CommunityWorks Receives $500,000 Investment From Capital BankFeb 07, 2019 01:28PM ● By Kathleen Maris
CommunityWorks (CW) announced a $500,000 Equity Equivalent Investment from Capital Bank, part of the First Horizon National Corp. family of companies, which includes First Tennessee Bank. This investment will help strengthen small business development. The investment also supports a community loan fund that provides capital to small businesses and developers for fund acquisition, short-term bridge financing, construction, and preservation of affordable housing in our community.
“Thanks to Capital Banks’ $500,000 impact investment, we can serve those South Carolinians who have traditionally been underserved,” said Deborah McKetty, president and CEO of CommunityWorks. “These additional funds will ensure our continued support of affordable housing and community economic development and will amplify our efforts to assist hard-working people in our community.” McKetty emphasized, “Such private-public impact investments are key to expanding our service areas. Capital Bank’s investment means that low-wealth South Carolinians now have greater access to affordable housing and stronger support systems to pursue their dreams of entrepreneurship, homeownership, and building financial stability and wealth.”
CW’s Small Business Loan Program combines financing with business coaching, technical assistance, and education. The program offers three tiers of loans to underserved entrepreneurs that may not qualify for traditional financing including:
- Express Loans (up to $5,000)
- Microbusiness Loans ($5,000 to $50,000)
- Small Business Loans ($50,000 to $150,000)
“Through our Community Benefits Plan, we are working to broaden access to financial resources and strengthen community, economic and small business development,” said Rick Manley, market president of Capital Bank. “The investment demonstrates Capital Bank’s commitment and focus to have a positive impact in the communities we serve and to provide families with more access to financial services in South Carolina.”