Stamford, CT. – June 11, 2020 – Charter Communications, Inc. today announced the company will invest $10 million in partnership with both the National Urban League (NUL) and National Action Network (NAN) to support Black and other minority-owned small businesses in underserved communities.
Charter’s Spectrum Community Investment Loan Fund (the Loan Fund) will invest $3 million in NUL’s community development financial institution (CDFI), the Urban Empowerment Fund (UEF), which will make individual loans to minority-owned small businesses and, under the direction of and on behalf of NAN, the Loan Fund will invest an additional $3 million in low-interest loans directly to CDFIs.
“In all communities, small business ownership and growth are fundamental to developing and sustaining economic power, which is critical to their long-term success,” said Tom Rutledge, Chairman and CEO of Charter Communications.
“Building on our valued partnerships with the National Urban League and National Action Network, these investments will support small diverse-owned businesses through access to much-needed low-interest capital and help build thriving communities across the country.”
In February, Charter launched the Loan Fund committing to invest an initial $10 million in capital by the end of 2021 by making low-interest loans through CDFIs to small businesses whose goods and services help meet core needs in underserved communities within Charter’s 41-state operating footprint.
