United Community Bank will be partnering with CommunityWorks to offer a $500,000 Equity Equivalent loan for minority business owners and affordable housing developers throughout the state. United Community Bank will also provide a $50,000 grant to benefit credit for small minority developers whose goal is to create affordable housing opportunities.
“Partnering with CommunityWorks gives us the opportunity to support both minority business owners and increased opportunities for homeownership across South Carolina, ultimately delivering on our goal to improve the financial health of our communities,” said Greenville County Commercial Lending Division Manager and SVP Jana Scroggins.
CommunityWorks, a community development financial institution, provides resources for a variety of topics like entrepreneurship and affordable housing across South Carolina. With the loan, CommunityWorks can create a line of credit to support affordable housing developers or organizations looking to sell housing units for families living below 80% of the area’s median income.
“We are so grateful for partners like United Community Bank who help us deliver on our mission to build a brighter future for underserved families and communities through financial education, lending, and investing,” said Community Works CEO Tammie Hoy. “This loan program will be immensely helpful to business owners and developers who also believe in affordable housing across our communities.”