On February 27, Charter Communications, Inc. announced the creation of the Spectrum Community Investment Loan Fund. The Loan Fund focuses on making loans through community development financial institutions (CDFIs) to small businesses whose goods and services help meet core needs in underserved communities within Charter’s 41-state operating footprint.
The Loan Fund will invest $10 million in capital by the end of 2021, making loans up to $1 million to each CDFI. In addition, Charter will provide each CDFI with a separate additional grant, which will provide these small businesses with additional training and technical expertise to assist in establishing sound business practices necessary for long-term growth and continuity.
“Charter is committed to having a meaningful impact in the communities where our customers and employees live and work, and the Loan Fund is the latest Spectrum Community Impact program designed to do just that,” said Tom Rutledge, chairman and CEO of Charter Communications. “Through these investments in local small businesses, Charter will positively impact financially underserved communities by providing growth capital, creating new jobs, and strengthening businesses.”
During the first half of 2020, the Spectrum Community Investment Loan Fund will invest $1 million in OFN member Pursuit Community Finance (formerly known as the Excelsior Growth Fund) in New York, and $1 million in OFN member PeopleFund, a CDFI based in Texas. The Loan Fund also expects to invest $1 million in an Ohio-based CDFI later this year.
Read the full press release.