Today, Natural Capital Investment Fund (NCIFund), a Charles Town, WV based community development financial institution (CDFI) is announcing its partnership with Truist and CornerSquare Community Capital, a new national nonprofit fund that will support NCIFund and five other CDFIs through the purchase of 25% loan participations.
“NCIFund’s mission to support entrepreneurs who are creating jobs in underserved communities is more important than ever,” said Marten Jenkins, President & CEO at NCIFund. “Truist’s $40 million donation to CornerSquare Community Capital is a powerful tool that will help NCIFund increase our small business lending in communities across Central Appalachia and the Southeast.”
To date, NCIFund has lent nearly $80 Million to over 475 companies and delivered business advisory services to more than 2,700 businesses in WV, NC, and the Appalachian regions of surrounding states. NCIFund specializes in businesses that promote healthy families and a healthy environment – from healthy, local agriculture to tourism, and from primary health care providers to community infrastructure like clean water and rural broadband.
Through this nonprofit program, 100% of the funding will be allocated to racially and ethnically diverse small business owners, women, and individuals in low- and moderate-income communities, with a focus on African American-owned small businesses. Truist’s $40 million initial donation helped establish CornerSquare and will enable NCIFund to reach and support more diverse small businesses by increasing our lending capacity.
More details in the Truist news release available HERE .
Marten Jenkins, President & CEO, Natural Capital Investment Fund