Sign In  |  Register  |  About Menlo Park  |  Contact Us

Menlo Park, CA
September 01, 2020 1:28pm
7-Day Forecast | Traffic
  • Search Hotels in Menlo Park

  • CHECK-IN:
  • CHECK-OUT:
  • ROOMS:

Business Expansion Funding Corporation Announced As Cornersquare Community Capital’s Newest CDFI Partner

--News Direct--

CornerSquare Community Capital is a nonprofit fund launched in 2020 by the NC Rural Center to support the CDFI and Minority Depository Institutions (MDI) industry and increase small business lending. The program does this through a unique strategy with long-term impact by reducing the lender’s risk and increasing their available capital through the purchase of (a subordinate position of) up to 25% of eligible loans. Made possible by a partnership with Truist, CornerSquare operates as a network in 17 states, and has a demonstrated track record of serving and supporting the success of small businesses with a particular focus on those owned by women and people of color as well as businesses located in low-income census tracts. 

“We’re committed to building more sustainable and equitable communities,” said John Stokes, community development manager at Truist. "The addition of Business Expansion Funding Corporation as a CornerSquare partner will ensure more entrepreneurs and underserved small business owners have the access to capital they need to serve our communities and help them thrive.”

BEFCOR has been North Carolina’s top producer of the Small Business Administration’s 504 loan program for nine years in a row. In early 2021, they secured their Community Development Financial Institution (CDFI) certification to allow them to extend additional financial products to small businesses.

Continue reading here

View additional multimedia and more ESG storytelling from Truist on 3blmedia.com

View source version on newsdirect.com: https://newsdirect.com/news/business-expansion-funding-corporation-announced-as-cornersquare-community-capitals-newest-cdfi-partner-270716851

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
 
 
Copyright © 2010-2020 MenloPark.com & California Media Partners, LLC. All rights reserved.