South Carolina Community Loan Fund Receives $1M to Help Low-Income Communities

money pile.jpg

The Rockefeller Foundation and Chan Zuckerberg Initiative today announced that the South Carolina Community Loan Fund (SCCLF) will receive a $1 million grant in the Communities Thrive Challenge— a $10-million effort to expand economic opportunity for low-income and financially insecure people and communities across the country.

The Charleston-based organization is one of 10 grantees, from nine states and Puerto Rico, selected because of their demonstrated success and potential for future impact.

SCCLF provides loans and technical assistance to organizations that seek to strengthen the social and economic fabric of local communities throughout South Carolina.

With a mission to provide equitable access to capital, SCCLF finances projects that provide housing and access to food and essential services, attract businesses, employ communities, and stimulate economic activity.

Since 2004, SCCLF has financed more than $45 million in loans throughout South Carolina, resulting in the completion of more than $300 million in community development projects.

The South Carolina Community Loan Fund and nine other grantees of the Communities Thrive Challenge will receive $1 million to scale their solutions, as well as best-in-class technical assistance.

“Communities thrive when we empower individuals to pursue economic opportunity and create a place where everyone has the chance to succeed, regardless of race, gender, and socioeconomic status,” said Anna Hamilton Lewin, incoming CEO of SCCLF. “Being named a grantee of the Communities Thrive Challenge is an incredible honor that will allow us to work with more South Carolinians who want to start their own businesses and strengthen underserved communities.”

“The enthusiasm for the Communities Thrive Challenge was just off the charts from local organizations like the South Carolina Community Loan Fund, demonstrating a real hunger to share what’s working for the benefit of all Americans,” said Dr. Rajiv J. Shah, president of The Rockefeller Foundation. “By working together to invest in local solutions, we can build an America where all people can earn enough to support their families, achieve financial security, and provide their children with more opportunities.”

“These organizations are creating pathways to opportunity from the ground up. We’ve already learned a lot from these local leaders and hope that others around the country will find useful lessons in these community-driven approaches,” said Priscilla Chan, co-Founder of the Chan Zuckerberg Initiative.

Since launching in April, the Communities Thrive Challenge received an incredible 1,826 applications that spanned all 50 states, D.C., and 4 of 5 U.S. territories. To ensure that community leaders had a voice in the decision making, applications were reviewed and scored by five other applicants in a peer review process.

close video ad
Unmutetoggle ad audio on off