Charter Communications, Inc. invested $1 million in the Wisconsin Women’s Business Initiative Corporation, the communications company recently announced.
The Spectrum Community Investment Loan Fund, deployed by WWBIC, will lend to individuals starting or expanding a small business within Charter’s Wisconsin service area.
In February, Charter launched the Spectrum Community Investment Loan Fund committing to invest $10 million in capital by the end of 2021. The loan fund focuses on making loans through CDFIs across the country to small businesses whose goods and services help meet the core needs in underserved communities within Charter’s 41 state operating footprint, according to a press release.
“Charter is investing in the communities where our customers and employees live and work, and we are excited to partner with WWBIC to make available vital economic resources to small business owners in Wisconsin,” Charter vice president Jeff Buller said in a statement.
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. Some of these grants have recently been earmarked to support businesses impacted by COVID-19.
“WWBIC is thrilled with this new investment through Charter,” Wendy Baumann, WWBIC president said in a statement. “Such capital investments allow WWBIC to continue advancing our access to responsible capital and enable us to grow and serve more entrepreneurs and business owners.”
WWBIC, a CDFI, works to expand economic opportunity for women, people of color and low-income individuals by offering microlending and business training.
