Mountain Community Capital Fund Operating Committee (Virtual) (Oct 3, 2025)

Recap of Mountain Community Capital Fund Operating Committee Meeting (October 3, 2025)

The Mountain Community Capital Fund Operating Committee convened virtually on October 3, 2025, led by Chair Timothy Love and attended by Carl Alguire, John Appleby, Frank McGowan, Nikki Reid, Mason Scott, Dee Williams, Tara Brown, Yaselin Gonzalez, Karen O’Mansky and Lydia Turgeon. The meeting began with the approval of minutes from their April 2025 meeting, and included a review of leadership roles and upcoming membership changes. Christopher Murrey, Chief Credit Officer, provided an update on the fund’s lending and collections activities. Public comment was solicited from attendees.

A significant portion of the meeting focused on reviewing and voting on four claims submitted by Mountain BizWorks, stemming from loan defaults. These claims ranged in value from approximately $18,620 to $34,650. The committee deliberated on each claim individually before ultimately voting to approve or deny them, reflecting a careful consideration of the circumstances surrounding each loan failure.

Several claims highlighted challenging economic realities faced by borrowers. Claim #15, involving a Black female-owned service business, was attributed to the combined impact of Hurricane Helene and family illness, demonstrating a situation beyond the borrower’s control. Claims #13 and #14 detailed the failure of two loans issued to Helene, a business impacted by slowing sales prior to and during the COVID-19 pandemic. Loan #26970101, a retail business, experienced shrinking margins due to rising costs and stagnant MSRPs, ultimately leading to its closure. Across these claims, a common theme emerged: borrowers actively participated in coaching and technical assistance programs offered by Mountain BizWorks.

The committee also engaged in a discussion regarding the meeting cadence and structure, exploring potential improvements to optimize efficiency.

Next Steps & Important Dates:

• The committee will continue to monitor lending and collection activities.
• Further discussion on meeting structure is anticipated at a future meeting.

This meeting underscored the ongoing challenges faced by small businesses within the Mountain Community Capital Fund’s service area, highlighting both the importance of technical assistance and the unpredictable nature of economic circumstances.