COLUMBIA, SC – South Carolina Community Loan Fund (SCCLF) recently announced that Truist Bank has invested $3 million in SCCLF’s revolving loan fund. The investment will help SCCLF serve organizations led by women, people of color, and those located in rural and low-income communities which have historically been denied adequate access to capital.
“Providing communities access to capital can serve as a catalyst for businesses to grow and strengthen households and neighborhoods,” said Mike Brenan, South Carolina regional president for Truist. “Truist’s commitment to SCCLF will help unlock new opportunities for minority-owned businesses across South Carolina and is another example of how we fulfill our purpose to inspire and build better lives and communities.”
“Truist’s partnership, and their subsequent investment in SCCLF, will help us meet a critical need for financing in South Carolina,” said SCCLF CEO Nate Barber. “In order for SCCLF to meet the demand for community development financing, we need to be able to look to our partners for what we call ‘patient capital’- investments with terms that give us the opportunity to truly invest in communities. Truist has done just that, and we are grateful for the trust they have placed in us.”
Community development financial institutions (CDFIs) like SCCLF pool capital from financial institutions, foundations, individuals and government entities to finance critically needed community development projects. SCCLF uses the revolving loan fund to finance the development of affordable housing, community facilities and small businesses across South Carolina.
About South Carolina Community Loan Fund: South Carolina Community Loan Fund is a nonprofit Community Development Financial Institution with offices in Charleston, Columbia, and Spartanburg. Its 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, it has financed more than $75.3 million in loans throughout the state, resulting in the completion of more than $510.8 million in community development projects. For more information, please visit www.sccommunityloanfund.org.
Truist Financial Corporation (NYSE: TFC) is a purpose-driven financial services company committed to inspiring and building better lives and communities. Truist has leading market share in many high-growth markets in the country, and offers a wide range of services including retail, small business and commercial banking; asset management; capital markets; commercial real estate; corporate and institutional banking; insurance; mortgage; payments; specialized lending; and wealth management. Headquartered in Charlotte, North Carolina, Truist is a top 10 U.S. commercial bank with total assets of $544 billion as of March 31, 2021. Truist Bank, Member FDIC. Learn more at Truist.com.
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