STAMFORD, Conn. – Charter Communications today announced the Spectrum Community Investment Loan Fund (Loan Fund) has invested $1 million in the Economic and Community Development Institute (ECDI), a community development financial institution (CDFI) based in Columbus, Ohio, to lend to small businesses within Charter's Ohio footprint. The Loan Fund focuses on making loans through CDFIs to small businesses whose goods and services help meet core needs in underserved communities within Charter's 41-state operating footprint. In addition, Jeff Buller, Charter Vice President overseeing the Loan Fund has been named to ECDI's Board of Directors.
In February, Spectrum announced the Loan Fund will invest $10 million in capital by the end of 2021, making loans up to $1 million to CDFIs in the company's footprint. Each CDFI also will receive a grant, which will fund technical assistance programs and professional training for small businesses to help establish sound business practices necessary for long-term growth and continuity.
This ECDI investment represents the third made by the Loan Fund in the past three months. Charter previously announced $1 million investments in Pursuit Community Finance in New York and PeopleFund in Texas. Over the next year, the Loan Fund expects to invest an additional $4 million across CDFIs in California, Florida, North Carolina and Wisconsin.
Read the full announcement here.