The Nussbaum Center for Entrepreneurship – a business incubator that provides space for new businesses and helps them get off the ground – is teaming up with a new Greensboro bank – Carolina State Bank – in a move meant to, among other things, help entrepreneurs at the center secure financing when they need it.
The center rents spaces to fledgling companies and provides them with commonly needed tools and services such as conference rooms and computer services. With the new partnership, companies located at the center may end up getting better access to something else those businesses often need – money.
While a lot of banks are eager to make loans to established businesses, it can be a much tougher challenge for start-ups. Through the partnership, companies operating out of the Nussbaum Center will learn the best ways to approach banks for loans and they may even end up securing loans from Carolina State Bank.
Carolina State Bank, which recently opened on Northline Avenue at Friendly Center, is billing itself as “a full-service community bank with a local focus” – and as one that can often move faster than some larger banks by providing local processing of loans.
Seth Moore, the president of Carolina State Bank, said this week that his bank wants to work with area companies from the early stages of development.
“A bank should serve the community and be a partner in growth,” Moore said. “We’re looking forward to bringing that back to Greensboro and the Triad.”
As part of the arrangement, Carolina State Bank will also host financial management classes at the Nussbaum Center.
Nussbaum Center President Sam Funchess said he’s very excited about the partnership and he added that the arrangement should be a big benefit for the businesses there.
“We always welcome partners to the center who share our passion for entrepreneurship,” Funchess said.