Asheville’s growing network of entrepreneurial and community development support just got stronger. Institute Capital (ICAP), a nonprofit Community Development Financial Institution (CDFI) and affiliate of The National Institute of Community Economic Development, has expanded into Western North Carolina to better serve local small businesses and affordable housing developers.
With support from Dogwood Health Trust, ICAP is poised to play a key role in building a more inclusive, resilient economy across the region. Commercial Loan and Business Development Officer Aaron Soto will be serving WNC and helping entrepreneurs and community partners access the tools they need to grow and thrive.
Check out our Q&A with Soto below…
Tell us about your business and the role you play in it.
Institute Capital (ICAP) is a nonprofit Community Development Financial Institution and we are an affiliate of The National Institute of Community Economic Development. Our mission is to strengthen the asset base of the diverse population through education, policy and economic opportunity. ICAP is the finance arm of the institute and we specialize in lending to small businesses and also to developers who work to build affordable housing. I am the Commercial Loan/Business Development Officer and will be serving all of Western NC. I look forward to working with the small business owners in our community to help support their recovery and expansion.
What made you choose the Asheville area?
ICAP was interested to expand and serve a larger area of NC which was made possible by Dogwood Health Trust so that Western NC could have a larger presence of Community Development Financial Institutions working to support the growth of our local economy.
Who are your key partners?
We have many partners in the community such as local banks, small business centers, nonprofits, SBTDC and many other CDFIs.
What is a little-known fact about your organization?
We have 4 Women’s Business Centers throughout NC and Virginia and have recently opened new offices in Charlotte and Asheville NC.
If you had to give one piece of advice to someone just starting out in your field, what would it be?
Be an active listener, offer support and follow through.
What does the word “community” mean to you?
To me, community means shared growth, inclusion, and opportunity. I view community as the relationships we build and the commitments we honor—especially to those who have been historically underserved. Whether it’s financing a small business, supporting affordable housing, or partnering with local leaders, my work is grounded in the belief that every entrepreneur and family deserves access to resources that help them thrive. Community is strongest when everyone has a seat at the table, and I’m proud to help make that possible through equity-focused lending and support.
Is there anything else you’d like to share about your business?
Only that we are here and ready to help support our community.
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To learn more about Institute Capital, visit their website at www.theinstitutenc.org. You can also follow their work and stay updated on opportunities through their Facebook page.