Charter Communications, Inc. today announced the Spectrum Community Investment Loan Fund (Loan Fund) has committed to invest $1 million in CommunityWorks, — a South Carolina statewide nonprofit lending institution and community development financial institution (CDFI) — which will provide low-interest loans to small businesses in Charter’s South Carolina service area. This marks the latest investment made by Charter as part of its more than $21 million commitment to invest in small businesses whose goods and services help meet core needs in financially underserved communities within its 41-state footprint.
“Charter is an important part of every community we serve and we are invested in the continued success of those communities across our footprint,” said Jeff Buller, Charter’s Vice President overseeing the Loan Fund. “Small business ownership and growth are fundamental to developing and sustaining the economic strength of our communities. Our investment in the CommunityWorks and in other CDFIs supports small businesses by providing access to much-needed low-interest capital.”
Founded in 2008 as housing fund, CommunityWorks has grown into a diverse CDFI, helping to build brighter futures for underserved families, businesses, and communities. CommunityWorks’ small and micro business lending, affordable housing lending, and coaching programs have served over 7,000 families throughout South Carolina.
“CommunityWorks is honored by Charter Communications, Inc coming alongside us in our mission to empower small businesses in underserved communities,” said Tammie Hoy Hawkins, CEO of CommunityWorks. “This generous investment will allow us to continue helping underserved communities receive capital they need to grow and thrive. The Spectrum Community Investment Loan Fund is a wonderful example of a large organization using their resources to create an impactful community investment.”
The Spectrum Community Investment Loan Fund, with over $26 million in committed loan capital, capacity grant donations, and in-kind contributions, invests in businesses in economically-underserved communities. By directing capital to local businesses through CDFIs, the Loan Fund provides much needed growth capital, creating new jobs and strengthening the economic infrastructure in both rural and urban areas. Through partnerships with organizations like the National Urban League, National Action Network, and the National Asian American Coalition, the Loan Fund directly invests in the communities where Charter’s employees and customers live and work, and issues grants to provide technical assistance and small business education to local business owners. The Loan Fund has made commitments to CDFIs in 14 states covering nearly 85% of the Company’s footprint.