Civic Intelligence

Business Expansion Funding Corp

EIN 56-1434029 • 501(c)3 • Charlotte, NC

View Organization Page

Profile

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, micro and small businesses.

5970 Fairview Road 218Charlotte, NC 28210

www.befcor.com

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

64th percentile

0.25x

Higher debt load relative to assets than 64% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Source year 2025

Liabilities / Revenue

74th percentile

0.49x

Higher debt load relative to revenue than 74% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Source year 2025

Net Margin

58th percentile

8.3%

Higher net margin than 58% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Source year 2025

Top Officer Pay

89th percentile

$314,221

Higher top officer pay than 89% of similar nonprofits.

Top officer pay equals 7.8% of source-year revenue.

501(c)3 • $5M-$10M nonprofits • Source year 2025

Asset Growth

72nd percentile

13%

Faster asset growth than 72% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Annualized from 2024 to 2025

Revenue Growth

55th percentile

9.9%

Faster revenue growth than 55% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Annualized from 2024 to 2025

Balance Sheet
Liabilities / Assets64th percentile

Assets

Up

$7,840,079

Up $891,985 (+13%) from 2024

Liabilities

Up

$1,973,935

Up $556,537 (+39%) from 2024

Net Assets

Up

$5,866,144

Up $335,448 (+6.1%) from 2024

Operations
Liabilities / Revenue74th percentileNet Margin58th percentile

Revenue

Up

$4,049,362

Up $364,713 (+9.9%) from 2024

Expenses

Up

$3,713,914

Up $562,367 (+18%) from 2024

Net Income

Down

$335,448

Down $197,654 (-37%) from 2024

Trend Graphs

Balance Sheet Trend

Asset Growth72nd percentile

Grouped bars show assets, liabilities, and net assets across loaded filings.

$8.0M$6.0M$4.0M$2.0M$0Assets 2010: $440,494Liabilities 2010: $42,699Net Assets 2010: $397,7952010Assets 2011: $419,400Liabilities 2011: $23,922Net Assets 2011: $395,4782011Assets 2012: $404,316Liabilities 2012: $91,827Net Assets 2012: $312,4892012Assets 2013: $499,011Liabilities 2013: $79,701Net Assets 2013: $419,3102013Assets 2014: $616,115Liabilities 2014: $122,003Net Assets 2014: $494,1122014Assets 2015: $601,644Liabilities 2015: $98,602Net Assets 2015: $503,0422015Assets 2016: $2,479,624Liabilities 2016: $184,099Net Assets 2016: $2,295,5252016Assets 2017: $2,916,031Liabilities 2017: $333,322Net Assets 2017: $2,582,7092017Assets 2018: $2,870,407Liabilities 2018: $226,507Net Assets 2018: $2,643,9002018Assets 2019: $3,037,243Liabilities 2019: $240,651Net Assets 2019: $2,796,5922019Assets 2020: $3,742,585Liabilities 2020: $804,580Net Assets 2020: $2,938,0052020Assets 2021: $3,968,789Liabilities 2021: $578,411Net Assets 2021: $3,390,3782021Assets 2022: $4,493,684Liabilities 2022: $719,427Net Assets 2022: $3,774,2572022Assets 2023: $6,685,225Liabilities 2023: $1,687,631Net Assets 2023: $4,997,5942023Assets 2024: $6,948,094Liabilities 2024: $1,417,398Net Assets 2024: $5,530,6962024Assets 2025: $7,840,079Liabilities 2025: $1,973,935Net Assets 2025: $5,866,1442025

Highlighted filing

2025

Assets$7,840,079
Liabilities$1,973,935
Net Assets$5,866,144
Open 2025 Filing

Operations Trend

Revenue Growth55th percentile

Revenue, expenses, and net income by year, with the latest filing highlighted.

$6.0M$4.0M$2.0M$0Expenses 2010: $587,4612010Expenses 2011: $624,2212011Expenses 2012: $764,5282012Expenses 2013: $782,1222013Revenue 2014: $917,593Expenses 2014: $842,791Net Income 2014: $74,8022014Revenue 2015: $814,373Expenses 2015: $805,443Net Income 2015: $8,9302015Revenue 2016: $1,323,843Expenses 2016: $1,125,326Net Income 2016: $198,5172016Revenue 2017: $1,841,141Expenses 2017: $1,553,957Net Income 2017: $287,1842017Revenue 2018: $1,629,611Expenses 2018: $1,568,420Net Income 2018: $61,1912018Revenue 2019: $1,767,043Expenses 2019: $1,614,351Net Income 2019: $152,6922019Revenue 2020: $1,948,174Expenses 2020: $1,806,761Net Income 2020: $141,4132020Revenue 2021: $2,336,502Expenses 2021: $1,884,129Net Income 2021: $452,3732021Revenue 2022: $2,675,636Expenses 2022: $2,291,757Net Income 2022: $383,8792022Revenue 2023: $3,841,989Expenses 2023: $2,618,652Net Income 2023: $1,223,3372023Revenue 2024: $3,684,649Expenses 2024: $3,151,547Net Income 2024: $533,1022024Revenue 2025: $4,049,362Expenses 2025: $3,713,914Net Income 2025: $335,4482025

Highlighted filing

2025

Revenue$4,049,362
Expenses$3,713,914
Net Income$335,448
Open 2025 Filing

Filings

Most recent year

2025 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$7,840,079
Liabilities
$1,973,935
Net assets
$5,866,144
Revenue
$4,049,362
Expenses
$3,713,914
Net income
$335,448
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$7.84$1.97$5.87$4.05$3.71$0.34
2024Detailed filing. Detailed filing data is available for this year.$6.95$1.42$5.53$3.68$3.15$0.53
2023Detailed filing. Detailed filing data is available for this year.$6.69$1.69$5.00$3.84$2.62$1.22
2022Detailed filing. Detailed filing data is available for this year.$4.49$0.72$3.77$2.68$2.29$0.38
2021Detailed filing. Detailed filing data is available for this year.$3.97$0.58$3.39$2.34$1.88$0.45
2020Detailed filing. Detailed filing data is available for this year.$3.74$0.80$2.94$1.95$1.81$0.14
2019Detailed filing. Detailed filing data is available for this year.$3.04$0.24$2.80$1.77$1.61$0.15
2018Detailed filing. Detailed filing data is available for this year.$2.87$0.23$2.64$1.63$1.57$0.06
2017Detailed filing. Detailed filing data is available for this year.$2.92$0.33$2.58$1.84$1.55$0.29
2016Detailed filing. Detailed filing data is available for this year.$2.48$0.18$2.30$1.32$1.13$0.20
2015Detailed filing. Detailed filing data is available for this year.$0.60$0.10$0.50$0.81$0.81$0.01
2014Detailed filing. Detailed filing data is available for this year.$0.62$0.12$0.49$0.92$0.84$0.07
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.50$0.08$0.42$0.78
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.40$0.09$0.31$0.76
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.42$0.02$0.40$0.62
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.44$0.04$0.40$0.59
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Oct 1, 2024 to Sep 30, 2025
Signed
Feb 24, 2026
Return Version
2024v5.2
Gross Receipts
$4,049,362
Mission and Program Overview

Mission

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, micro and small businesses.

See Schedule O

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$4,574,013$4,076,013▼ $498,000
Other Notes and Loans Receivable, Net$1,254,533$2,048,947▲ $794,414
Savings and Temporary Cash Investments$135,736$751,194▲ $615,458
Accounts Receivable$563,308$649,191▲ $85,883
Land, Buildings, and Equipment, Net$54,748$53,414▼ $1,334
Prepaid Expenses and Deferred Charges$26,728$27,261▲ $533
Pledges and Grants Receivable-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Investments in Publicly Traded Securities-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Total Assets$6,948,094$7,840,079▲ $891,985
Other Assets Total$339,028$234,059▼ $104,969
Liabilities
Mortgage Notes Payable Secured by Investment Property$60,000$1,000,000▲ $940,000
Other Liabilities$870,648$498,938▼ $371,710
Accounts Payable and Accrued Expenses$387,687$359,884▼ $27,803
Deferred Revenue$99,063$115,113▲ $16,050
Total Liabilities$1,417,398$1,973,935▲ $556,537
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$4,196,728$4,805,376▲ $608,648
Net Assets With Donor Restrictions$1,333,968$1,060,768▼ $273,200
Total Net Assets Fund Balance$5,530,696$5,866,144▲ $335,448
Total Liabilities and Net Assets / Fund Balance$6,948,094$7,840,079▲ $891,985

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$24,504$111,281$135,785
Other Land Buildings$24,062$44,964$69,026
Leasehold Improvements$4,848$10,735$15,583
Compensation and Service Providers
Top Officer Pay89th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Elaine FairmanExecutive DirectorFT$200,518$113,703$314,221
Louis Rogers IIIBusines Dev. Off.FT$131,266$96,485$227,751
Greg SimmonsBusines Dev. Off.FT$131,266$82,778$214,044
Cynthia KikerClosing ManagerFT$121,181$23,792$144,973
Heather L NewgreenPortfolio ManagerFT$114,193$14,912$129,105

Board Members and Trustees

NameTitle
Tim KeyBoard Chair
Fernando YcazaDirector
Joe MynattDirector
Mitch SellsDirector
Sheldon HilaireDirector
Tamara BryantDirector
Thomas McTierDirector
Tom DavisDirector
Tracie SellsDirector
Kelly Love-SayasithsenaSecretary
Brian HuberTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Fairview PlazaProperty Mgmt/Rent6805 Fairview Rd Ste 100, Charlotte, NC 28210$121,784
Revenue and Support

Revenue Composition

Contributions and Grants
$264,261
Program Service Revenue
$3,667,522
Investment Income
$117,579
Other Revenue
$0
All Other Contributions
$264,261
Change in Net Assets
$335,448

Audited Revenue Reconciliation

Revenue per Audited Statements
$4,049,362
Total Revenue per Audited Statements
$4,049,362
Total Revenue per Form 990
$4,049,362
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$3,190,680
Other Expenses$523,234
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$1,962,846$312,460-$2,275,306
Other Employee Benefits$344,340$70,128-$414,468
Current Officers, Directors, Trustees, and Key Employees$188,533$125,688-$314,221
Payroll Taxes$155,098$31,587-$186,685
Information Technology$113,514$23,118-$136,632
Occupancy$101,502$20,672-$122,174
Advertising-$77,115-$77,115
Fees for Services Other$12,598$15,351-$27,949
Depreciation Depletion$20,438$4,162-$24,600
Insurance-$24,337-$24,337
Travel$17,066$3,476-$20,542
Office Expenses$11,898$2,423-$14,321
Other Expenses$6,983$1,422-$8,405
Total Functional Expenses$2,987,880$726,034$0$3,713,914

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$3,713,914
Total Expenses per Audited Statements$3,713,914
Total Expenses per Form 990$3,713,914
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Operating right of use lease liability$242,960
Refundable Advance$164,640
Accrued Commissions$91,338
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
No
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

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.”

Filing and Contact Details

Filer

Filer Name
Business Expansion Funding Corp
EIN
56-1434029
Phone
7044143000
Address
5970 Fairview Road 218, Charlotte, NC 28210

Signing Officer

Name
Tim Key
Title
Board Chair
Signed
2026-02-24
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Elaine Fairman
Formed
1982
Legal Domicile
Nc
Voting Board Members
11
Independent Board Members
11
Employees
27

Preparer

Firm
Foard and Company PA
Address
1347 Harding Place, Charlotte, NC 28204
Preparer
Terry W Lancaster
Phone
7043721515
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IRS990/Form990PartVIISectionAGrp/PersonNm1Louis Rogers III
IRS990/Form990PartVIISectionAGrp/PersonNm2Greg Simmons
IRS990/Form990PartVIISectionAGrp/PersonNm3Cynthia Kiker
IRS990/Form990PartVIISectionAGrp/PersonNm4Heather L Newgreen
IRS990/Form990PartVIISectionAGrp/PersonNm5Joe Mynatt
IRS990/Form990PartVIISectionAGrp/PersonNm6Kelly Love-Sayasithsena
IRS990/Form990PartVIISectionAGrp/PersonNm7Sheldon Hilaire
IRS990/Form990PartVIISectionAGrp/PersonNm8Brian Huber
IRS990/Form990PartVIISectionAGrp/PersonNm9Tim Key
IRS990/Form990PartVIISectionAGrp/PersonNm10Fernando Ycaza
IRS990/Form990PartVIISectionAGrp/PersonNm11Thomas McTier
IRS990/Form990PartVIISectionAGrp/PersonNm12Tamara Bryant
IRS990/Form990PartVIISectionAGrp/PersonNm13Mitch Sells
IRS990/Form990PartVIISectionAGrp/PersonNm14Tom Davis
IRS990/Form990PartVIISectionAGrp/PersonNm15Tracie Sells
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IRS990/MissionDesc0BEFCOR 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, micro and small businesses.
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