2025-06-26T11:53:08-07:00 2024-09-30 561688300 Foard and Company PA 1347 Harding Place Charlotte NC 28204 990 2023-10-01 561434029 Business Expansion Funding Corp BUSI 7044143000 5970 Fairview Road 218 Charlotte NC 28210 Tim Key Board Chair 2025-06-26 true true Terry W Lancaster P00096087 7043721515 2023 2025-03-06 01:10:19Z Elaine Fairman 5970 Fairview Road 218 Charlotte NC 28210 3684649 false X www.befcor.com X 1982 NC See Schedule O 11 11 27 0 560848 182856 3232831 3427142 48310 74651 0 3841989 3684649 0 0 2163379 2659907 0 0 455273 491640 2618652 3151547 1223337 533102 6685225 6948094 1687631 1417398 4997594 5530696 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 2445168 3427142 SBA 504 Loans and Community Development Financal Institution (CDFI) Loans. BEFCOR received SBA approval for 52 504 loans with a total loan amount of $78,111,000. BEFCOR approved 8 new loans for CDFI with a total loan amount of $727,000. BEFCOR continues to partner with the NC Rural Center servicing Rapid Recovery loans that were funded in response to COVID-19. 2445168 true true false false false false false false false false true false false false 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 277745 0 22217 Louis Rogers III Busines Dev. Off. 54.00 0.00 193693 0 20582 Greg Simmons Busines Dev. Off. 54.00 0.00 170159 0 27767 Kyle Newgreen Busines Dev. Off. 50.00 0.00 111279 0 15673 Cynthia Kiker Closing Manager 50.00 0.00 107294 0 19456 Joe Mynatt Director 0.50 0.00 X 0 0 0 Kelly Love-Sayasithsena Director 0.50 0.00 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 860170 105695 5 false true false Fairview Plaza 6805 Fairview Rd Ste 100 Charlotte NC 28210 Property Mgmt/Rent 115187 1 182856 182856 504 Escrow Interest 377230 377230 504 Monthly Servicing Fee 1590589 1590589 504 Processing Fees 915156 915156 Miscellaneous Fees 18329 18329 Rapid Recovery Loan Proce 525838 525838 3427142 74651 74651 0 0 0 0 0 0 0 0 3684649 3427142 74651 0 0 0 0 299962 179977 119985 0 1845036 1527013 318023 0 348092 277011 71081 166817 132753 34064 0 0 0 0 0 0 56932 50942 5990 52411 52411 13811 10991 2820 125233 99660 25573 0 121152 96413 24739 7445 5924 1521 0 0 0 0 18448 14681 3767 22689 22689 Miscellaneous 29794 14050 15744 Telephone 19953 15878 4075 Dues and Subscriptions 11731 9336 2395 Printing and Publications 7356 5854 1502 4685 4685 3151547 2445168 706379 0 3802312 4574013 162265 135736 0 497787 563308 0 0 1717223 1254533 0 27267 26728 197129 142381 40193 54748 0 0 0 0 438178 339028 6685225 6948094 401793 387687 73046 99063 60000 1212792 870648 1687631 1417398 X 3550155 4196728 1447439 1333968 4997594 5530696 6685225 6948094 533102 X false true X false false X 309385 560848 182856 1053089 1924499 2311147 2344130 3232831 3427142 13239749 0 0 0 1924499 2311147 2653515 3793679 3609998 14292838 0 0 14292838 23675 25355 21261 48310 74651 193252 0 23675 25355 21261 48310 74651 193252 0 0 1948174 2336502 2674776 3841989 3684649 14486090 0.98670 0.98880 0.01330 0.01120 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 15584 9356 6228 125467 91823 33644 56078 41202 14876 54748 Accrued Commissions 56533 Operating right of use lease liability 347539 Refundable Advance 466576 870648 3684649 3684649 3684649 3151547 3151547 3151547 X X false false false false false false false false false Elaine Fairman Executive Dir. 177745 100000 22217 299962 Greg Simmons Busines Dev. Off. 116164 53995 27767 197926 Louis Rogers III Busines Dev. Off. 122713 70980 20582 214275 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.