The Alliance and Community Capital Merge with S.A.F.E. to Create Opportunity in SC
Dear Community Partners,
The South Carolina Community Capital Alliance (Alliance) and South Carolina Community Capital, Inc. (Community Capital) are pleased to announce a merger with Southern Association for Financial Empowerment (S.A.F.E.) in an effort to further community economic development in South Carolina.
A statewide, member-based organization made up of a network of community development leaders and financiers, the Alliance, through its 501c3 intermediary Community Capital, facilitates community development financing that strengthens underserved and undercapitalized communities in South Carolina. By advocating public policy and providing capacity-building support, the Alliance and Community Capital work to develop a network that supports community investment, strengthens low- to moderate-income communities, and spurs economic opportunities and growth.
As a certified Community Development Financial Institution (CDFI) with a statewide mission of providing financial assistance to organizations undertaking projects in low- to moderate-income communities, S.A.F.E. was established by the South Carolina Association of Community Development Corporations in response to the need for a statewide provider of flexible, innovative capital for community development corporations. To further support the financial and technical assistance needs of community development financial organizations in South Carolina and to provide broader community development financing, S.A.F.E.’s board of directors recommended a merger with Community Capital. The merger demonstrates a collaboration between two existing organizations and the consolidation of individual resources to meet community economic development goals and needs. Community Capital will maintain S.A.F.E.’s federal designation as a CDFI.
Working in partnership with the Alliance, Community Capital will raise, leverage, connect, and align capital to increase community development financing that in turn, will spur job creation and economic development opportunities statewide. It will work to identify gaps in community development financing, align capital to meet industry needs, and bridge the financial gaps to strengthen the market place. Community Capital will build upon the successes of the Alliance and S.A.F.E. to provide support to qualified CDFIs, including US Treasury and state-certified CDFIs, that serve South Carolina’s most undercapitalized communities. S.A.F.E.’s experience will help guide the newly formed non-profit, allowing it to successfully attract capital to South Carolina and increase efficient and effective deployment of financing.
Michelle Mapp, Chairman, SC Community Capital Alliance
Robert Thomas, Chairman, SC Community Capital, Inc.