NBSC has invested $100,000 in the South Carolina Community Loan Fund’s (SCCLF) revolving loan fund to finance community development projects throughout the state.
“NBSC, a division of Synovus Bank, is excited to partner with the South Carolina Community Loan Fund. The work being done by SCCLF is so vital to ensure that all communities have the opportunity to access capital to help create thriving, prosperous and economically-resilient communities,” states Rob Phillips, Regional Market President. “At NBSC, our interests align with those of the SC Community Loan Fund.”
“Our newly formed partnership with NBSC further strengthens our ability to transform communities across South Carolina,” says Michelle Mapp, executive director of SCCLF. “Their commitment provides us with capital that we are able to leverage 4 to 1 to assist in the development of wealth-producing assets in underserved communities that for far too long have lacked access to financial resources.”
As a U.S. Treasury certified CDFI, SCCLF seeks low-interest rate loans from financial institutions, foundations, businesses, and high-wealth individuals, and then provides both a social and financial return on that investment. NBSC will receive quarterly interest payments of 2% and repayment of their $100,000 principal upon the loan’s maturity, and low-wealth communities gain access to needed capital to finance critical development projects.
NBSC joins Bank of America, Bank of South Carolina, Heritage Trust Federal Credit Union, PNC Bank, South State Bank, Tidelands, and Wells Fargo in making a commitment to invest in SCCLF, highlighting a growing trend of non-profit community development financial institution (CDFI) and for profit bank partnerships.