Grant is one of several issued by the Regions Foundation in support of Community Development Financial Institutions.
The Regions Foundation, a nonprofit initiative of Regions Bank that supports community investments, on Friday announced a $25,000 grant for South Carolina Community Loan Fund (SCCLF), a Community Development Financial Institution (CDFI) that is helping small businesses affected by the novel coronavirus.
With a focus on serving organizations that strengthen the social and economic fabric of communities, SCCLF specializes in financing initiatives that support access to housing, food and other essential services.
“In mid-March, we surveyed our current borrowers to learn more about how the spread of COVID-19 was impacting operations and learned that nearly half of respondents have three months or less operating expenses on hand, so the need for flexible, affordable capital is urgent,” said SCCLF Chief Executive Officer Anna Lewin. “The Regions Foundation’s rapid response to this unfolding crisis will help SCCLF as we work with our borrowers during this uncertain time.”
Currently, SCCLF is guiding companies on options available to help them during this time, such as alternative payment arrangements and certain loans and grants.
“Small businesses are vital to the strength of our communities, and during this unprecedented challenge, our goal is to help entrepreneurs and their businesses by supporting important resources that are available to them,” said Leroy Abrahams, head of Community Affairs for Regions Bank. “South Carolina Community Loan Fund and other CDFIs receiving grants from the Regions Foundation are working with small businesses directly, connecting them with valuable assistance to help them weather this storm. And our teams at Regions Bank are working with bank clients to explore various options that can help. Regions is invested in the success of our communities. We will continue to seek additional ways to use our resources, experience and insights to support the recovery.”
The Regions Foundation has announced support for several CDFIs across the Regions footprint and is currently identifying additional nonprofits for grants, which will be issued in the coming weeks. Also, the Foundation recently announced it will match, dollar-for-dollar, donations by Regions Bank associates to United Way chapters and Community Foundations responding to COVID-19 needs.
Further, Regions Bank continues to offer a series of options for customers suffering financial impacts from COVID-19. Additional information on Regions Bank resources for those affected by the coronavirus can be found at www.regions.com/coronavirus.
About Regions Foundation
Regions Foundation supports community investments that positively impact the communities served by Regions Bank. The Foundation engages in a grantmaking program focused on priorities including economic and community development; education and workforce readiness; and financial wellness. The Foundation is a nonprofit 501(c)(3) corporation funded primarily through contributions from Regions Bank.
About Regions Financial Corporation
Regions Financial Corporation (NYSE:RF), with $133 billion in assets, is a member of the S&P 500 Index and is one of the nation’s largest full-service providers of consumer and commercial banking, wealth management, and mortgage products and services. Regions serves customers across the South, Midwest and Texas, and through its subsidiary, Regions Bank, operates approximately 1,400 banking offices and 2,000 ATMs. Regions Bank is an Equal Housing Lender and Member FDIC. Additional information about Regions and its full line of products and services can be found at www.regions.com.
About South Carolina Community Loan Fund
South Carolina Community Loan Fund (SCCLF) is a nonprofit CDFI with offices in Charleston, Columbia, and Spartanburg. SCCLF’s mission is to advance equitable access to capital to build assets and benefit communities and people most in need of economic opportunity. Since its inception in 2004, SCCLF has provided $54.7 million in loans throughout the state, resulting in the completion of more than $361.3 million in community development projects. For more information, visit sccommunityloanfund.org.