2024-04-26T04:13:06-07:00 2023-09-30 561688300 Foard and Company PA 1347 Harding Place Charlotte NC 28204 990 2022-10-01 561434029 Business Expansion Funding Corp BUSI 7044143000 5970 Fairview Road 218 Charlotte NC 28210 Tim Key Board Chair 2024-04-26 true Tim Key 999009999 true Terry W Lancaster P00096087 7043721515 3 AAL1 IAL1 FAL1 2022 2023-04-26 12:10:37Z Elaine Fairman 5970 Fairview Road 218 Charlotte NC 28210 3841989 false X www.befcor.com X 1982 NC BEFCOR is a nonprofit organization that promotes economic development by assistingsmall businesses. A US Small Business Administration certified development company(CDC) and Department of Treasury CDFI, BEFCOR is authorized to market, underwrite, close and service CDC/504 and CDFI loans and other programs that are consistent with the economic development purposes set forth in BEFCORs Articles of Incorporation, in North Carolina, and other areas as permitted by SBA, Department of Treasury or other sources.BEFCOR enables small business to purchase owner-occupied commercial realestate and other fixed assets that promote business expansion and job creation. CDFI programs permit more extensive uses of loans in an effort to assist rural, minority and under-served businesses. 11 11 27 0 309385 560848 2344130 3232831 21261 48310 860 0 2675636 3841989 0 0 1878419 2163379 0 0 413338 455273 2291757 2618652 383879 1223337 4493684 6685225 719427 1687631 3774257 4997594 BEFCOR is a nonprofit organization that promotes economic development by assistingsmall businesses. A US Small Business Administration certified development company(CDC) and Department of Treasury CDFI, BEFCOR is authorized to market, underwrite, close and service CDC/504 and CDFI loans and other programs that are consistent with the economic development purposes set forth in BEFCORs Articles of Incorporation, in North Carolina, and other areas as permitted by SBA, Department of Treasury or other sources.BEFCOR enables small business to purchase owner-occupied commercial realestate and other fixed assets that promote business expansion and job creation. CDFI programs permit more extensive uses of loans in an effort to assist rural, minority and under-served businesses. false false 2302591 3232831 SBA 504 Loans and Community Development Financal Institution (CDFI) Loans. BEFCOR received SBA approval for forty-five 504 loans with a total loan amount of $52,500,000. BEFCOR approved five new loans for CDFI with a total loan amount of $782,000. BEFCOR continues to partner with the NC Rural Center servicing Rapid Recovery loans that were funded in response to COVID-19. 2302591 true true false false false false false false false false true false false true true false true false false false false false false false false false false false false true false false false false false false false false false false false false false false false false false true 5 0 true 27 true false false false false false false false 0 false false false false false false false X 11 11 true false false false false false false true true false false false true true true true true true true false X Elaine C Fairman 7044143000 5970 Fairview Road Suite 218 Charlotte NC 28210 Elaine Fairman Executive Dir. 50.00 0.00 X 240064 0 22974 Greg Simmons Busines Dev. Off. 54.00 0.00 177600 0 22669 Louis Rogers III Busines Dev. Off. 54.00 0.00 182193 0 17816 Cynthia Kiker Closing Manager 50.00 0.00 104069 0 5401 Joe Mynatt Director 0.50 0.00 X 0 0 0 Kelly Love-Sayasithsena Secretary 0.50 0.00 X X 0 0 0 Sheldon Hilaire Director 0.50 0.00 X 0 0 0 Brian Huber Treasurer 0.50 0.00 X X 0 0 0 Tim Key Board Chair 1.00 0.00 X X 0 0 0 Fernando Ycaza Director 0.50 0.00 X 0 0 0 Thomas McTier Director 0.50 0.00 X 0 0 0 Tamara Bryant Director 0.50 0.00 X 0 0 0 Maggie Braun Director 0.50 0.00 X 0 0 0 Tom Davis Director 0.50 0.00 X 0 0 0 Tracie Sells Director 0.50 0.00 X 0 0 0 703926 68860 4 false true false Fairview Plaza 6805 Fairview Rd Ste 100 Charlotte NC 28210 Property Mgmt/Rent 115187 1 560848 560848 504 Escrow Interest 345754 345754 504 Monthly Servicing Fee 1501030 1501030 504 Processing Fees 776519 776519 Miscellaneous Fees 11323 11323 Rapid Recovery Loan Proce 598205 598205 3232831 48310 48310 0 0 0 0 0 0 0 0 3841989 3232831 48310 0 0 0 0 263038 157823 105215 0 1499814 1417638 82176 0 281913 260966 20947 118614 109801 8813 0 0 0 0 0 0 50852 38001 12851 35342 35342 17196 15918 1278 118421 109622 8799 0 121128 112128 9000 16423 15203 1220 0 0 0 0 13481 12479 1002 17892 17892 Miscellaneous 23905 15043 8862 Telephone 16042 14850 1192 Dues and Subscriptions 11999 11107 892 Postage and Shipping 7811 7231 580 4781 4781 2618652 2302591 316061 0 2881168 3802312 215610 162265 0 353740 497787 0 0 991810 1717223 0 24456 27267 164125 123932 25315 40193 0 0 0 0 1585 438178 4493684 6685225 317890 401793 50726 73046 350811 1212792 719427 1687631 X 2713489 3550155 1060768 1447439 3774257 4997594 4493684 6685225 1223337 X false true X false false X 309385 560848 870233 1648846 1924499 2311147 2344130 3232831 11461453 0 0 0 1648846 1924499 2311147 2653515 3793679 12331686 0 0 12331686 20697 23675 25355 21261 48310 139298 0 20697 23675 25355 21261 48310 139298 0 0 1669543 1948174 2336502 2674776 3841989 12470984 0.98880 0.98880 0.01120 0.01120 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 11842 7784 4058 96205 77783 18422 56078 38365 17713 40193 Operating right of use asset 436593 Security Deposit 1585 438178 Accrued Commissions 47765 Operating right of use lease liability 442900 Refundable Advance 722127 1212792 3841989 3841989 3841989 2618652 2618652 2618652 X X false false false false false false false false false Elaine Fairman Executive Dir. 165964 74100 22974 263038 Greg Simmons Busines Dev. Off. 103525 74075 22669 200269 Louis Rogers III Busines Dev. Off. 112973 69220 17816 200009 Form 990, Part VI, Section A, Line 2 Heather Newgreen and Kyle Newgreen are married Form 990, Part VI, Section B, Line 11b The Form 990 is reviewed by the Executive Director and the Operations Support Manager for general accuracy. Form 990, Part VI, Section B, Line 12c SBA requires an annual review and execution of the Conflict of Interest Policy. In January, each employee, member of the Board of Directors and the Loan Committee are required to complete a Conflict of Interest Policy form, sign and return, and disclose any potential or existing conflicts. All new employees must complete and sign a Conflict of Interest Policy form as part of the onboarding process. If conflicts of interest arise during the year, they are reviewed by the Executive Director and the Board and appropriate action is taken if a conflict is determined to exist. Form 990, Part VI, Section B, Line 15a The Board reviews and approves the annual Budget each year, which includes an estimate of personnel costs. In addition, the Board meets in executive session after reviewing the Budget to discuss the Executive Directors performance and determine whether to authorize a bonus for the current fiscal year and to determine the Executive Directors salary for the upcoming calendar year. The compensation for the Executive Director is established by the Board of Directors based on industry data (NADCO Compensation Survey), experience, and performance. The Chairperson of the Board and Executive Director communicate regularly to discuss organization status, administrative and management issues, and performance in relation to goals and objectives. Form 990, Part VI, Section B, Line 15b Factors in determining compensation for key employees include industry data (NADCO Compensation Survey), experience, and performance. Form 990, Part VI, Section C, Line 19 Available upon request.