STAMFORD, Conn. – Charter Communications and Grow America, formerly NDC, today announced a $1 million capital commitment by Charter’s Spectrum Community Investment Loan Fund to provide loans to local small businesses in Stamford, Conn. The Spectrum Community Investment Loan Fund has now committed more than $29 million in loan capital, capacity grant donations and in-kind contributions to invest in local small businesses in financially underserved communities within its 41-state footprint. Stamford-based small business owners looking to learn more can visit CT Boost Website.
“Small business ownership and growth are fundamental to developing and sustaining local communities,” said Jeff Buller, Charter Vice President overseeing the Spectrum Community Investment Loan Fund. “We are partnering with Grow America’s Community Impact Loan Fund (CILF) to provide access to much needed capital benefitting small businesses here in Stamford where Charter is headquartered.”
The Spectrum Community Investment Loan Fund is also providing a grant to Grow America’s CILF to support operations. Grow America’s CILF provides flexible capital to promising small businesses at all stages of growth. Grow America participates in the CT Boost Fund, which enables Grow America to leverage the capital and make more loans to more small businesses in Stamford.
“We appreciate our partnership with Charter Communications, their support provides us another opportunity to connect with Small Businesses in CT and provide below market growth capital,” said Ann Finnegan, President of Grow America’s Small Business Lending.
“I applaud Charter Communications and Grow America for their commitment to making capital available to Stamford’s small businesses,” said Stamford Mayor Caroline Simmons. “As one of our city’s largest employers, Charter Communications continues to make significant investments in our community, and we are grateful for their partnership in key initiatives to support our vibrant small business ecosystem and promote workforce development.”
Cabrera Capital Markets exclusively advised Charter Communications and the Spectrum Community Investment Loan Fund on this funding commitment. “It has been a great honor to work, once again, on behalf of the Spectrum Community Investment Loan Fund and Charter Communications. We are particularly proud to have advised the Loan Fund on this latest investment that will go towards supporting several underserved communities within Charter’s home state,” said Santino Bibbo, Managing Director at Cabrera Capital Markets.
Through partnerships with organizations like Grow America, Spectrum’s 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 15 states covering nearly 85% of Charter’s footprint. Those CDFIs have leveraged Charter’s Loan Fund capital to finance $47.7 million in loans directly to small businesses in Charter’s service areas benefiting nearly 1,000 small business and creating or retaining more than 4,000 jobs.
The Spectrum Community Investment Loan Fund provides much needed growth capital, creating new jobs and strengthening the economic infrastructure in both rural and urban areas. To learn more about the Spectrum Loan Funds impact visit corporate.charter.com/community-investment-loan-fund.
Charter Communications, Inc. (NASDAQ: CHTR) is a leading broadband connectivity company and cable operator serving more than 32 million customers in 41 states through its Spectrum brand. Over an advanced communications network, the Company offers a full range of state-of-the-art residential and business services including Spectrum Internet®, TV, Mobile and Voice.
For small and medium-sized companies, Spectrum Business® delivers the same suite of broadband products and services coupled with special features and applications to enhance productivity, while for larger businesses and government entities, Spectrum Enterprise provides highly customized, fiber-based solutions. Spectrum Reach® delivers tailored advertising and production for the modern media landscape. The Company also distributes award-winning news coverage and sports programming to its customers through Spectrum Networks. More information about Charter can be found at corporate.charter.com.
About Grow America
Grow America, formerly NDC, is the first dedicated American community and economic development nonprofit organization. Founded in 1969, the organization focuses on four program areas: investments in community development, innovative lending and entrepreneurial support, advisory support for community and economic development, and professional education and training. Grow America’s mission is to invests capital to craft equitable, vibrant futures and to improve the lives of millions of people through new economic opportunity. Learn more at growamerica.org