CommunityWorks (CW) is proud to announce the receipt of a $700,000 grant from the U.S. Department of Treasury’s Community Development Financial Institution (CDFI) Fund. The CDFI Fund awarded over $185 million to 196 organizations who serve low-income families and economically distressed communities across the nation. CW was the only organization in South Carolina to receive this highly competitive federal grant.
CommunityWorks will use the award to provide low-rate and flexible loans that finance affordable housing and small business development throughout South Carolina. CW will focus its affordable housing efforts to increase the availability of affordable housing in Greenville, Spartanburg, and surrounding areas and will continue its statewide expansion of its small business lending with a targeted focus on markets where underserved businesses cannot access financing from traditional sources.
“We are excited to be selected by the CDFI Fund and are eager to continue our work supporting economically distressed communities in South Carolina that lack adequate access to capital and affordable financing,” said Deborah McKetty, President and CEO of CommunityWorks. “Our goal is to provide access to affordable capital that will help foster local economic development through job creation, affordable housing development, and improving the financial well-being for low wealth families and communities.”
Established in 2008, CommunityWorks is a non-profit financial organization committed to building a brighter future for underserved families and communities through financial education, lending, and investing. Since its inception, CW has generated over $130 million in local economic impact and has provided 24,000 hours of training and coaching, connected 416 first time homebuyers with downpayment assistance, provided almost $2 million loans to startups and existing small businesses, and dispersed $3.8 million in affordable housing and community loans that have created or preserved over 318 affordable housing units.
Community development financial institutions (CDFI) provide credit and financial services to underserved markets and populations. CDFIs are certified by the Community Development Financial Institutions Fund (CDFI Fund) of the U.S. Department of the Treasury.