SOURCE: Truist
DESCRIPTION:
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.
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KEYWORDS: NYSE: TFC, Truist, CornerSquare Community Capital, Business Expansion Funding Corporation
