Print
Real Estate - Commercial

In Downtown Wilmington, Live Oak Leases Space For New Small Business Center

By Cece Nunn, posted May 11, 2021
Shown in 2019, the building at the corner of Front and Market streets in downtown Wilmington will house an inclusive small business center created by Live Oak Bank. (File photo)
Live Oak Bank is preparing to open an inclusive small business center in downtown Wilmington, envisioned as a resource hub for underserved small businesses, a bank official said Tuesday.

Live Oak has entered into a lease for the center to be housed in about 5,000 square feet at 106 Market St., above chef Dean Neff’s new restaurant, Seabird. The building belongs to Raleigh developer James Goodnight, who has overhauled several historical structures in downtown Wilmington.

The Live Oak center will be led by Live Oak employees Chakema Clinton-Quintana (pictured at right), inclusive small business manager, and Jamar Jenkins (pictured below), inclusive small business specialist.

“This is the first step … hopefully we can grow it,” said Huntley Garriott, president of Live Oak Bank, on Tuesday morning. “We've been talking a lot with the local partners that are already working with small businesses, whether that's Genesis Block, Kairos Center, the work StepUp is doing on workforce development.

"There's a couple of CDFIs [Community Development Financial Institutions] that we've been talking to, and we'd love to have a collaborative space for folks that are really working to support small businesses.”

The center could help provide various capital solutions, “which could be microloans, SBA loans; there's various grant programs,” Garriott said.

A focus of the center would be to overlay “access to capital with the various resources that are available for underserved small businesses,” he added.

Possible examples of resources Live Oak itself could provide to small businesses using the center include training sessions on how to write a business plan, how to utilize social media (from the bank’s marketing team) and lenders talking specifically about getting ready to work on a loan application.

Garriott said Live Oak officials hope to open the center by this fall. After that, the idea could expand to other markets.

The local center will “clearly focus here on Wilmington, on supporting the community here,” Garriott said, “but if we can create a model that's scalable, we'd love to see that take off as well.”
Ico insights

INSIGHTS

SPONSORS' CONTENT
Tommytaylor ceo unitedway

I Got 99 Problems But a 501(c)(3) Ain’t One

Tommy Taylor - United Way
Atromitos micheallegady headshot

To All The Ladies: We’ve Got This!

Michealle Gady - Atromitos
Billcoleman lopw headshot

Reaping The Benefits Of Patience

Bill Coleman - Live Oak Private Wealth

Trending News

Owners Announce Sale Of Henry's Restaurant

Jenny Callison - May 11, 2022

Wilmington East Wind Energy Area Leased For $315M

Johanna F. Still - May 11, 2022

Battleship Point Developers Cite 'problematic' Utility Issue In Official Leland Withdrawal

Cece Nunn - May 12, 2022

New Owners Of Downtown Store Plan To Make Their Mark

Cece Nunn - May 13, 2022

Authentic Neapolitan Pizzeria Opens This Month In Soda Pop District 

Johanna F. Still - May 11, 2022

In The Current Issue

CEA Health Care Winner: Innovating With Reflexology Relief

“Seeing how I was helping people, I almost felt obligated to do this for the world. The more I researched it, the more I realized that there...


Office Buildings Finding New Life

“The design of the building has predominantly column-free space providing tremendous flexibility in office planning and layouts. I don’t thi...


CEA Minority-Owned Business Winner: Packing Upscale Picnic Experiences

The owner said she strives to “please palates in an atmosphere of celebration with decor so amazing it makes you forget that you are not din...

Book On Business

The 2022 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

Trying to Grow a Business?
2020 Health Care Heroes
2020 WilmingtonBiz 100