Description: Hurricane Helene brought unprecedented flooding and damage in North Carolina, much of it in rural communities. The Rural Center has compiled an evolving list of…
Community Development Financial Institutions (CDFIs), which primarily serve entrepreneurs of color, women, and low-to-moderate (LMI) income communities and individuals, have found that they are systemically undercapitalized to meet the ongoing need in their local communities.
CornerSquare Community Capital , launched by the NC Rural Center and Truist, the bank that emerged from the BB&T and SunTrust merger, is a new resource for the CDFI sector. Through this innovative program, 100 percent of the funding will be allocated to racially and ethnically diverse small business owners, women, and individuals in low- and moderate-income communities, with a focus on African American-owned small businesses.
Modeled after the NC Rural Center’s Loan Participation Program , CornerSquare Community Capital will be a long-term, sustainable solution to support CDFIs working with small businesses at the local level. By purchasing a portion of loans made by a CDFI to historically underserved entrepreneurs, CornerSquare will enable the participating CDFIs to increase their lending capacity with their existing capital, ultimately expanding their reach and support to more small businesses in their operating areas. Parti