National Urban League Closes on $3 Million Commitment From Charter

By Mike Farrell, Multichannel News

Money earmarked for the Urban Empowerment Fund

The National Urban League said it has closed on a $3 million commitment from Charter Communications, funds that will go toward the organization's small business lending arm, the Urban Empowerment Fund.

The commitment is from Charter’s Spectrum Community Investment Loan Fund and will help the Urban Empowerment Fund become a certified community development financial institution (CDFI), which increases its ability to deliver capital to minority-owned small businesses in urban areas. Charter first said it would invest the funds last year. 

Charter’s $3 million commitment will be used to make loans to minority-owned businesses. The partnership also includes a $500,000 capacity-building grant for the Urban Empowerment Fund to expand staffing, infrastructure and operations. As a result of the grant and funding commitment, Charter has been designated the Founding Partner of the Urban Empowerment Fund by the National Urban League.

 

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