The Charleston LDC, a nonprofit community development finance institution (CDFI) has secured $3.5 million in new grants and loans, ahead of its expansion and rebranding into the CLIMB Fund effective July 1.
“We need a name that says what we do, reflects our mission and appeals to the entire state,” said CEO Cindi Rourk. “We are grateful to our funders whose generous support will make CLIMB Fund synonymous with economic justice and opportunity in South Carolina.”
As Charleston LDC, the organization made over 490 loans worth $24.5 million to affordable housing developments and entrepreneurs, according to a press release, helping to create over 1,100 jobs and 472 affordable housing units. The organization has 197 active loans worth $11.3 million in six South Carolina counties, and 56% of borrowers are female, minority or veteran owned businesses.
The CLIMB Fund and Charleston Mayor John Tecklenburg and will hold a kickoff celebration and press conference at 11:30 a.m. July 1 at 2 Race St. to officially announce the expansion and answer questions from the community.
Grants and loans received include:
- $750,000 from Wells Fargo Bank’s Open for Business Fund
- $1 million from the U.S. Department of Agriculture’s Intermediary Relending Program
- $1,826,265 from the U.S. Department of Treasury’s CDFI Rapid Response Program.
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