South State Bank makes $10,000 gift to CommunityWorks
May 23, 2016
GREENVILLE, SC – CommunityWorks (CW) is excited to announce that they have received a gift of $10,000 from South State Bank. This is the eighth year that South State Bank has made a gift of this size to CommunityWorks. South State Bank is also a Bronze level sponsor for CommunityWorks’ upcoming Excellence in Entrepreneurship event.
South State Bank became involved with CommunityWorks early in the organization’s existence, lending support to the non-profit when they needed initial capital and investments. South State Bank originally made a $300,000 low interest loan to the CommunityWorks community development loan fund which the organization could then relend to qualified clients.
“We recognized early on that CommunityWorks was going to do great things for the community,” explained Nathaniel Barber, senior vice president and community development officer for South State Bank. “By partnering with CommunityWorks, we are able to support a market that is generally difficult for traditional banks to lend to. We can add resources to help CommunityWorks do what they say they are going to do—and that is offering banking services to the underbanked and unbanked.”
The funds from South State Bank’s gift will be used to provide technological support for the CommunityWorks loan team. In a market where minority-owned small businesses have trouble accessing traditional means of capital, CommunityWorks is in a position to provide funds and support to these individuals. The gift from South State Bank will enable CommunityWorks to continue a program that in 2015 provided over $700,000 in loans to nearly 40 local entrepreneurs.
“We are very appreciative of this gift from South State Bank, as well as the support they have shown us since our inception,” said Deborah McKetty, CEO of CommunityWorks. “CommunityWorks is in a position where we can offer banking services but are not in direct competition with banks. This gift and continued support from South State Bank is a testament to the way that organizations can work together for the betterment of our community.”
“CommunityWorks is able to solve a unique problem in our community,” explains Mike Coggin, chair of the CommunityWorks board of directors and Upstate regional president of South State Bank. “Access to capital is a major barrier for someone wanting to start a small business, especially minority-owned small businesses. CommunityWorks offers access to capital that allows these entrepreneurs to start or grow their businesses. I am thrilled to be a part of company that recognizes the value in an organization like CommunityWorks.”
To learn more about CommunityWorks, visit their website http://communityworkscarolina.org/.
ABOUT COMMUNITYWORKS
CommunityWorks was established in 2008 as a partnership between the City of Greenville, the United Way of Greenville County and Greenville County Redevelopment Authority. This group worked together to support affordable housing and community development as a critical vehicle for fostering stable families and healthy communities. Since that time, CommunityWorks has transformed into a non-profit financial organization and certified Community Development Financial Institution (CDFI) that is committed to empowering people to become financially stable through financial education, lending and investing.
ABOUT SOUTH STATE BANK
South State Corporation is the largest bank holding company headquartered in South Carolina. Founded in 1933, the company’s primary subsidiary, South State Bank, has been serving the financial needs of its local communities in 24 South Carolina counties, 13 Georgia counties and 4 North Carolina counties for over 80 years. The bank also operates Minis & Co., Inc. and First Southeast 401K Fiduciaries, Inc., both registered investment advisors; and First Southeast Investor Services, Inc., a limited purpose broker-dealer. South State Corporation has assets of approximately $8.7 billion and its stock is traded under the symbol SSB on the NASDAQ Global Select Market. More information can be found at www.SouthStateBank.com.
