Reigniting Retirees in South Carolina

Problem Statement:

Retirees face challenges in financial sustainability, self-fulfillment, and a sense of purpose after retirement, often due to limited access to entrepreneurial resources and technical assistance. Many struggle to leverage their experience and skills into income-generating activities, especially in marginalized communities. According to the National Institute on Retirement Security (NIRS), nearly 45% of working-age Americans have no retirement savings, with many retirees dependent on fixed incomes, leaving them vulnerable to financial insecurity.

The scale of the Problem:

In rural areas, 30% of retirees report social isolation, while nearly 40% face financial difficulties. The global population of retirees is growing, and many seek opportunities for post-retirement income but lack the resources or knowledge to succeed. With retirees making up an increasingly significant portion of the global population, this issue is poised to affect millions worldwide.

The Entrepreneurial Evolution Series will provide retirees with digital literacy training, entrepreneurial education, and mentorship needed to launch and sustain businesses. Participants will receive step-by-step guidance on using digital tools, creating business plans, and managing finances. Additionally, retirees will be paired with business mentors for monthly meetings and biannual networking events to ensure ongoing support.

CLIMB Fund seeks support to empower retirees by helping them overcome barriers to entrepreneurship and build sustainable businesses. Through technical assistance, mentorship, and a strong community, the program will enable retirees to contribute economically, reduce isolation, and embrace lifelong learning. Upon completion, participants will receive a certificate to validate their achievements, equipping them with the skills and confidence needed to succeed in their entrepreneurial endeavors.

This initiative is particularly important for retirees in rural areas, where resources are often limited. Thirteen of South Carolina’s 46 counties are designated as Persistent Poverty Counties (PPCs), with high poverty rates and low household incomes. CLIMB Fund serves five of these counties—Colleton, Clarendon, Jasper, Orangeburg, and Williamsburg—and helped create 64 jobs in 2023. However, areas like Allendale, Barnwell, Hampton, and Bamberg counties remain underserved, with poverty rates at 27% and incomes well below the national median.

CLIMB Fund is committed to addressing these disparities by providing accessible lending services and business support. The fund deploys loan officers and consultants to offer financial assistance and expert guidance. Through outreach and collaboration with local leaders, CLIMB Fund is expanding its reach to create sustainable economic growth and brighter futures for residents in SC’s Persistent Poverty Counties.

The CLIMB Fund is dedicated to tackling the significant financial inclusion and economic health challenges faced by low-income communities in SC. With a focus on addressing barriers that disproportionately affect entrepreneurs of color and residents of rural, underserved areas, CF is working to create long-term solutions to uplift these communities. These challenges, particularly the lack of access to capital, limited economic opportunities, and declining labor force participation, require a strategic and targeted approach. At the core of these issues is the need to support small businesses and microenterprises, which are the backbone of local economies, especially in SC’s most vulnerable regions. By providing capital, technical assistance, and other resources, CF fosters financial inclusion, promotes sustainable economic development, and opens new opportunities for marginalized communities.

Charlie O’Brien has been involved in small business in multiple capacities for over 25 years before joining the CF. A native of Caracas, Venezuela, Charlie has a passion for outreach to underserved communities and makes it his mission to strive for maximum diversity in CF’s lending portfolio as the Director of Client Experience & Success. He is a member of the City of Charleston’s LatinX Advisory Council and a Board Member of the Hispanic Business Association. Charlie earned his Master of Business Administration from Rider University in New Jersey.

Charlie supports our clients on their business journey by offering coaching and advisory services while also managing our contracted business advisors. He also ensures that we offer our clients the best experience possible for the duration of the client’s relationship with CF.

Charlie says, “I love working at CF because we get to see and be a part of making an impact in peoples’ lives. I find that in so many professions, impact is hard to measure or quantify, but at CF, we see it every day.”

As South Carolina's most prolific Small Business Administration Mircolender,  CLIMB Fund goes beyond traditional lending, providing underserved entrepreneurs with financial support and comprehensive technical assistance. This includes mentorship, capacity-building workshops, and personalized guidance in areas like financial literacy, business planning, and marketing.

Our focus on mentorship and capacity-building equips entrepreneurs with the tools to not only secure loans but also effectively manage their growth. This is particularly valuable for sectors like food and beverage, where operational challenges are significant. CLIMB Fund's sector-specific expertise and partnerships with other agencies create a robust support network.

The Entrepreneurial Elevation Series, which has been a success for the past year, empowers businesses with essential skills through webinars and resources on personal finance, financial statements, and accounting. By emphasizing DEI, CLIMB Fund fosters inclusive workplaces and contributes positively to the community.

Through its visionary leadership, CLIMB Fund creates stories of success, nurturing entrepreneurs and contributing to economic growth. As it strengthens partnerships, CLIMB Fund is poised to expand its reach and continue making a significant impact on the lives of small business owner. 

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CLIMB Fund will provide Technical Assistance to Microloan borrowers and prospective borrowers (applicants). The TA will take the form of one-on-one sessions and group workshops and seminars, provided by CLIMB Fund Staff and its consultants. 

For pre-loan TA, CLIMB will provide individualized assistance with application requirements, conduct workshops regarding business plans, projections, and lending requirements. In addition, it will continue with its cooperative agreements with other service agencies such as SCORE, SBDC, the Woman's Business Center, Lowcountry Local First, the Hispanic Business Association, and other economic development organizations.

With Microloan borrowers, CLIMB Fund will provide specialized training, site visits, workshops, and seminars. Through its team of consultants, the specialized training will include providing QuickBooks instructions, understanding financial statements, developing marketing strategies, the basics of social media marketing, conducting frequent and intensive site visits, and extensive and individualized CFO type counseling. CLIMB will also provide specialized technical assistance to businesses in the food and beverage industry, as it currently makes up over 60% of CLIMB Fund's portfolio. The organization will also provide HR technical assistance, including DEI consultation and training.

CF utilizes a variety of innovative tools to enhance its mission of encouraging entrepreneurship, particularly among late-stage career individuals and those in rural areas of SC where access to capital is often limited. More loans made & an increase in credit score are CF's indicators of a more profound, lasting impact, which ultimately creates generational wealth. 

First, CF leverages Everfi for online learning. Everfi provides a robust digital platform offering financial literacy courses tailored to aspiring entrepreneurs. These courses cover essential business topics, such as financial planning, budgeting, & understanding credit, helping individuals from diverse backgrounds build the necessary knowledge to start and manage successful businesses. By utilizing Everfi, CF ensures that its target population, particularly in rural SC, has access to quality educational resources that break down barriers to entrepreneurship.

For loan servicing and demographic tracking, CF uses Loanwell, a platform that simplifies the management of loans while offering valuable insights into borrower profiles. Loanwell allows CF to monitor the progress of loans, track repayments, & manage communications with borrowers effectively. The tool also provides demographic data, enabling CF to identify trends, understand the needs of specific communities, and tailor its offerings to underserved populations. Data-driven approach ensure that CF can make informed decisions, helping to promote equitable access to capital and entrepreneurial opportunities.

To track and enhance engagement, CLIMB Fund relies on Levitate, a tool designed to streamline communication and strengthen relationships with borrowers. Levitate helps CF keep in touch with entrepreneurs, providing them with personalized updates, reminders, & resources. This ensures ongoing support and boosts engagement throughout the loan lifecycle. Using Levitate, CF fosters long-term relationships with entrepreneurs, offering financial assistance, a sense of community, and guidance.

Through these tools, CF empowers individuals to start & grow businesses, particularly in areas that have historically faced economic challenges.

Full-time: 22

Part-time: 3 

Consultants: 5

Thomas has been the Client Success Coordinator at CLIMB Fund for one year, where he plays a crucial role in supporting both prospective and existing clients. His responsibilities include small business coaching, coordinating technical advisory services, and maintaining strong relationships with loan clients. Thomas ensures clients receive personalized support throughout their journey, from application to business management skill-building. He is instrumental in identifying areas for improvement in CLIMB Fund’s practices, while also helping expand the Technical Advisory program. Thomas actively tracks social impact, coordinates client support, and connects clients with valuable resources, networking opportunities, and tools to support their success.

At the core of CLIMB Fund’s mission is a strong commitment to advancing racial equity and empowering underserved communities throughout South Carolina. A key focus of the organization’s Five-Year Strategic Plan is to deepen its impact on the financial health of BIPOC and rural entrepreneurs. This commitment is demonstrated through CLIMB Fund’s consistent involvement in Opportunity Finance Network (OFN) conferences, where team members engage in valuable workshops and discussions that refine practices and amplify the organization's impact.

From topics like "Trauma to Trust: Building Bridges to Connect Community with Capital" to "Empowering BIPOC Entrepreneurs to Drive Decarbonization in Communities of Color," CLIMB Fund has immersed itself in industry-leading conversations that offer new insights into addressing racial disparities in access to capital. These learning experiences have equipped the team with strategies for developing tailored solutions that meet the unique needs of entrepreneurs of color.

Understanding the importance of systemic change, CLIMB Fund has also engaged in discussions about "Designing Loan Products that Advance Racial Justice" and "Co-Creating Culturally Relevant Lending Products." These sessions have helped the organization build the capacity to design financial products and services that directly address the barriers BIPOC entrepreneurs face in accessing capital.

Moreover, CLIMB Fund has participated in workshops focused on "Amplifying Our Voice and Our Power," which aligns with its mission to elevate the visibility of Community Development Financial Institutions (CDFIs) serving communities of color. Building on these insights, CLIMB Fund is pursuing funding for comprehensive DEI and racial equity training to enhance staff’s ability to effectively serve marginalized communities. This investment will empower CLIMB Fund to continue leading in community development finance and drive transformative change in South Carolina, ensuring every entrepreneur, regardless of background, can thrive.

Value Proposition:

CF aims to empower underserved entrepreneurs by providing essential business knowledge to increase their chances of success. The program offers accessible, high-quality educational resources primarily through online webinars and downloadable materials, making it affordable or free for all participants. 

Target Audience:

The program targets aspiring entrepreneurs, early-stage businesses, and existing small business owners looking to improve their skills and knowledge. Special emphasis is placed on underserved communities and minority-owned businesses, helping them overcome barriers to success and access essential resources.

Revenue Model:

While primarily a social impact initiative focused on community benefit, the program also explores potential revenue streams to ensure sustainability. These include:

• Grant funding: Securing grants from foundations, corporations, and government agencies.
• Partnerships: Collaborating with banks, community leaders, and other organizations to share resources and promote the program.
• Limited fee-based offerings: Providing premium content, advanced workshops, or one-on-one consultations at a subsidized cost.
• Corporate sponsorships: Partnering with businesses, especially banks, that align with the mission and have referral potential for entrepreneurs needing business banking services.

Marketing & Distribution:

CF leverages its existing network, client relationships, and community partnerships for outreach. Content marketing strategies attract participants, including engaging blog posts, social media, and articles. Active community outreach involves collaboration with local organizations and public speaking engagements. 

Key Success Metrics:

• Participant engagement: Tracking webinar attendance, downloads, and feedback.
• Program completion: Monitoring how many complete the entire educational series.
• Business growth: Assessing the program’s impact on participants’ revenue, job creation, and financial health.
• Community impact: Measuring contributions to the local entrepreneurial ecosystem.

Competitive Advantage:

CF’s competitive advantage lies in its focus on underserved communities, delivering high-quality content from experienced instructors.  By combining social impact with sustainable revenue models, CLIMB Fund ensures the long-term success of the Entrepreneurial Elevation Series.

As a 40+ year organization, CLIMB Fund (CF) enjoys the benefits of long-standing non-depository lending institution with a well-maintained operating cash position, CF has the ability to sustain business operations for more than 12 months, and maintains an unrestricted loan fund currently capable of funding ~60 new loans at our current average loan amount of $48k. This demonstrates the organization's ability to attract and manage capital effectively, while actively sourcing innovative ways to grow a diversified portfolio. 

It is worth noting that CLIMB Fund experienced a significant number of loan payoffs due to the economic relief provided to small businesses for COVID-19 relief in the form of EIDL (Economic Injury Disaster Loans), PPP (Paycheck Protection Program), and other grants.  Furthermore, CF received $1.826MM from the CDFI Fund’s RRP (Rapid Response Program) in 2021 and $2.8MM from the ERP (Equitable Recovery Program) in 2023, in addition to a new RLF from the EDA through the City of Charleston ($935K). This influx of early client repayments indicates that clients afforded assistance, utilized funds to reconcile accounts in full. Barring a similar injection of capital, is unlikely that an upward trend in loan payoffs will repeat itself. Moreover, CLIMB Fund has exemplified tremendous success in supporting businesses during challenging times, imprinting a positive impact on financial position. 

Overall, with its long history, strong financial position, and the ability to attract diversified loan funds, CF is well-positioned to continue its mission by increasing access to capital and supporting economic development in the communities it serves.  

CLIMB Fund delivers impactful technical assistance through its Entrepreneurial Elevation Series, a program designed to provide entrepreneurs with the tools, resources, and knowledge needed to succeed in today’s competitive business landscape. This series focuses on offering hands-on support to entrepreneurs, particularly those from underserved communities, by providing them with comprehensive training in areas such as digital literacy, business management, financial planning, and entrepreneurial development. Through coaching, mentorship, and workshops, the program ensures that participants have a clear, actionable plan to grow their businesses and build sustainable income.

The EES beyond traditional business advice by connecting entrepreneurs with experienced mentors and industry professionals who provide personalized guidance and insights tailored to each participant’s needs. This support includes helping entrepreneurs refine business plans, improve marketing strategies, access capital, and enhance operational efficiency. 

In addition to its internal resources, CF partners with banks that sponsor the EES, like Truist, to further expand their impact. These sponsoring banks not only help fund the program but also have the opportunity to create referral contacts, connecting entrepreneurs with essential financial resources and networks. Banks involved in this initiative can engage directly with small business owners, providing access to capital, offering financial education, and facilitating networking opportunities.

Through these partnerships, CF and sponsoring banks like Truist empower entrepreneurs by providing not only technical knowledge but also the financial tools necessary for business growth. This collaboration helps create a holistic support system, promoting sustainable growth and contributing to economic development in underserved communities across SC.