CommunityWorks was honored at a Cummins Turbo Technologies ribbon-cutting ceremony for the expansion of their manufacturing operations in Charleston County on Friday. Through their program, Cummins Advocating for Racial Equity, Cummins, the company provided CommunityWorks with $650,000 to support small business lending and coaching efforts.
The Cummins program seeks to drive a sustainable impact in dismantling institutional racism and creating systemic equity for the Black community in the United State. Since 2017, Cummins has invested more than $1.6 million in community development grants in the areas of education, environment and equality of opportunity in the Charleston area, according to a news release.
As part of this greater effort, Cummins partnered with CommunityWorks, a statewide community development financial institution, to present Black-owned businesses in the Charleston area with a special opportunity, according to the news release.
Businesses that qualify for one of the six CommunityWorks small business loan products can receive capital with a capped interest rate at 6% and waived application and processing fees, the release said. This Charleston Small Business Success Loan Program also includes technical assistance and financial coaching through CommunityWorks for small Black-owned businesses in the Charleston community — specifically Dorchester, Berkely and Charleston counties.
To celebrate the opening of Cummins new manufacturing operations in Charleston and their partnership with community organizations, they honored CommunityWorks during Friday’s ribbon-cutting, signifying their commitment to minority-owned businesses in the area.
“CommunityWorks and Cummins are aligned in our goals to build brighter futures for under resourced families and communities in the Charleston area,” LaTorrie Geer, CEO of CommunityWorks, said in the news release. “We are grateful for Cummins’ partnership and support and hope to work together to help minority-owned businesses thrive in the Charleston area and beyond.