SAFE’s Mission Statement:
The mission of SAFE is: "To provide alternative financial products and services in support of community economic development in the low- and moderate-income communities of South Carolina."
SAFE’s Board of Directors:
Michael Lentz
Carolina First Bank
Chairperson
Robert Thomas
Southeastern Housing Foundation
Vice Chairperson
Kimberly Davis
Wachovia
Treasurer
Marcia Benson
Bank of America
Michele Murff
SC Department of Mental Health
Roger Earnhardt
CAHEC
Dawkins Hodges
Consultant
John Whittleton
City of Lake City
Douglas Snyder
The Snyder Firm Carl Neely, Ex-Officio Federal Reserve Bank of Richmond – Charlotte Office SAFE’s Advisory Board:
Valerie Williams
South Carolina State Housing and Finance Development Authority
Tom Faulkner
Nehemiah Community Reinvestment Corporation
Russ McCoy
First Citizens Bank
Marilyn Drayton
Carolina First Bank
Sue Berkowitz
Appleseed Legal Justice Center
Sidney Evering
Parker, Poe, Adams and Bernstein History
The Southern Association for Financial Empowerment was established by the South Carolina Association of Community Development Corporations (SCACDC) in response to the need for a statewide provider of flexible innovative capital for CDCs. We have made tremendous progress towards becoming a sustainable Community Development Financial Institution (CDFI).
Below is a summary timeline of our activities:
2010 Activities
2009 Activities
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Received $20,000 from Wachovia in December.
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Received $25,000 from Bank of America in December.
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Established a relationship with Business Carolina, Inc., a CDFI and small business lender that seeks to partner with SAFE to broaden their impact in distressed communities in SC.
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Submission of CDFI Certification Application.
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SAFE and Capmark, our partner NMTC allocate, remained committed to our joint goal of identifying projects in South Carolina with partial bank commitments that require additional capital to be sustainable.
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Adopted amended loan review committee guidelines.
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Retained the Community Investment Corporation of the Carolinas (CICCAR) to underwrite and service SAFE's loan portfolio.
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Attracted seed capital from the following: First Citizens Bank, Bank of America, Carolina First Bank, Wachovia, and a final draw from a SCACDC grant via Enterprise Community Partners.
2008 Activities
- Attended the 2008 CDFI Coalition Conference in Washington, DC and established a working relationship with Capmark, one of the most successful and innovative New Markets Tax Credit allocatees in the country.
2007 Activities
- Developed rollout product (bridge loan) and underwriting guidelines
- Received Financial Support from First Citizens Bank and Wachovia
- Conducted 3 Development Services Events throughout South Carolina to inform potential borrowers of SAFE’s activities and product development efforts.
2005-2006 Activities
- Applied for and received 501 ©3 designation from the Internal Revenue Service
- Received a seed capital grant from Carolina First Bank
- Conducted survey to quantify the need and demand for financial products and services. Three primary needs were identified: gap financing products, predevelopment loan products and project equity.
- Adopted Bylaws
- Held Strategic Planning Retreat
- Partner’s Luncheon held with various funders and stakeholders to procure administrative capital to begin operations
- Awarded $50,000 Enterprise Grant by SCACDC
- Began Discussions with Servicing Providers
- SAFE Session at HUD Summit (Development Services Event)
- Received $25,000 grant from Bank of America
Development Services Events Are Continuing! (See our News Page for Dates, Times, Locations)
*2010 efforts will be geared towards funding sustainable, high impact projects that benefit South Carolina’s distressed communities. Please complete our Project Information Form.
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