Capital Bank has invested $300,000 in South Carolina Community Loan Fund’s (SCCLF) revolving loan fund to finance community development projects throughout South Carolina.
“Through the Capital Bank Community Benefits Plan, our key priority is to foster economic development and strengthen communities we serve,” said Kim Graham, Capital Bank Community Development Manger. “Our investment with South Carolina Community Loan Fund broadens access to financial resources that build small businesses, provide affordable housing and fosters economic development in South Carolina.”
“Our newly formed partnership with Capital Bank further strengthens our ability to make an impact in South Carolina communities that are in need of economic opportunity,” says Anna Lewin, SCCLF’s CEO. “Investments help meet a critical need for flexible and affordable capital, while also providing a financial return and the ability to multiply the impact. We are excited to have Capital Bank as our newest investor and look forward to continuing to grow our partnership.”
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. The debt capital provided through these investments is leveraged along with equity contributions to increase equitable access to capital for communities and individuals across the state.