STAMFORD, Conn., June 11, 2020 /PRNewswire/ -- 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. This investment will help strengthen small
businesses and provide a long-term economic impact vital to the
continued development and growth of these 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 addition, Charter will provide $3.5 million in PSA value to promote its
partners' Loan Fund opportunities, and will contribute a
$500,000 capacity grant to the NUL
for revitalizing its CDFI platform including funding for staffing,
infrastructure, and operations.
"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."
The NUL's small business lending subsidiary, UEF, provides loans
and coaching to minority-owned businesses that provide jobs and
revenue to economically distressed areas and other underserved
communities.
"Small Black-owned businesses, a primary economic driver in
Black neighborhoods, are less likely to be approved for loans than
their White-owned counterparts, and when they are approved, they
receive smaller amounts and at higher interest rates," said Marc H.
Morial, National Urban League President and CEO. "As we face the
most daunting economic landscape since the Great Depression,
committed and enlightened partners like Charter are more valued
than ever before. Charter is helping the National Urban League
build stronger and more stable communities that create opportunity
for prosperity."
"In order to achieve the economic equality we want to see, we
need to support our Black businesses and our Black entrepreneurs,"
said Reverend Al Sharpton. "For too
long, our talented Black communities have been deprived of low
interest loans, capital and a myriad of resources to help Black
businesses thrive and prosper, a reality that has lasted decades
inhibiting us from playing and competing in a level playing field.
This partnership is one more step to address the systemic scarcity
in our communities and to underscore much needed investment to turn
the tide of inequity."
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. With the addition of the investment partnerships with
the NUL and NAN, Charter's Loan Fund commitment has increased to
$13 million, and the NUL UEF
investment represents the fourth made by the Loan Fund in the past
four months. Charter previously announced $1
million investments in Pursuit Community Finance in
New York, PeopleFund in
Texas, and the Economic and
Community Development Institute (ECDI) in Ohio. Over the next year, the Loan Fund
expects to invest an additional $4
million across CDFIs in California, Florida, North
Carolina and Wisconsin, in
addition to the $3 million into CDFIs
as directed by NAN.
In addition to the loans, each CDFI receives a grant to fund
technical assistance programs and professional training for small
businesses to help establish sound business practices necessary for
long-term growth and continuity. These grants have recently been
made to provide support to businesses impacted by COVID-19.
About Charter
Charter Communications, Inc. (NASDAQ:CHTR) is a leading
broadband connectivity company and cable operator serving more
than 29 million customers in 41 states through its Spectrum brand.
Over an advanced communications network, the company offers a full
range of state-of-the-art residential and business services
including Spectrum Internet®, TV, Mobile and Voice.
For small and medium-sized companies, Spectrum Business®
delivers the same suite of broadband products and services coupled
with special features and applications to enhance productivity,
while for larger businesses and government entities, Spectrum
Enterprise provides highly customized, fiber-based solutions.
Spectrum Reach® delivers tailored advertising and production for
the modern media landscape. The company also distributes
award-winning news coverage, sports and high-quality original
programming to its customers through Spectrum Networks and Spectrum
Originals. More information about Charter can be found
at corporate.charter.com.
About National Urban League (NUL)
The National Urban League is a historic civil rights
organization dedicated to economic empowerment in order to elevate
the standard of living in historically underserved urban
communities. The National Urban League spearheads the efforts of
its 90 local affiliates through the development of programs, public
policy research and advocacy, providing direct services that impact
and improve the lives of more than 2 million people annually
nationwide. Visit www.nul.org and follow us on Twitter and
Instagram: @NatUrbanLeague.
About National Action Network (NAN)
National Action Network is one of the leading civil rights
organizations in the nation with chapters throughout the entire
United States. Founded in 1991 by
Reverend Al Sharpton, NAN works
within the spirit and tradition of Dr. Martin Luther King, Jr. to promote a modern
civil rights agenda that includes the fight for one standard of
justice, decency and equal opportunities for all people regardless
of race, religion, nationality or gender. For more information go
to www.nationalactionnetwork.net.
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SOURCE Charter Communications, Inc.