CommunityWorks, a statewide nonprofit lending institution, announced May 11 it was selected as a Community Development Financial Institution (CDFI) and received a $1 million investment from TD Bank.
The investment is part of TD Bank’s Equity Fund to support minority-owned small businesses. CommunityWorks will use the funds to serve minority business owners by offering services such as coaching and technical support to entrepreneurs as well as tailored loan products ranging between $900 and $250,000. The lending institution will also offer loans of up $500,000 for small and minority affordable housing developers.
“TD has been a long-time partner of CommunityWorks with a strong commitment to supporting underserved entrepreneurs and communities through investing and volunteer service,” said CommunityWorks CEO Tammie Hoy Hawkins. “This generous investment will allow us to expand our reach to serve more minority entrepreneurs in the Upstate and across South Carolina through lending and support. Together we will work to increase economic opportunities for diverse businesses.”
For more information, visit communityworkscarolina.org.
