SC COMMUNITY LOAN FUND PARTNERSHIP PARTNERSHIP OPPORTUNITIES OPPORTUNITIES
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1 SC COMMUNITY LOAN FUND PARTNERSHIP PARTNERSHIP OPPORTUNITIES OPPORTUNITIES
2 SC COMMUNITY LOAN FUND Charleston l Columbia l Spartanburg ABOUT SCCLF South Carolina Community Loan Fund (SCCLF) is a nonprofit Community Development Financial Institution (CDFI). We seek to advance equitable access to capital by providing loans, technical assistance, and advocacy for affordable housing, healthy food enterprises, community facilities, and community businesses.
3 Shawn Sprinkle, Bluewater Horizons, LLC - SCCLF Borrower We believe that access to capital can transform underserved communities and revitalize local economies. Our investment in communities leverages public and private resources to catalyze and incentivize the actions necessary to attract additional investments. Thanks to our generous network of stakeholders, SCCLF has been able to finance a wide range of community development projects that provide housing, access to food and essential services, attract businesses, employ community members and stimulate economic activity throughout South Carolina. Our current partners include financial institutions, foundations, religious institutions, government entities, businesses, and individuals seeking to make a positive social impact in our local community. Our program model relies on a combination of various forms of debt and equity capital, primarily investments and grants. This packet will outline our most popular types of investment and grant support, highlight some of our community partners, and detail the ways your organization can get involved.
4 INVESTMENTS Investments with SCCLF are socially and fiscally responsible. When you make an investment in SCCLF, your money is invested wisely, has a measurable, meaningful impact, and is returned with interest. Investors receive a quarterly return on their investment via interest payments and as loans mature, the lending pool is replenished so that more community investments can be made. All investments have a return of 2%, require a minimum investment of $25,000, and have a minimum term of five years. SCCLF s funding model includes three main types of investments: term investments, program-related investments, and EQ2 Investments. Sandra and Melvin Wells Pete s Mobile Auto & Truck Repairs SCCLF Borrower DEBT INVESTMENTS Debt Investments are the most common investment type. These investments support SCCLF s relvolving loan fund and typically pay interest only over a specific time period of five or more years. Upon maturity, investors may choose to renew their loan or have their principal returned. I was drawn to SCCLF because I believe in their mission, and I continue to invest in the loan Program-Related fund because it s a responsible, and mutually beneficial, investment opportunity. Investing offers a unique opportunity for me to provide access to the capital SCCLF needs to make more loans in underserved areas of the state, while also receiving a return on my investment through CD tax credits and earned interest. When I make an investment in the loan fund I know my money is not only being invested wisely, but also leveraged to maximize impact in South Carolina communities. Robert Johnston, The InterTech Group PROGRAM-RELATED INVESTMENTS Investments (PRIs) are long-term, low interest rate, renewable investments typically made by foundations to support specific aspects of SCCLF s mission. PRIs support our work by providing access to capital, usually at a lower rate than may otherwise be available. What are the benefits of PRIs for Investors? They allow organizations to invest in programs that are consistent with their own philanthropic goals and priorities Philanthropic dollars are leveraged for maximum impact Repayment or return of equity can be recycled for another charitable purpose
5 EQUITY EQUIVALENT (EQ2) INVESTMENTS An EQ2 investment is a long-term, deeply subordinated loan with features that make it function like equity. These investments benefit SCCLF and the communities we serve by allowing us to leverage additional debt capital, increase our risk tolerance, and ultimately make more loans in underserved South Carolina communities. What makes an EQ2 different from traditional subordinated debt? Carried as an investment on the investor s balance sheet in accordance with Generally Accepted Accounting Principles (GAAP) General obligation of the CDFI that is not secured by any of the CDFI s assets Fully subordinated to the right of repayment of all of the CDFI s other creditors Does not give the investor the right to accelerate payment unless the CDFI ceases its normal operations (i.e. changes line of business) Carries an interest rate that is not tied to any income received by the CDFI Has a rolling term and therefore, an indeterminate maturity What are the benefits for EQ2 Investors? Fulfills investment and lending tests required for the Community Reinvestment Act (CRA); receive CRA credit every year the investment is outstanding Eligible for CDFI Fund Bank Enterprise Award (BEA) Program Provides flexibility for investment options INVESTMENT ANALYSIS Investors who support positive change in underserved markets rely on Aeris proprietary CDFI ratings system to assess investment opportunities that match their impact objectives and risk parameters. The South Carolina Community Loan Fund has achieved an Aeris Rating of assessment and review. A- O L I C Y P L U Policy Plus in our most recent PARTNER SPOTLIGHT SOUTH STATE BANK South State Bank was the first financial institution to invest in SCCLF, providing a $300,000 investment into the organization s revolving loan fund in Understanding the need for both debt and equity capital to carry out their mission, South State has also provided the organization with a number of operating and program grants. Since 2009, South State has provided SCCLF with over $1.4 million in investment and grant support. In addition to providing capital to SCCLF, South State Bank provides banking services for the organization and bank representatives serve on SCCLF s board, executive, finance, and housing loan committees. The partnership with South State Bank has been so successful because we have developed a multifaceted relationship that allows us to communicate our strategic priorities and changing needs, explained Michelle Mapp, Chief Executive Officer. South State has made an effort to listen and understand our organization, and has demonstrated a desire to be a true partner in our work to transform South Carolina communities, said Mapp. Like us, they were a young, local organization in the beginning so we have had the opportunity to really grow together over the years, and we are continuously seeking innovative partnership opportunities. The bank s financial support has reflected this growth as they provided SCCLF with a $750,000 investment in 2018, nearly triple their initial investment. From the beginning, SCCLF has been instrumental in financing affordable housing in high need areas of South Carolina, said Nate Barber, SVP of South State Bank. The organization has grown its capacity over the years, becoming a CDFI and expanding its program areas, which has allowed us to increase our involvement and support of their mission. SCCLF s staff and board have developed the organization into one of the premier CDFIs in the Southeast, and we are proud to be a partner in their work.
6 PARTNER SPOTLIGHT MARY REYNOLDS BABCOCK FOUNDATION South Carolina Community Loan Fund (SCCLF) received a $240,000 operating grant and $300,000 capital grant from the Mary Reynolds Babcock Foundation. In addition to providing much-needed general operating support, the funding will provide the seed capital needed for SCCLF to become a member of the Federal Home Loan Bank of Atlanta (FHLBank Atlanta). SCCLF applied to become a member of the FHLBank Atlanta in late 2017 and was officially granted membership in February. SCCLF will be the eighth CDFI to become a member of FHLBank Atlanta. Membership to FHLBank Atlanta offers SCCLF access to additional capital to serve South Carolina communities. As a member, SCCLF can borrow up to 10% of their total asset base from the bank at any time, diversifying their funding sources and ensuring they have the capital available to meet borrower needs. The FHLBank Atlanta membership will also allow SCCLF to offer additional funding and technical assistance tools to their partners working in affordable housing. We are very excited to be granted membership to the Federal Home Loan Bank of Atlanta and know this membership will be a tremendous addition to the funding and technical assistance services we offer our borrowers, said SCCLF CEO, Michelle Mapp. This is a huge step for our organization and it would not have been possible without the support of the Mary Reynolds Babcock Foundation. The foundation has continuously provided the operating and equity funding we need to grow and take advantage of new opportunities, and we are most appreciative of the faith they have shown in our organization over the last 11 years. GRANTS Grant funding enables SCCLF to expand our services, offer more loans and increase our statewide impact. SCCLF s funding model includes two primary grant types: capital grants and program grants. CAPITAL GRANTS While debt capital is an integral part of our funding structure, it is impossible to utilize the investment tools available without equity. Keeping in line with CDFI-industry best practices, SCCLF seeks equity capital grants equal to 10% of each investment. This ensures that SCCLF maintains a strong equity capital position relative to debt capital. Equity capital grants allow SCCLF to increase capital available for lending while protecting against loan losses and ensuring investor interest repayment. PROGRAM GRANTS SCCLF seeks program grants that are used to fund borrower technical assistance activities, community development finance educational events, and community economic development advocacy. These grants can be designated to a specific program or allocated generally to support a variety of program needs and expenses. TAX BENEFITS Beyond those benefits highlighted throughout the packet, the following tax benefits are available to all SCCLF supporters: Federal Tax Benefit: Your contribution is tax deductible to the extent allowed by IRS regulations. If you have specific tax questions, we advise you to consult your personal financial or legal advisor. State Tax Benefit: All contributions and investments to the South Carolina Community Loan Fund may qualify for the 33% S.C. Community Development Tax Credit.
7 PARTNER WITH US We hope you will join us in investing in community. We work in partnership with our supporters to develop creative solutions to meet the needs of South Carolina communities. We would be happy to tailor a partnership opportunity to align with your organization s goals and invite you to reach out to discuss these partnership opportunities further. For more information, please call or us at invest@sccommunityloanfund.org. PARTNER SPOTLIGHT KRESGE FOUNDATION, BLENDING CAPITAL TOOLS SCCLF s ability to carry out its healthy food work can be can be attributed to The Kresge Foundation s support. In April 2014, SCCLF was awarded a total of $950,000 in grants and investments from the Kresge Foundation to support the expansion of their healthy food loan program. According to the Deputy Director of The Kresge Foundation s Health Program, Chris Kabel, SCCLF originally only requested a grant to cover the costs of launching their healthy food program, but after discussions with the fund it became apparent to Kresge that [they] could play a more catalytic role by blending multiple capital tools. We were ready to expand our healthy food retail loan program and get more involved in advocacy work around the lack of access to healthy food in South Carolina, but at the time we just didn t have the resources to move those plans forward, explained SCCLF s COO, Anna Lewin. The Kresge Foundation demonstrated a sincere interest in the success of our healthy food program and worked with us to develop a solution that would meet our immediate capital needs, and provide the tools needed to effectively grow the program. The resulting funding plan combined multiple capital types including a $500,000 program related investment, a $250,000 operating grant, and a $200,000 loan loss reserve grant. Each form of capital reinforces the others, Kabel explained. The grant covered pipeline development, policy work, and evaluation, the investment was the first commitment to what is now a more than a $2 million fund, and the loan loss reserve created a comfort zone for other commercial capital to participate. SCCLF has since leveraged the $950,000 in Kresge Foundation funding with private and individual investments to grow healthy food access into one of its most comprehensive programs. The funding has enabled SCCLF to provide 11 healthy food loans totaling $9,887,750 in financing, and providing 146 jobs for members of the community. Further it has led to the development of multiple advocacy and technical assistance initiatives devoted to increasing access to healthy food in underserved SC communities.
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