PNC Bank has provided $500,000 in low-cost financing to the SC Community Loan Fund (CLF), a Charleston-based Community Development Financial Institution (CDFI), to support its Revolving Loan Fund. The capital infusion from PNC expands access to financing for housing, healthy food retail, facilities, and businesses in underserved communities throughout South Carolina.
“PNC has a long-standing commitment to invest in the communities where we live and work,” said Lori Jones Gibbs, vice president of community development banking, PNC Bank. “Our support of the Revolving Loan Fund allows CLF to provide more development loans and technical assistance in communities where they are most needed and often not readily accessible.”
CDFIs are private financial institutions that are dedicated to delivering responsible lending to enable low-wealth communities to build assets and join the economic mainstream.
“PNC’s investment demonstrates their commitment to all South Carolina communities” states Michelle Mapp, executive director of CLF. “Through this partnership, we will continue to provide affordable lending products and services which are critical to bringing about positive, long-term social and economic change for the communities we serve.”
As a U.S. Treasury certified CDFI, the SC Community Loan Fund is able to receive low-interest rate loans from financial institutions, foundations, businesses, and high-wealth individuals, and provide both a social and financial return on that investment. Investors receive quarterly interest payments and repayment of their principal upon the loan’s maturity, and low-wealth communities gain access to needed capital to fund critical development projects.
PNC Bank, is a member of The PNC Financial Services Group, Inc. (NYSE: PNC). PNC is one of the nation’s largest diversified financial services organizations providing retail and business banking; residential mortgage banking; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management. Follow @PNCNews on Twitter for breaking news, updates and announcements from PNC.