The investment will help strengthen small business development, said Deborah McKetty, president and CEO of CommunityWorks, in a news release. The investment also supports a community loan fund that provides capital to small businesses and developers for fund acquisition, short-term bridge financing, construction and preservation of affordable housing in our community.
“Thanks to Capital Banks’ $500,000 impact investment, we can serve those South Carolinians who have traditionally been underserved,” she said in the release. “These additional funds will ensure our continued support of affordable housing and community economic development and will amplify our efforts to assist hard-working people in our community.”
CommunityWorks is a housing trust fund through a partnership among the city of Greenville, United Way of Greenville County and Greenville County Redevelopment Authority.
“Such private-public impact investments are key to expanding our service area,” McKetty said in the release. “Capital Bank’s investment means that low-wealth South Carolinians now have greater access to affordable housing and stronger support systems to pursue their dreams of entrepreneurship, homeownership and building financial stability and wealth.”
CommunityWorks’ Small Business Loan Program combines financing with business coaching, technical assistance and education, according to the release. The program offers three tiers of loans to underserved entrepreneurs that may not qualify for traditional financing including: express loans up to $5,000, microbusiness loans of $5,000 to $50,000 and small business loans of $50,000 to $150,000, the release said.
“Through our Community Benefits Plan, we are working to broaden access to financial resources and strengthen community, economic and small business development,” Rick Manley, market president of Capital Bank, said in the release. “The investment demonstrates Capital Bank’s commitment and focus to have a positive impact in the communities we serve and to provide families with more access to financial services in South Carolina.”
Capital Bank is part of the First Horizon National Corp. family of companies.
Since its inception in 2008, CommunityWorks has generated more than $221 million in local economic impact and has provided 33,900 hours of training and coaching, served 3,612 families, provided over $3.9 million loans to startups and existing small businesses, and deployed over $6.3 million in affordable housing and community loans that have created or preserved over 662 affordable housing units, the release said.