Charter to Give Loan Fund to Underserved Areas of North Carolina

Loan fund

Charter Communications, Inc. announced that the Spectrum Community Investment Loan Fund has invested $1 million in the Carolina Small Business Development Fund (CSBDF). CSBDF is a nonprofit certified community development financial institution (CDFI) dedicated to providing low-interest loans to small businesses in Charter’s service area in North Carolina.

The Carolina Small Business Development Fund is a non-profit organization dedicated to assisting small businesses

Carolina Small Business Development Fund

Carolina Small Business Development Fund was established in 1990 to promote economic development in underrepresented regions by providing finance, business services, and policy research. Since 2010, the nonprofit CDFI has invested over $70 million in small companies around North Carolina, assisting in the creation or retention of approximately 4,100 full-time employments. Visit www.carolinasmallbusiness.org for additional information.

This is the latest investment after some extraordinary investments for spectrum internet packages in Charter’s more than $22 million commitment to small and minority-owned companies whose products and services assist address basic requirements in financially underprivileged regions across its 41-state reach.

Vice President’s Statement

The Charter’s Vice President handling the Loan Fund, Jeff Buller, said that the Charter is an integral component of every community we serve, and we are committed to their continuing success. Small business ownership and growth are critical for our communities’ economic development and sustainability. Our contribution to the Carolina Small Business Development Fund and other CDFIs benefits small companies by providing critical access to low-interest financing.

By providing money, business services, training, and policy research, CSBDF strives to promote economic development in marginalized regions. CSBDF collaborates with a variety of organizations to assist small companies and entrepreneurs in North Carolina.

“On behalf of the board and staff of CSBDF, it is a privilege, an honor, and a tremendous opportunity to work with Charter Communications to deploy capital to businesses throughout its extensive North Carolina coverage area. To partner with a Fortune 500 company that has demonstrated its commitment to North Carolina with its innovative connectivity products and services is in strong alignment with CSBDF’s mission to drive economic development in North Carolina through service to small businesses,” said Kevin Dick, President & CEO of CSBDF. “This will be a strong for-profit and not-for-profit collaboration that will pay dividends for North Carolina’s small businesses and the cities and counties where they are located.”

So, Charter seems to be working more for the community other than just providing the spectrum internet packages and television services.

Spectrum Community Investment Loan Fund

The Spectrum Community Investment Loan Fund invests via CDFIs in companies in economically depressed neighborhoods. Representing $18 million of the more than $22 million, Charter has committed to promoting small and minority-owned organizations.

The Loan Fund previously announced a $1 million investment in CDFIs in New York, Texas, Missouri, California, Wisconsin, and Ohio. Apart from that, there is a $3 million commitment to the National Urban League’s Urban Empowerment Fund, of which Charter is a Founding Partner.

And lastly, there is $3 million in low-interest loans directly to CDFIs in collaboration with and as directed by the National Action Network.

Along with the loan fund, each CDFI gets a grant to provide technical assistance and professional training for small firms, assisting them in establishing strong business practices required for long-term development and continuity. Several of these funds have been designated lately to assist firms affected by COVID-19.

Charter’s Background

Charter Communications, Inc. is a prominent broadband connection provider and cable operator with over 31 million users in 41 states under the Spectrum brand. The firm provides a comprehensive variety of modern household and commercial services over a sophisticated communications network, including Spectrum Internet®, TV, Mobile, and Voice.

Spectrum Business® offers the same suite of broadband products and services as Spectrum Enterprise®, but with additional features and applications designed to boost productivity, while Spectrum Enterprise® provides highly customized, fiber-based solutions for larger businesses and government entities.

Spectrum Reach® develops and produces targeted advertising and content for today’s media environment. Additionally, Spectrum Networks and Spectrum Originals provide their consumers with award-winning news coverage, sports coverage, and high-quality original content.

Recently, Charter has been seen doing a lot for the improvement of digital education by offering better spectrum internet packages. Not only that, it has provided students with sufficient resources so that they do not lag behind in the run of life.

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