ASHEVILLE, NC, Nov. 1, 2018 – Capital Bank announced today that Mountain BizWorks has received a $400,000 investment to support small businesses lending in Western North Carolina. The region is home to a thriving network of outdoor gear manufactures where mountain landscapes have sparked a booming outdoor recreational industry.
“Asheville’s economic infrastructure relies heavily on the tourism industry. Partnering with Mountain BizWorks ensures that regional small businesses have access to capital and the tools necessary to succeed,” said Richard Shaffer, Capital Bank community banking group president. “Small businesses are the lifeblood of our economy and our investment will fuel their growth and development.”
Capital Bank’s $400,000 investment supports the Growing Outdoors: A Regional Approach to Expanding WNC Outdoor Industry and Jobs initiative. The program offers access to capital, peer-to-peer business coaching, and technology training. Over the next five years, the initiative is expected to attract $10M in new business investment and has goals to:
• Create nearly 150 jobs
• Launch 35 new outdoor businesses
• Expand 100 existing businesses
• Train 125 students in new outdoor degree programs to support the growth and expansion of the outdoor recreational industry
“We are excited to be working with Capital Bank to help entrepreneurs start, grow, and thrive here in Western North Carolina,” said Patrick Fitzsimmons, Mountain BizWorks executive director. “This partnership is instrumental in supporting the growing outdoor industry, which continues to create strong economic impact in our region.”
Learn more about Mountain BizWorks work with the outdoor industry here.
Learn more about Mountain BizWorks lending here.
About Capital Bank
Capital Bank, together with First Tennessee Bank, has the largest deposit market share in Tennessee, approximately 300 branches across the southeast U.S., and one of the highest customer retention rates of any bank in the country. We have been ranked by American Banker as No. 5 among the Top 10 Most Reputable U.S. Banks. We were founded in 1864 and have the 14th oldest national bank charter in the country. Our FTB Advisors wealth management group has more than 300 financial professionals and provides services to about $30 billion in assets. FTN Financial, with 28 offices across the U.S., is a capital markets industry leader in fixed income sales, trading, and strategies for institutional customers in the U.S. and abroad. First Tennessee, Capital Bank, FTB Advisors, and FTN Financial are part of First Horizon National Corp. (NYSE:FHN). We have been recognized as one of the nation’s best employers by American Banker magazine and the National Association for Female Executives. More information is available at www.CapitalBank-us.com or www.FirstTennessee.com.
About Mountain BizWorks
Mountain BizWorks is a U.S. Treasury certified non-profit community development financial institution (CDFI). For nearly 30 years, Mountain BizWorks has been making business loans ranging from $1,000 to $250,000 to small businesses in Western North Carolina who may find it difficult to secure funding from banks and other traditional sources. What makes Mountain BizWorks unique is that all loan decisions and relationships are managed locally, and we work to ensure our clients’ success by offering highly customized, peer-to-peer business coaching by an extensive network of successful local business owners. This innovative blend of lending and learning helps entrepreneurs overcome obstacles, grow strategically, and create jobs.