Charter Commits to Invest $1 Million in the National Asian American Coalition to Provide Small Business Loans in Underserved California Communities
STAMFORD, Conn. – Charter Communications, Inc. today announced the Spectrum Community Investment Loan Fund (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 marks the latest investment made by Charter as part of its $20 million commitment to support 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 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 Faith Bautista, President and CEO of the National Asian American Coalition. “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 recently been earmarked 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.
Charter Communications, Inc. (NASDAQ:CHTR) is a leading broadband connectivity company and cable operator serving more than 30 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, sports and high-quality original programming to its customers through Spectrum Networks and Spectrum Originals. More information about Charter can be found at corporate.charter.com.
About the National Asian American Coalition
The National Asian American Coalition is a HUD-approved 501(c)(3) nonprofit housing counseling organization and a US Department of the Treasury-certified Community Development Financial Institution (“CDFI”). Since its inception in 2004, the NAAC has advocated for and has provided essential services such as housing counseling, microlending, and alternative financing to Asian Americans and other minority and low-income communities. For more information visit naac.org.