Former Prosperity Now President and CEO Gary Cunningham Named New Chair of the Boards of Directors for Capital Impact Partners & CDC Small Business Finance
Capital Impact Partners welcomes Gary Cunningham as chair of the board of directors. Discover more about this leadership transition, effective June 2023.
July 10, 2023 (Arlington, VA/San Diego, CA) – Capital Impact Partners and CDC Small Business Finance have announced that Gary Cunningham, the former president and CEO of Prosperity Now, has been named the new chair of the boards of directors for the two mission-driven lenders, effective June 13, 2023.
The previous chair, Kurt Chilcott, who also was the longtime president and CEO of CDC Small Business Finance, will now serve as vice chair of both boards.
Capital Impact Partners and CDC Small Business Finance operate under a combined mission and vision as part of the Momentus Capital branded family of organizations, which also includes Momentus Direct Capital, Momentus Securities, and Ventures Lending Technologies, among other organizations.
Gary Cunningham: A Passion for Social Impact, Decades of Experience & Leadership
Mr. Cunningham joined the boards of directors of Capital Impact Partners and CDC Small Business Finance in 2021, when the two organizations formally came together.
Mr. Cunningham most recently worked from 2019-2023 as president and CEO of nonprofit organization Prosperity Now.
Prior to joining Prosperity Now, Mr. Cunningham served as president and CEO of the Metropolitan Economic Development Association in the Twin Cities, where he was recognized as an innovator in business development. Before that, Mr. Cunningham held senior leadership positions in philanthropic, community development, health care, housing, and transportation organizations. He also serves on a number of boards, including the Association for Enterprise Opportunity and Artspace.
“I am honored that my fellow board members have selected me for this role, grateful to continue to work closely with Kurt Chilcott and our President and CEO Ellis Carr, and excited about the opportunities ahead of us,” said Mr. Cunningham. “Capital Impact Partners and CDC Small Business Finance remain committed to providing the financial, knowledge, and social capital that entrepreneurs need so they can succeed and that communities deserve so they may thrive.
“We must keep pursuing innovative and transformative solutions,” Mr. Cunningham added. “And we must remember that these goals can only be accomplished by working alongside community leaders and our fellow mission-driven financial institutions, and with the growing support of donors and investors dedicated to social impact.”
Kurt Chilcott Continues On in Key Role Following Distinguished Tenure
Kurt Chilcott’s continued leadership on the boards of directors follows his stewardship as president and CEO of CDC Small Business Finance from 1998-2021, helping the organization to become the leading SBA mission-based small business lender in the country.
Prior to leading CDC, Mr. Chilcott worked for the City of San Diego to help reshape its economic development strategy, creating one of the first industry cluster-based regional economic development strategies in the nation and leading the revitalization of numerous communities throughout San Diego. Mr. Chilcott also serves on the board of the The California Endowment.
“I am proud to serve alongside Gary Cunningham and grateful to continue supporting the great teams we have — both on these boards of directors and on the staff level at Capital Impact Partners and CDC Small Business Finance,” said Mr. Chilcott. “Our organizations came together in recognition that we could achieve more, and faster, than we could separately. I am impressed by what we have been able to do in these two years, and I am inspired by the possibilities ahead of us.”
Strategic Planning & Organizational Objectives
In 2021, Capital Impact Partners and CDC Small Business Finance completed a strategic planning process that created their first joint Three-Year Strategic Framework. These big-picture choices set an overall direction; established a new mission, vision, and values; and articulated big, audacious targets. That framework has since guided annual tactical business plans, setting specific goals to move the Momentus Capital branded family of organizations closer to overall success.
The 2023 organizational objectives are:
- To deploy more than $780 million in loans and investments to create a positive impact in communities
- To invest in the people at the Momentus Capital branded family of organizations in order to help them all do their best work
- To invest in the technology that will make everyone more effective, including clients and other mission-driven financial institutions
- To manage the financials of the Momentus Capital branded family of organizations carefully, ensuring it has the money needed to make a sustainable impact this year and beyond
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About Capital Impact Partners
Capital Impact Partners, part of the Momentus Capital branded family of organizations, is transforming how capital and investments flow into communities to provide people with access to the capital and opportunities they deserve. As one of the nation’s leading mission-driven Community Development Financial Institutions (CDFIs), we help build strong communities and create generational wealth by deploying mission-driven financing, capacity-building programs, and impact investing opportunities.
Capital Impact Partners offers flexible financing for catalytic mission-aligned projects in four primary sectors: increasing access to health care, education, affordable housing, and healthy food.
In addition, we manage several multi-year initiatives in key regions to support emerging developers, small business owners, cooperatives, and community health enterprises through training, professional networks, access to experts and mentors, and pathways to grants and loan capital.
Capital Impact Partners has disbursed more than $3 billion since 1982 to create access to critical social services, grow entrepreneurs, and create quality jobs. Capital Impact Partners’ leadership in delivering financial and social impact has resulted in the organization being rated by S&P Global and Fitch Ratings and recognized by Aeris for its performance.
The Momentus Capital branded family of organizations refers to the combined operations of Capital Impact Partners and CDC Small Business Finance, as well as their affiliates, Momentus Direct Capital and Momentus Securities (an SEC-registered broker-dealer, MSRB-registered, FINRA/SIPC member). While each organization under the Momentus Capital brand still operates as a separate entity, their clients will now have access to more resources and products.
With headquarters in Arlington, Virginia, and San Diego, California, Momentus Capital operates nationally with a focus on larger urban areas and cities in Arizona, California, Georgia, Michigan, Nevada, New York, Texas, and the Washington D.C. metro area.
Learn more at capitalimpact.org and momentuscap.org.
About Momentus Capital
The Momentus Capital branded family of organizations refers to the combined operations of Capital Impact Partners and CDC Small Business Finance, as well as their affiliates, Momentus Direct Capital, and Momentus Securities (an SEC-registered broker-dealer, MSRB-registered, FINRA/SIPC member). While each organization under the Momentus Capital brand still operates as a separate entity, its clients now have access to more resources and products.
The Momentus Capital branded family of organizations is transforming how capital and investments flow into communities to provide people access to the capital and opportunities they deserve. We are working to reinvent traditional financial systems by offering a continuum of financial, knowledge, and social capital to help entrepreneurs, community-based organizations, and local leaders at every growth stage to build strong communities and create generational wealth.
This includes a comprehensive package of loan products, impact investment opportunities, training and business advising programs, and technology solutions that advance locally-led solutions.
Leveraging more than 80 years of combined experience, more than $3 billion in assets under management, and strong community engagement, the Momentus Capital branded family of organizations has delivered $24 billion in financing, created and preserved 298,000 jobs, and served 14,350 small businesses and 6 million people across our history.
With headquarters in Arlington, Virginia, and San Diego, California, Momentus Capital operates nationally with a focus on larger urban areas and cities in Arizona, California, Georgia, Michigan, Nevada, New York, Texas, and the Washington D.C. metro area.
Learn more at momentuscap.org.
About CDC Small Business Finance
CDC Small Business Finance, part of the Momentus Capital Branded family of organizations, is transforming how capital and investments flow into communities to provide people with access to the capital and opportunities they deserve. As the nation’s leading mission-based small business lender, CDC Small Business Finance helps build strong communities and create generational wealth by deploying mission-driven financing and free business advising to the small businesses that are the backbone of their communities and the country.
CDC Small Business Finance delivers small business and commercial real estate loans paired with free technical assistance to bolster entrepreneurship, economic development, and job creation.
We offer numerous loan products, including the Small Business Administration (SBA) 504 commercial real estate loans, SBA Community Advantage loans, and SBA Microloans. In addition, we offer non-SBA products to provide alternative options for those unable to qualify for traditional financing. CDC Small Business Finance also offers free business advice to support potential borrowers in getting loan-ready and to help our current borrowers grow and expand their businesses.
Since 1978, CDC Small Business Finance has provided more than $21.3 billion in financing to 12,500 borrowers and helped create and preserve over 217,000 jobs.
The Momentus Capital branded family of organizations refers to the combined operations of Capital Impact Partners and CDC Small Business Finance, as well as their affiliates, Momentus Direct Capital and Momentus Securities (an SEC-registered broker-dealer, MSRB-registered, FINRA/SIPC member). While each organization under the Momentus Capital brand still operates as a separate entity, their clients will now have access to more resources and products
With headquarters in Arlington, Virginia, and San Diego, California, Momentus Capital operates nationally with a focus on larger urban areas and cities in Arizona, California, Georgia, Michigan, Nevada, New York, Texas, and the Washington D.C. metro area.
Learn more at cdcloans.com and momentuscap.org.
