Thread Capital partners,

I am pleased to share with you our fiscal year 2020 impact report, a period that represents Thread’s second full year of activity. In this report, you’ll read about the number of entrepreneurs we assisted and our total lending activity but also have the opportunity to read some stories about the entrepreneurs we serve—the reason we do what we do.

The results are what matters in our work. Through our first two fiscal years, we have worked with thousands of entrepreneurs in all corners of North Carolina and provided more than 600 loans totaling more than $21 million. In fiscal year 2020 alone, we worked with more than 3,000 entrepreneurs and provided 478 loans totaling $16.9 million.

Fiscal year 2020, for us, is best understood as two distinct periods. The first eight months were focused on continued development of our systems, processes, team, and partnerships. We made great progress, but recognize that, like many of our clients, we are still in start-up mode.

But, for as much as we accomplished in the first eight months, there is more to the story. Like so many others, the health and economic crises presented by the COVID-19 pandemic challenged the way we think and do business. As a result, we shifted our operations to support remote work to keep our staff safe and turned our urgent attention to supporting our clients. We quickly found ourselves on the front lines of the economic crisis.

In March, we worked with the NC Rural Center to design and execute the NC COVID-19 Rapid Recovery Loan Program—a program that launched with a sense of great urgency as we believed the clock was ticking on the survival or failure of a large swath of North Carolina businesses. Meeting this moment was a new challenge, but we were able to originate 84 percent of our 2020 lending in just three months.

The progress we made in 2020, both before and after the pandemic, was only possible because of the flexibility and commitment of Thread Capital’s lending staff. As executive director, I get the privilege to watch this talented team tackle anything put before them, attacking each obstacle with resilience, efficiency, humility, and just plain hard work.

We came a long way this year, but still have a long way to go. We look forward to sharing those results with you as well. Thank you for supporting Thread Capital, and thank you for your continued support of North Carolina’s small businesses.

Onward,