Acting Comptroller of the Currency Michael J. Hsu toured South Carolina’s Lowcountry to gain insight into the financial needs of rural communities on Friday.
During the day-long event, Hsu met with local leaders, businesses, and non-profits to discuss how bank partnerships with community development financial institutions and community-focused rural groups support economic development, particularly for communities of color, according to a press release.
The South Carolina Association for Community Economic Development hosted the event, which included a visit to The Opportunity Center, an innovative space that provides workforce development, small business incubators, and workspaces for entrepreneurs and start-ups, and houses offices of local non-profits. Hsu’s tour also included visits to small businesses in Hollywood and to an affordable housing developer in Johns Island who received financing from bank and CDFI partners.
“I would like to applaud the efforts of SCACED and its member community development organizations in helping to address gaps in capital access for businesses, community services, and housing providers,” said Hsu. “The strong partnerships these organizations have developed with banking institutions should inspire and serve as a great model for other rural communities.”
Hsu also participated in a roundtable discussion with local community leaders to better understand how banks can play a greater role in expanding access to capital and credit for rural, underserved, and economically distressed communities, according to the press release.