South Carolina Community Loan Fund (SCCLF) announced it has received a $350,000 Equity Equivalent (EQ2) Investment through the CDFI Community Investment Fund, a joint initiative by Woodforest National Bank and OFN. SCCLF is one of the first organizations to receive an investment through the fund and will leverage the funding to increase lending for the development of affordable housing, healthy food enterprises, community facilities, and community businesses in South Carolina’s underserved neighborhoods.
In the press release, Cassandra Archbold, OFN Senior Vice President, Financial Services said "
“More people and communities in South Carolina will have a better economic future because of the CDFI Community Investment Fund recent equity equivalent investment in SCCLF. We know how precious a role equity equivalent capital plays on a CDFI’s balance sheet and we expect SCCLF may be able to attract additional debt capital because of this transaction. We are enthusiastic about the financial and social impact of SCCLF and eager to hear the success stories that result from the investment.”