Charter Communications said its Spectrum Community Investment Loan Fund has committed to invest $1 million in the National Asian American Coalition (NAAC) Community Development Financial Institution (CDFI), which will provide low-interest loans to small businesses in Charter’s California service area.
This is the latest investment by the fund as part of its $20 million commitment to support small businesses 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 VP overseeing the Loan Fund, in a press release. “Small business ownership and growth are fundamental to developing and sustaining the economic strength of our communities. Our investment in the NAAC and in other CDFIs supports small businesses by providing access to much-needed low-interest capital.”
The NAAC is a leading national Asian American nonprofit organization advocating for greater economic opportunities for individuals and businesses in underserved communities. NAAC’s CDFI offers California small businesses working capital to help owners restore, maintain, build or grow their business.
“There are countless families and small business owners under pressure from the financial burdens caused by the unprecedented pandemic restrictions,” said NAAC president Faith Bautista in a press release. “Charter’s investment in California’s disadvantaged neighborhoods is happening at a critical time in our history and will be a part of the stories of how some of these small businesses came back.”
In addition to the loans, each CDFI receives a grant to fund technical assistance programs and professional training for small businesses to help establish sound business practices necessary for long-term growth and continuity. Some of these grants have been used to support businesses impacted by COVID-19.
The Spectrum Community Investment Loan Fund previously announced $1 million investments in Pursuit Community Finance in New York, PeopleFund in Texas, the Economic and Community Development Institute (ECDI) in Ohio, and Wisconsin Women’s Business Initiative Corp (WWBIC), $3 million in the National Urban Leagues’ Urban Empowerment Fund (UEF), and an additional $3 million in low-interest loans directly to CDFIs in partnership with and as directed by the National Action Network (NAN). In the coming months, the Loan Fund expects to invest an additional $5 million in CDFIs in states served by the company including Florida, North Carolina, and Missouri.
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