Charter Communications Inc. announced May 25 its Spectrum Community Investment Loan Fund has invested $1 million in CommunityWorks, a statewide nonprofit lending institution and community development financial institution (CDFI).
The funds will be used to provide low-interest loans to small businesses in Charter’s South Carolina service area.
“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.”
The Spectrum Community Investment Loan Fund has over $26 million in committed loan capital, capacity grant donations and in-kind contributions. It is used to invest in businesses in economically-underserved communities and has made commitments to CDFIs in 14 states covering nearly 85% of the company’s 41-state footprint.
