The Support Center, a Community Development Financial Institution (CDFI) based in Raleigh, North Carolina, announced that it received a $500,000 low-cost loan from Bank of America to support their participation in the Department of Transportation’s (DOT) Short Term Lending Program.
The program provides short-term financing to underserved contractors who are working to build and repair the country’s transportation network. The program allows historically underutilized small businesses to compete for larger projects, expand their market share and create more jobs. With this loan, North Carolina is better positioned to revitalize its transportation networks.
Under the Short Term Lending Program, the Department of Transportation guarantees The Support Center’s small business loans up to $250,000. The small businesses will receive a line of credit for one year that can be renewed for up to five years.
The Support Center is a CDFI and statewide nonprofit organization established in 1990. They partner with community-based organizations and credit unions to provide equitable financial services and resources that foster economic development in underserved communities. The Support Center’s lending programs have helped create or retain more than 1,100 jobs and provided real estate and consumer loans totaling more than $56 million.
“As the largest investor in CDFIs, we understand the value of leveraging these partnerships as an efficient way to provide financing, liquidity and technical assistance to promote strong economies,” said Bank of America CDFI Executive Dan Letendre. “We recognize The Support Center for continuing to provide financial solutions to support small businesses and economic growth in underserved communities.”
“The Support Center is grateful to Bank of America for helping small, underserved businesses access the much needed capital to grow and compete in today’s market,” said President and CEO Lenwood V. Long, Sr. “This will greatly help small businesses grow and thrive, spurring local economic growth and creating jobs.”
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