Charter Invests $1 Million in the Carolina Small Business Development Fund to Provide Small Business Loans in Underserved North Carolina Communities
STAMFORD, Conn. – Charter Communications, Inc. today announced the Spectrum Community Investment Loan Fund (Loan Fund) has invested $1 million in the Carolina Small Business Development Fund (CSBDF), a nonprofit certified community development financial institution (CDFI) which will provide low-interest loans to small businesses in Charter’s North Carolina service area. This marks the latest investment made by Charter as part of its more than $22 million commitment to support small and minority-owned 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 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 Kevin Dick, CSBDF President & CEO. “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.”
Representing $18 million of the more than $22 million Charter has committed to date to support small and minority-owned enterprises, the Spectrum Community Investment Loan Fund invests through CDFIs in businesses in economically underserved communities. The Loan Fund previously announced $1 million investments in CDFIs in New York, Texas, Missouri, California, Wisconsin, and Ohio, as well as a $3 million commitment to the National Urban League’s Urban Empowerment Fund for which Charter has been named Founding Partner, 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.
Charter Communications, Inc. (NASDAQ:CHTR) is a leading broadband connectivity company and cable operator serving more than 31 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 Carolina Small Business Development Fund
Founded in 1990, Carolina Small Business Development Fund fosters economic development in underserved communities through access to capital, business services, and policy research. Since 2010, the nonprofit CDFI has invested over $70 million through over 1,000 loans to small businesses across North Carolina helping to create or retain more than 4,100 full-time jobs. For more information, visit www.carolinasmallbusiness.org.