BNC Bank and South Carolina Community Loan Fund (SCCLF) closed a $1,000,000 investment on Monday. SCCLF will use this capital to leverage other investments and finance projects around the state that provide housing, access to food and essential services, attract businesses, employ community members and stimulate the economy.

This investment comes after BNC Bank’s acquisition of a number of banks in South Carolina including a deal with Southcoast Financial Corporation, completed in June, which has allowed the company to expand its presence in the Charleston and Mount Pleasant South Carolina markets.

“The SC Community Loan Fund has been providing equitable access to capital in both rural and urban communities throughout the State of SC for over 10 years. BNC Bank has significantly increased our presence in SC over the last few years and our investment in the SCCLF will provide important funding assistance to help further their critical mission for many years to come,” said BNC Bank Region President, Charles F. Rivers, III.

“There is a critical need for flexible and affordable capital to finance community development projects in low to moderate income communities throughout South Carolina,” explained Michelle Mapp, CEO of SCCLF. SCCLF’s investment model is based on the organization borrowing capital from banks, foundations, and individuals for a minimum term of five years. The investments provide a 2% return to investors, repayment of principal at maturity, and may qualify for the 33% S.C. Community Development Tax Credit.

“Unlike traditional philanthropic gifts, investments make a positive social impact in the local community, while also providing a financial return and the ability to multiply the impact,” Michelle continued. “We are pleased that BNC Bank has taken advantage of this opportunity as our newest investor and look forward to continuing to grow our partnership.”

About South Carolina Community Loan Fund: South Carolina Community Loan Fund is a nonprofit CDFI headquartered in Charleston. Its mission is to advance equitable access to capital by providing loans, technical assistance and advocacy for affordable housing, healthy food retail, community facilities and community business enterprise. Since its inception in 2004, it has financed more than $37.6 million in loans throughout the state, resulting in the completion of more than $235.7 million in community development projects. For more information visit sccommunityloanfund.org.