Behind this women-led Greenville financial institution’s $400M impact

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A Greenville-headquartered primarily women-led financial institution is committed to creating a “brighter future” for financially underserved individuals and businesses in South Carolina by providing equitable financial products and services to build wealth.

The goal of CommunityWorks is to provide the opportunity for everyone to achieve financial equity and economic mobility where they live.

CommunityWorks opened its doors in 2008 as Greenville Housing Fund, a local housing trust fund created from a partnership between the United Way of Greenville County, Greenville County Redevelopment Authority, and the city of Greenville. Since then, the organization has grown into a diverse Community Development Financial Institution, helping to build and achieve equity for underserved families and communities all across South Carolina.

In accordance with CommunityWorks’ mission, the organization is rooted in the advancement of racial justice. As change agents, they work to dismantle systemic and institutional inequities that exist for people and communities of color, according to the organization’s literature. CommunityWorks provides accessible financial products and services to help individuals find sustainable success through wealth and asset building for communities where every person and family has the power to achieve prosperity, to create solutions anchored in social justice that provide accessible financial products and services to communities of color, women and other historically disadvantaged groups.

GOALS: Gaining Opportunity to Assets, Loans, and Savings

GOALS represents the framework by which CommunityWorks creates pathways for underserved families and communities through education and access to lending. From individuals looking to start a business or buy a house, to organizations seeking to better the community through affordable housing and community development, many of its resources are often unavailable from mainstream financial institutions. These pathways are then connected to create an infrastructure to support an opportunity economy and help families achieve their goals.

The 2022 Impact Report showed CommunityWorks had a $386 million economic impact in 2022.

Since its founding, clients and services of CommunityWorks include:

• 74% African American or black
• 71% women
• 73% low wealth
• 100% underserved by traditional banks
• $70,021,538 in home sales
• $6,494,796 in micro and small business loans
• $15,191,326 in affordable housing/community lending loans
• 1,575 financial wellness coaching sessions
• 878 micro and small businesses helped

CommunityWorks Chief Community Officer and Interim Women’s Business Center Program Director Ana Parra said they are always looking at ways to support and empower people in through the loan application process because we know it can be an overwhelming part of starting and growing a business.

“We want to make the process less complicated and less overwhelming, which can be a barrier in building wealth when approaching this initial phase of business,” said Parra.

CommunityWorks’ loan products range from $900 for credit building (personal/business) to $350,000 for those further along in their business journey.

One way she thinks CommunityWorks is unique is by bringing their women’s business center to the area to empower female entrepreneurs in the state.

“CommunityWorks serves 15 counties statewide, so this is something all locations had in common was they all saw that need and realized the growth wasn’t going to stop, and that having the women business centers could be helpful to our clients and community,” she added. “Our team saw that need, because at the time, there were none in the state, so we jumped on the opportunity. South Carolina is ranked fourth for number of female-owned businesses. We saw startups flooding in led by females. Loan products need to be more accessible but need to provide education. Much like the women who come through the business center they are eager for resources.”

Other women business centers opened in Columbia and Charleston, said Parra, so now there are three (opened by other organizations). Through the women’s business center, the organization has served more than 1,000 women.

“The spectrum is wide,” said Parra. “We aren’t just helping launch businesses but also helping others who have had businesses open for 10, 20 years and moving in a different financial direction. The entrepreneurial ecosystem is growing in the Upstate and the state. For me, when it comes to women and why I started with the organization, it was clear this was necessary for economic development. Until 1974, women couldn’t open their own account/credit card/loan. The support we offer women in our communities is critical. We provided these resources that maintains sustainable practices and businesses. To see clients come through and get financial education and being able to apply that to their business to grow it in the right direction, to build financial wealth and make it generational from themselves to their family is admirable.”

CommunityWorks is located at 100 W. Antrim Drive in Greenville.