CommunityWorks Receives $875,000 From U.S. Treasury
Sep 25, 2018 10:58AM
By Kathleen Maris
CommunityWorks (CW) has been awarded an $875,000 capital grant from the U.S. Department of Treasury's Community Development Financial Institution (CDFI) Fund to bolster its community development lending efforts. The CDFI Fund awarded $202.2 million to 302 Community Development Financial Institutions (CDFIs) that serve low-income families and economically distressed communities across the nation. CW was one of only three organizations in South Carolina to receive this highly competitive federal grant.
CommunityWorks will use most of the funds to support its Affordable Housing Loan Program which provides loans up to $500,000 to developers and governmental entities to fund acquisition, short-term bridge financing, development, construction, and preservation of affordable housing in our community. Grant funds will also be used for CW’s Express Loan Program, which provides entrepreneurs with loans up to $5,000 and an expedited processing for business owners that may not qualify for traditional financing elsewhere.
“We are honored to be selected as the recipients of the CDFI Fund,” said Deborah McKetty, president and CEO of CommunityWorks. “These additional funds will ensure our continued support of affordable housing and economic development and will allow us to continue our efforts to assist hard-working people in our community who will have greater access to affordable housing and stronger support systems to pursue their dreams of entrepreneurship, homeownership, and building financial stability and wealth.”