Charter Communications said its Spectrum Community Investment Loan Fund will invest $1 million in a North Carolina non-profit that helps small businesses in the state.
The Carolina Small Business Development Fund (CSBDF) is a nonprofit certified community development financial institution that makes low-interest loans to small businesses in Charter’s North Carolina service area. The investment is the latest in Charter’s more than $22 million commitment to help small and minority-owned businesses 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,” Jeff Buller, Charter’s vice president overseeing the Spectrum Loan Fund said 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 Carolina Small Business Development Fund and in other CDFIs supports small businesses by providing access to much-needed low-interest capital.”
CSBDF works to foster economic development in underserved communities by providing access to capital, business services, training and policy research. CSBDF works in partnership with many organizations to support North Carolina small businesses and entrepreneurs.
“On behalf of the board and staff of CSBDF, it is a privilege, an honor and a tremendous opportunity to work with Charter Communications to deploy capital to businesses throughout its extensive North Carolina coverage area. To partner with a Fortune 500 company that has demonstrated its commitment to North Carolina with its innovative connectivity products and services is in strong alignment with CSBDF’s mission to drive economic development in North Carolina through service to small businesses,” said CSBDF president and CEO Kevin Dick in a press release. “This will be a strong for-profit and not-for-profit collaboration that will pay dividends for North Carolina’s small businesses and the cities and counties where they are located.”
To date, the Loan Fund represents about $18 million of the more than $22 million Charter has committed to support small and minority-owned enterprises. The Spectrum Community Investment Loan Fund invests through CDFIs in businesses in economically underserved communities and has previously made $1 million investments in New York, Texas, Missouri, California, Wisconsin, and Ohio, a $3 million commitment to the National Urban League’s Urban Empowerment Fund, and $3 million in low-interest loans directly to CDFIs in partnership with and as directed by the National Action Network.
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 recently been earmarked to support businesses impacted by COVID-19.
