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Charter invests $1 million in WWBIC to lend to small businesses in Wisconsin

Some grants have already been designated to support businesses impacted by the pandemic.
(WSAZ)
Published: Aug. 21, 2020 at 8:27 PM CDT
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MADISON, Wis. (WMTV) - Charter Communications, Inc announced Friday that $1 million has been invested in the Wisconsin Women’s Business Initiative Corp (WWBIC) to support new or expanding small businesses within Charter’s Wisconsin service area. 

According to a news release, the $1 million came from the Spectrum Community Investment Loan Fund (Loan Fund) that was launched in February. The Loan Fund initially committed to investing $10 million in capital by the end of 2021, but since then has increased their commitment to $13 million.

The Loan Fund is said to prioritize making loans through Community Development Financial Institutions (CDFIs) to small businesses whose services help meet the needs of under-served communities.

“Charter is investing in the communities where our customers and employees live and work, and we are excited to partner with WWBIC to make available vital economic resources to small business owners in Wisconsin,” said Jeff Buller, Charter Vice President overseeing the Loan Fund. “In addition to the capital to fund vital low interest small business loans, Charter is also providing a grant that makes available assistance programs and training for small business owners in Wisconsin.”

WWBIC is a statewide economic development corporation that provides access to resources such as quality business and financial education. WWBIC primarily focuses on on helping women, people of color, veterans and low-income individuals, according to the news release.

“WWBIC is thrilled with this new investment through Charter,” said Wendy Baumann, WWBIC President. “Such capital investments allow WWBIC to continue advancing our access to responsible capital and enable us to grow and serve more entrepreneurs and business owners.”

In addition to the loans, CDFIs will receive a grant to fund technical assistance programs and professional training for small businesses. Charter says this will help businesses establish “sound practices necessary for long-term growth and continuity.” Some grants have already been designated to support businesses impacted by the pandemic.

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