Commitment Increases Spectrum Community Investment Loan Fund Investments to $27 million Including Committed Loan Capital, Capacity Grant Donations, and In-kind Contributions
STAMFORD, Conn. – Charter Communications, Inc., which operates the Spectrum brand, and Raza Development Fund (RDF), the largest Latino focused Community Development Financial Institution (CDFI), today announced a $3.2 million capital commitment by Charter’s Spectrum Community Investment Loan Fund to provide loans to Latino-owned local businesses in financially underserved areas of California, Texas, Ohio, and Florida. RDF intends to use at least $1 million of this investment to provide loans to small businesses within Charter’s California service area. Small business owners looking to learn more can visit razafund.org/phx/spectrumloan.
“Spectrum is an important part of every community it serves, and is invested in their continued success,” said David Ellen, Charter Senior Executive Vice President. “Small business ownership and growth are fundamental to the developing and sustaining these communities. We are excited to be partnering with the RDF to provide small businesses access to much-needed capital.”
"Raza Development Fund is excited for our new relationship with the Spectrum Community Investment Loan Fund to level up our impact for small businesses across the country,” said Annie Donovan, RDF’s President & CEO. “We strive to create solutions that allow entrepreneurs the opportunity to keep their small businesses open long-term. Thanks to partners like Spectrum, we can create generational wealth and build a regenerative economy for Latino and underserved communities.”
Charter is also providing a grant to RDF to support its loan loss reserve enabling loans for small business owners. Charter’s investment is expected to be combined with additional capital from other sources, and lead to the creation of hundreds of new jobs in these underserved communities. Through this loan fund, RDF is here to help entrepreneurs keep their businesses open and growing to support their families, employees and future generations.
The Spectrum Community Investment Loan Fund, with over $27 million in committed loan capital, capacity grant donations, and in-kind contributions, is a pool of capital that Charter Communications invests in businesses in economically under-served communities withing its 41-state footprint. By directing capital to local businesses through investments in 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 RDF, 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 Charter’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 and sports programming to its customers through Spectrum Networks. More information about Charter can be found at corporate.charter.com.
About Raza Development Fund
Raza Development Fund, Inc. is a Latino-led and serving Community Development Financial Institution (CDFI) formed in 1999 by UnidosUS, (formerly, National Council of La Raza), the country’s largest and longest-serving Latino civil rights and advocacy organization. RDF was created to advance economic opportunity, social mobility, and racial justice. Since inception, RDF has directly invested over a billion dollars in 38 states, leveraging over $6 billion in the areas of education, affordable housing, healthcare, social services, and social entrepreneurship. Headquartered in Phoenix, AZ. RDF works nationwide.