Charter Invests $1 Million in CommunityWorks to Provide Small Business Loans in Underserved South Carolina Communities
STAMFORD, Conn. – Charter Communications, Inc. today announced the Spectrum Community Investment Loan Fund (Loan Fund) has committed to invest $1 million in CommunityWorks, a South Carolina statewide nonprofit lending institution and community development financial institution (CDFI) which will provide low-interest loans to small businesses in Charter’s South Carolina service area. This marks the latest investment made by Charter as part of its more than $21 million commitment to invest in 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 CommunityWorks and in other CDFIs supports small businesses by providing access to much-needed, low-interest capital.”
Founded in 2008 as a housing fund, CommunityWorks has grown into a diverse CDFI, helping to build brighter futures for underserved families, businesses, and communities. CommunityWorks’ small and micro business lending, affordable housing lending, and coaching programs have served over 7,000 families throughout South Carolina.
“CommunityWorks is honored by Charter Communications, Inc coming alongside us in our mission to empower small businesses in underserved communities,” said Tammie Hoy Hawkins, CEO of CommunityWorks. “This generous investment will allow us to continue helping underserved communities receive capital they need to grow and thrive. The Spectrum Community Investment Loan Fund is a wonderful example of a large organization using their resources to create an impactful community investment.”
The Spectrum Community Investment Loan Fund, with over $26 million in committed loan capital, capacity grant donations, and in-kind contributions, invests in businesses in economically-underserved communities. By directing capital to local businesses through CDFIs, the Loan Fund provides much needed growth capital, creating new jobs and strengthening the economic infrastructure in both rural and urban areas. Through partnerships with organizations like the National Urban League, National Action Network, and the National Asian American Coalition, the 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 14 states covering nearly 85% of the Company’s footprint.
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, 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.
CommunityWorks’ mission is to build a brighter future for underserved families and communities through financial education, lending, and investing, with a focus on people and communities of color. Certified by U.S. Treasury as a Community Development Financial Institution (CDFI), CommunityWorks operates a community loan fund that supports community economic development. Since its inception in 2008, CW has generated over $382 million in local economic impact, serving 7,352 families through small and micro business loans, business and financial coaching, affordable housing and community loans, and down payment assistance.