foundation Small Business Resource DayBarnwell, SC

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Impact Throughout South CarolinaG T Dental Assistant Training School offers an innovative 16-week program to prepare aspiring dental assistants forthriving careers. The school also functions as a clinicaltraining site for an existing dental practice in the area. OwnerFaye Richardson started the business after 23 years ofexperience in the industry. With a loan from CLIMB Fund for start-up costs includingcurriculum, furnishings, and equipment, G T Dental AssistantTraining School will immediately hire two full-time employeesand six more in the next two years.Jamie Meeks started his company, Same Team HomeInspections, as a part-time endeavor while working inmanagement in the food and beverage industry. Hisbusiness grew, so Jamie took the plunge to dedicatehimself to it full time. The company offers full-scopehome inspections in addition to detailed reports forclients that include body camera footage. To assist withcapturing more clientele, CLIMB Fund made a loan foradvertising, equipment, working capital, and training,which will allow the company to immediately create onefull-time job and an additional position in the next twoyears.CLIMB Fund Annual Report 2023 | Small Business, Big ImpactPage 15Columbia, SC Myrtle Beach, SCsameteamhomeinspections.comgtcpr-blstraining.comClient SpotlightsClient SpotlightsSame Team Home InspectionsG T Dental Assistant Training School

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CLIMB Fund Annual Report 2023 | Small Business, Big ImpactFunding PartnersFunding PartnersIn recent years, CLIMB Fund has received generous investments from the following partnerswho make our lending possible:Thank you!Bank of AmericaFirst Capital BankFirst Citizens BankPinnacle Financial PartnersSouth State BankFINANCIAL INSTITUTIONSSynovus BankTD BankTruistWells Fargo BankWoodforest National BankGOVERNMENTPARTNERSOneSpartanburgThe City of CharlestonThe City of Goose CreekThe Coastal Community FoundationGoogle.orgOpportunity Finance NetworkSC Association for Community Economic DevelopmentSC Community Capital AllianceFOUNDATIONS& PRIVATE INVESTORSU.S. Department of AgricultureU.S. Department of the TreasuryU.S. Economic Development AdministrationU.S. Small Business AdministrationGrant McAnultyPresidentCasdellSingletonVicePresidentClay N.MiddletonTreasurerWilliam Thompson Jr.SecretaryBryan McNeal Jr.Assistant SecretaryCarol JacksonDavid H. HarperJamilla HarperKerri ChisolmNina CanoRichardsPaul JonesStephaniePritchettBoard of Directors Contact us!Reach out with any questionsor requests for additionalinformation. Remember tofollow us on social media!C L I M B F u n d . o r g8 4 3 - 9 7 3 - 7 2 9 8i n f o @ C L I M B F u n d . o r g@ C L I M B F u n dFind us on...

CLIMB Fund Annual Report 2023

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