Charter Invests $1 Million in The Economic and Community Development Institute to Lend to Small Businesses in Underserved Ohio Communities
STAMFORD, Conn. – Charter Communications, Inc. today announced the Spectrum Community Investment Loan Fund (Loan Fund) has invested $1 million in the Economic and Community Development Institute (ECDI), a community development financial institution (CDFI) based in Columbus, Ohio, to lend to small businesses within Charter’s Ohio footprint. The Loan Fund focuses on making loans through CDFIs to small businesses whose goods and services help meet core needs in underserved communities within Charter’s 41-state operating footprint. In addition, Jeff Buller, Charter Vice President overseeing the Loan Fund has been named to ECDI’s Board of Directors.
“Charter is investing in the communities in which our customers and employees live and work, and we are excited to be partnering with ECDI in Ohio,” said Buller. “In order to provide a complete funding package to ECDI, Charter is investing capital that will become small business loans, as well as providing grants that will be used to provide assistance to and training for small business owners. I look forward to serving on the ECDI Board and being part of the great work it is doing to support small businesses in Ohio.”
In February, Spectrum announced the Loan Fund will invest $10 million in capital by the end of 2021, making loans up to $1 million to CDFIs in the company’s footprint. Each CDFI also will receive a grant, which will fund technical assistance programs and professional training for small businesses to help establish sound business practices necessary for long-term growth and continuity.
“We are grateful for our partnership with Charter and its investment in Ohio’s small businesses,” said Inna Kinney, ECDI Founder and CEO. “It will enable us to provide much-needed capital, incubation services and technical assistance to the businesses that need it most, as they deal with an altered environment in the face of the COVID-19 pandemic. Charter’s investment helps us sustain underserved communities’ access to jobs and demonstrates both ECDI’s and Charter Communications’ commitment to supporting local economies.”
This ECDI investment represents the third made by the Loan Fund in the past three months. Charter previously announced $1 million investments in Pursuit Community Finance in New York and PeopleFund in Texas. Over the next year, the Loan Fund expects to invest an additional $4 million across CDFIs in California, Florida, North Carolina and Wisconsin.
Charter’s $10 million commitment will have an amplified economic impact, serving as the anchor investment for the small business community programs into which each CDFI will direct additional third-party capital commitments. Charter’s investments in New York, Texas and Ohio are expected to be combined with an additional $12 million in total capital from other sources and to lead to the creation of hundreds of new jobs in underserved communities throughout those states.
Charter Communications, Inc. (NASDAQ:CHTR) is a leading broadband connectivity company and cable operator serving more than 29 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.
Economic and Community Development Institute (ECDI) is a 501(c)(3) non-profit economic development organization headquartered in Columbus, Ohio with offices in Cleveland, Akron, Canton, and Cincinnati; and field operations in Toledo. ECDI is also a certified Community Development Corporation (CDC) and a U.S. Treasury-designated Community Development Financial Institution (CDFI). ECDI’s mission is to invest in people to create measurable and enduring social and economic change. As one of the top SBA microloan intermediaries in the United States, with a service footprint in all of Ohio’s 88 counties, ECDI fills a gap in the credit industry by offering loans ranging from $750 to $350,000 to underserved entrepreneurs through more than 40 revolving loan funds. Its loan programs include culturally and linguistically appropriate financial literacy and microenterprise training, one-on-one technical assistance (TA), and access to markets through business incubation, making ECDI a one-stop-shop business development center.
Since 2004, ECDI has assisted over 17,000 individuals, disbursed over $56.4 million through 2,600 loans, and created and retained over 8,000 jobs via our comprehensive suite of programs. Our programs and services have proven to spur local economic development. We invest, educate, and innovate with the businesses and people who inspire. Learn more at ecdi.org.
Economic and Community Development Institute (ECDI)