By Alice Brown
FORT LAUDERDALE, Fl.–(FEBRUARY 18, 2021) — Central County Community Development Corporation (CCCDC), a subsidiary of the Urban League of Broward County, announced a $250,000 Equity-Equivalent (EQ2) investment from Synovus Bank to fund its Small Business Loan Fund. The fund was established in 2015 to improve access to capital for low-income entrepreneurs and small business owners in low-wealth communities across Florida.
This funding marks the second investment made by Synovus in the CCCDC and the first since it became designated as a Community Development Financial Institution (CDFI) in July 2020. As a U.S. Department of Treasury certified CDFI, the CCCDC now seeks low-interest rate loans from financial institutions, foundations, businesses, and high-wealth individuals, and then provides both a social and financial return on that investment. Through this partnership, Synovus and the CCCDC will also highlight the success of minority business owners who benefited from the initial round of small business development funding.
“The development of an entrepreneurship center aligns with our mission to build wealth and create jobs for families in our community,” said Urban League of Broward County President and CEO, Dr. Germaine Smith-Baugh. “We are grateful to Synovus for leading the way in its support of this initiative that will help meet the credit and capital needs of underserved entrepreneurs throughout Florida.”
Synovus is providing a new $250,000 Equity Equivalent Investment (EQ2) toward the aggregate total of $500,000 to support minority-owned small businesses in Florida. Loans made by the fund will range from $25,000 to $250,000 for entrepreneurs or small businesses headquartered in Florida with 25 or fewer employees and average annual gross revenue of $5 million or less.
“Synovus is proud to support the vital work of CCCDC and to make this additional investment of capital funds for the Small Business Loan Fund, which continues to provide loans to entrepreneurs, under-resourced and minority small business owners. This investment is one of many ways Synovus is directly supporting local communities and strengthening the economy” states Nancy Merolla, SVP, Community Development Officer.
In addition to funding, the Urban League and CCCDC will continue to provide support to loan recipients in the form of business coaching and technical assistance.
For more information, please call the Urban League of Broward County at (954) 584-0777 or visit www.cccdcorp.org