Business roundup: Lenders join loan program

SALISBURY — Five local lenders and the area’s leading business service providers have joined in an effort to get businesses and the North Carolina economy growing.

The five lenders — BB&T, Bank of the Carolinas, Citizens South Bank, Community Bank of Rowan and First Bank — have enrolled in a new program that makes it easier for businesses and nonprofits to borrow for operations and expansions.

The N.C. Capital Access Program establishes a reserve program that allows lenders to consider loans that fall just outside their usual underwriting standards. The local lenders are among 54 institutions, presenting 1,100 branches statewide, that have enrolled in NC-CAP.

Interested businesses apply for loans through normal channels with their local lenders.

Local service providers that can assist include the Small Business Center at Rowan-Cabarrus Community College (contact Barbara Hall at 704-216-3534) and the N.C. Small Business and Technology Development Center office at University of North Carolina at Charlotte (704-548-1090).

Any North Carolina business with 500 or fewer employees is eligible to apply for an NC-CAP loan. Nonprofit organizations are eligible for loans to support business purposes, such as child-care centers. Loans generally range from $10,000 up to the maximum of $5 million.

NC-CAP is made possible by $46.1 million in federal funding through the Small Business Jobs Act of 2010. Gov. Beverly Perdue designated the N.C. Rural Economic Development Center to administer the program in all 100 counties.

Banks or businesses requiring additional assistance may contact Lisa Theall at the N.C. Rural Center, ltheall@ncruralcenter.org or call 919-250-4314.

The N.C. Rural Economic Development Center is a private, nonprofit organization whose mission is to develop sound economic strategies that improve the quality of life in rural North Carolina, with a special focus on individuals with low to moderate incomes and communities with limited resources. The center operates a multifaceted program that includes conducting research into rural issues; testing promising rural development strategies; advocating for policy and program innovations; and building the productive capacity of rural leaders, entrepreneurs and community organizations.

Cabarrus Senior Resource Link to meet at 11:30 a.m. Tuesday

The Cabarrus Senior Resource Link, professionals who work with seniors, will hold a monthly meeting on Tuesday, July 12 at 11:30 a.m.

For additional information and reservations, contact Susan Wear at Gentiva Home Health 704-933-1001.

Citizens South earns 35th 5-Star Rating in a row

GASTONIA — Citizens South Bank has been awarded its 35th consecutive 5-Star Superior rating for financial strength and stability from BauerFinancial, Inc.,of Coral Gables, Florida for the quarter ended March 31.

BauerFinancial, Inc., which is the nation's leading independent bank and credit union rating and research firm, has been reporting on and analyzing the performance of U.S. banks and credit unions since 1983. A rating of 5-Stars is the highest rating attainable from BauerFinancial and is based on the overall financial picture of the institution.

Earning a 5-Star rating indicates a bank is one of the strongest in the nation. This is the 35th consecutive quarter that Citizens South Bank has earned the honor.

No institution pays for its rating, nor can it be excluded from the rating process. Consumers may obtain star-ratings of financial institutions by visiting www.bauerfinancial.com.

Citizens South Banking also has been added to the Russell Microcap Index for a year.

“We are pleased to be included among the well-respected companies in this index and are encouraged that our strategic initiatives have earned us this recognition,” said Kim S. Price, president and CEO. This “will expose our company and its stock to a wider audience of institutional investors which we believe will ultimately benefit our long-term shareholders.”

Russell indexes are used by investment managers and institutional investors as benchmarks for passive and active investment strategies. An industry-leading $3.9 trillion in institutional assets currently are benchmarked to them.

Annual reconstitution of Russell indexes captures the 4,000 largest U.S. stocks, as of the end of May, ranking them by total market capitalization to create the Russell 3000 Index and Russell Microcap Index.

Cabarrus Chamber official completes leadership training program

KANNAPOLIS — Gwynn McCombs, vice president of membership and marketing for the Cabarrus Regional Chamber of Commerce, has graduated from the Institute for Organization Management, the professional development program of the U.S. Chamber of Commerce.

To graduate, McCombs had ti complete 96 hours of course instruction in nonprofit management. Other graduates from the Cabarrus Chamber include John Cox, Deborah Carter and Pam Hayworth. Tina Anderson, sponsorship sales and investor relations manager, recently completed her second of four years of this intensive week-long, leadership training.

In addition to the graduate recognition, participants can earn credit hours toward the Certified Chamber Executive (CCE) or Certified Association Executive (CAE) professional industry certifications.

Handbag trade-in event July 22-31 at Stitchin Post Gifts

Stitchin Post Gifts will have a Brighton Handbag Trade-In event at 104 South Main St. July 22-31.

This annual event benefits Nazareth Thrift Store through their programs to help needy women get back into the work force. You can trade in your old handbag and help Nazareth Thrift Store at the same time. Purchase a registered Brighton handbag and receive a $25 or $50 bonus. For more information, call Stitchin Post Gifts at 704-636-4121.

Submit information about new businesses, honors and management promotions to bizbriefs@salisburypost.com. Include a daytime phone number.