Special Meeting: Mountain Community Capital Fund Operating Committee (Virtual) (Feb 6, 2026)

Mountain Community Capital Fund Committee Meeting Recap: February 6, 2026

On February 6, 2026, the Mountain Community Capital Fund Operating Committee held a special virtual meeting to review fund performance data and address key operational matters. The committee, comprised of representatives from Asheville City, Buncombe County, Mountain BizWorks, Self-Help Credit Union, and Carolina Small Business Development Fund, convened under a substitute chair (filling in for Carl Aguirre) to tackle these important issues. This recap provides an overview of the meeting's key outcomes and what they mean for our community.

Moving Forward: Decisions & Schedule Changes

The committee made several significant decisions during the meeting. First, they unanimously approved the minutes from their previous session, ensuring accurate record-keeping. A key decision was a return to regular meetings on the first Friday of each month, held at City Hall. This move aims to provide more consistent oversight and engagement with the fund’s activities. The committee also elected Mason Scott as their new Vice Chair, providing leadership continuity within the group. Finally, they approved a loan request from a promising new startup in the outdoor recreation industry – a business focused on rental equipment. This signifies continued support for local entrepreneurs and job creation within our region.

Data Transparency & Addressing Loan Concerns

A significant portion of the meeting was dedicated to reviewing a revised reporting template designed to provide clearer insights into the fund's portfolio performance. The new format aims to make it easier for committee members and, ultimately, the public, to understand how the fund is performing. Discussions highlighted a positive trend: the fund has repaid more in principal than it has charged off, demonstrating overall financial stability. However, a concerning point raised was the high percentage of loan defaults among African-American owned businesses. The committee expressed a strong desire to proactively address this issue, potentially through improved data tracking and more timely information sharing. Concerns were also raised about high legal fees associated with a particular loan claim, prompting discussion on potential policy adjustments to limit such expenses in the future.

Streamlining Operations & Supporting Small Businesses

The committee also discussed ongoing efforts to secure a new custodian for the fund, with potential partnership opportunities being explored with Self-Help Credit Union. This aims to streamline operations and improve efficiency within the fund's management. The committee also approved a loan request from a new startup business in the outdoor recreation industry, demonstrating their commitment to supporting local businesses and fostering economic growth.

What's Next & Why It Matters

Following this meeting, several key action items are underway. Staff will be refining the reporting template based on committee feedback and exploring ways to proactively address loan delinquency, particularly within African-American owned businesses. Minutes from the Operating Committee will be sent to fund staff for claims processing, ensuring a smooth workflow.

The Mountain Community Capital Fund plays a vital role in supporting small businesses and fostering economic opportunity within our community. By improving data transparency, addressing loan concerns, and streamlining operations, the committee is working to ensure that the fund continues to be a valuable resource for entrepreneurs and a catalyst for economic growth in Asheville and Buncombe County. Regular meetings on the first Friday of each month will provide ongoing opportunities for community members to stay informed and engaged in this important initiative.