WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today toured South Carolina’s Lowcountry to gain insight into the fiscal needs of rural areas.
During the day-long event, Acting Comptroller Michael J. We talked about how we support local economic development. Especially communities of color.
The South Carolina Community Economic Development Association (SCACED) hosted the event, which includes workforce development, small business incubators, workspace for entrepreneurs and startups, and office space for local businesses. It also included a visit to the Opportunity Center, an innovative space that accommodates students. Non-profit organization. Acting Treasurer Hsu’s tour also included visits to small businesses in Hollywood and an affordable housing developer on Johns Island that received financing from banks and CDFI partners.
“I want to commend the efforts of SCACED and its member community development organizations in addressing gaps in capital access for businesses, community services, and housing providers,” said Acting Comptroller Sue. “The strong partnerships these organizations have built with banking institutions should serve as an inspiration and excellent model for other rural communities.”
Acting Comptroller Sue also discussed how banks can play a greater role in expanding access to capital and credit to rural, underserved, and economically disadvantaged communities. They also participated in roundtable discussions with community leaders to better understand the situation.
