North Carolina CDFI Brings Tourism and Jobs to Local Community
Client: Heaven In The Hills Campground – Eric and Kristy Freitag
Client Location: Westfield, NC
CDFI: Carolina Small Business Development Fund (CSBDF)
CDFI Service Area: North Carolina (Raleigh HQ)
Capital, technical assistance, and policy research for small businesses
In Stokes County, North Carolina, Kristy and Eric Freitag had a dream to transform a piece of land they owned into Heaven in the Hills Campground, a destination where visitors can connect with nature and experience the peaceful beauty of their home state. But like many small business owners, they encountered a major barrier: limited access to capital.
Kristy and Eric had their vision, but with infrastructure costs piling up — plumbing systems, water lines, and essential utilities — they needed help. They turned to their local Small Business Center at Surry Community College for guidance, where they were connected to Carolina Small Business Development Fund (CSBDF), a local community development financial institution (CDFI) and trusted partner for entrepreneurs across the state.
CDFI Offers Small Businesses Capital Plus Hands-on Support
CSBDF’s hands-on, relationship-driven model gave Kristy and Eric the support they both wanted and needed. Through one-on-one advising with a business solutions officer, they developed a comprehensive business plan, refined their financial models, and submitted a strong loan application. The result was a successful loan that not only helped pay off their land but also covered the upfront costs of developing essential business expenses.
“Working with CSBDF was a really good experience,” Kristy said. “They were very helpful, encouraging, and supportive. The team at CSBDF was really good about helping us through that and teaching us what we needed to know. Everyone at CSBDF truly believed in us and our business, and that was amazing to have.”
With CSBDF’s help, Heaven in the Hills Campground officially opened its gates — creating 2.6 full-time equivalent jobs and attracting tourists to the area, infusing capital into their local economy.
Kristy and Eric’s story is one of more than 3,120 loan and grant recipients totaling $121 million that CSBDF has provided to small businesses since 2012, which has helped create or retain more than 5,360 full-time jobs. Through loans, grants, and more than 4,600 hours of technical assistance in FY 2023-24 alone, CSBDF continues to uplift small businesses that are the backbone of local economies.
CDFIs Prioritize Small Businesses Across America
Small businesses are the backbone of the American economy. From corner shops to childcare centers, bookstores to auto mechanics, nail salons to construction firms, and more, they build communities and lift local economies. At some point, every one of these businesses needs capital, often in the form of financing.
CDFIs are locally-rooted lenders that fill small business financing gaps. When a bank cannot make a loan to a small business owner, it refers the entrepreneur to a CDFI, as was the case with Kristy and Eric Freitag.
In 2023, certified CDFIs had more than $30 billion small business and micro loans in their portfolios. With a cumulative net charge-off rate of less than 1%, CDFIs lend productively in low-income, low-wealth markets.
To learn more about how OFN and our network of CDFIs prioritize small businesses, visit our small business page.
To read other stories about thriving small businesses funded by CDFIs, visit our impact stories page.
Are you an OFN member CDFI with a great borrower story to share?
Your client success stories illustrate what it means to deliver opportunity for all. They help OFN demonstrate how CDFIs work to help create good family-wage jobs, decent affordable homes, healthy foods, greener neighborhoods, and so much more.
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