United Bank Invests $250,000 with South Carolina Community Loan Fund for Statewide Small Business and Affordable Housing Loan Efforts

CHARLESTON, SC – United Bank, a subsidiary of United Bankshares, Inc., is proud to partner with and support the South Carolina Community Loan Fund (SCCLF), investing $250,000 with the nonprofit to support their small business and affordable housing lending efforts. Additionally, United recently provided a $25,000 grant to SCCLF for marketing and loan deployment efforts.

United’s investment and grant funding will allow SCCLF to continue to execute their mission as a Community Development Financial Institution (CDFI), providing equitable access to capital and financing projects and small businesses that build healthy, resilient South Carolina communities. The funds will be used to make loans to finance housing for low- and moderate-income individuals and small business opportunities.

“Minority and women-owned businesses and affordable housing development are critical components of our local economies and access to capital can sometimes be a challenge. I am proud that United Bank has made an investment in the SC Community Loan Fund to support efforts to stimulate business growth and employment and promote prosperity in communities across South Carolina,” said Ryan Benton, United Bank Charleston Market President. “Working collaboratively with the SC Community Loan Fund with this investment and grant funding allows us to extend our reach and provide capital, mentoring and financial advisory services through an impactful organization.”

A demonstrated leader in strategically aligning resources to move the needle on pressing challenges faced by communities where the bank has a presence, United’s partnership with SCCLF is an integral part of its investment strategy. It also allows SCCLF to remain at the forefront of community development finance, helping to make lasting change and transforming communities throughout South Carolina.

“SCCLF aims to extend its geographic reach to financially underserved communities and investments are critical to those efforts and its overall mission”, said Nate Barber, CEO of the South Carolina Community Loan Fund. “The geographic market we will impact with this investment spans a 10-county service area across the state of South Carolina. The strong partnership with United Bank and its financial investment in SCCLF’s loan financing programs and services demonstrates a shared commitment to increase borrower access to capital and social impact on underserved communities. We are grateful for their support, and we look forward to our continuing partnership to inject equity into these communities.”

About South Carolina Community Loan Fund:
South Carolina Community Loan Fund is a nonprofit Community Development Financial Institution with offices in Charleston, Columbia, and Spartanburg. Its mission is to advance equitable access to capital to build assets and benefit communities and people most in need of economic opportunity. Since its inception in 2004, it has financed more than $75.3 million in loans throughout the state, resulting in the completion of more than $510.8 million in community development projects. For more information, please visit www.sccommunityloanfund.org.

About United Bank:
United Bank is a subsidiary of United Bankshares, Inc. It has consolidated assets of approximately $28.8 billion with nearly 250 locations throughout South Carolina, North Carolina, Virginia, Maryland, West Virginia, Ohio, Pennsylvania, Georgia and Washington, D.C. For more information, visit BankWithUnited.com.

Pictured L to R: Nate Barber (CEO, SCCLF), Deborah McKetty (President, SCCLF) and Ryan Benton (Market President, United Bank).

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