Charter fund invests $3M to help small businesses in Kentucky, Tennessee, Alabama

Operator's Spectrum Community Investment Loan Fund is investing in the Hope Enterprise Corporation, a certified community development financial institution.

August 26, 2021

2 Min Read

LOUISVILLE, Ky. – Charter Communications, Inc., which operates the Spectrum brand, today announced its Spectrum Community Investment Loan Fund will invest $3 million in the Hope Enterprise Corporation (HOPE), a certified community development financial institution (CDFI) which will provide loans to local businesses that provide goods and services meeting the core needs of financially underserved areas in Kentucky, Tennessee and Alabama. One million dollars of the investment is dedicated for Kentucky communities within Charter's footprint.

Charter is also providing a grant to support technical assistance for small business owners and other program costs. Charter's investment is expected to be combined with additional capital from other sources and to lead to the creation of hundreds of new jobs in underserved communities throughout Kentucky, Tennessee and Alabama.

Serving over 100,000 financially underserved people across in the Deep South, HOPE strengthens communities, build assets and improves lives by providing access to affordable, financial products and services in AL, AR, LA, MS and TN.

The announcement was made at an event on August 25 at the Norton Healthcare Sports and Learning Center which included several top state and federal officials including Kentucky Governor Andy Beshear who said the program will positively impact financially underserved communities by providing growth capital, creating new jobs and strengthening businesses.

The Spectrum Community Investment Loan Fund has committed more than $18 million to invest in CDFIs to support small and minority-owned businesses in economically underserved communities within Charter's 41 state footprint. The Loan Fund has made commitments to CDFIs in 16 states, covering nearly 85% of its footprint. In addition to the loans, each CDFI receives a grant to fund technical assistance programs and professional training for small businesses to help establish sound business practices necessary for long-term growth and continuity. Some of these grants have recently been earmarked to support businesses impacted by COVID-19.

Read the full announcement here.

Charter Communications

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