With a focus on economic empowerment and equitable wealth creation, Capital Impact joined with CDC Small Business Finance, the nation’s leading mission-based small business lender, to launch a transformative new enterprise.
Our goal is ambitious: to innovate how capital and investments flow into historically disinvested communities as a means to accelerate job creation, wealth building, economic mobility, and the building of equitable and inclusive communities.
Together we are building a new business model to advance social and racial justice efforts by delivering holistic economic and community development impact at scale, with a focus on people and place.
There are exciting movements ahead in 2021. This includes Ellis Carr expanding his current role to take over as CDC Small Business Finance’s President and CEO. Kurt Chilcott will transition from President and CEO of CDC Small Business Finance and continue his support of this vision by serving as Board Chair of both Capital Impact Partners and CDC Small Business Finance.
We want to make sure that equity and justice are really at the center of all of our work, inclusive of how we work with others. That means that we want to create a distribution channel that is fair and equitable and has just economics built into it so that all organizations can derive value that can support their long-term sustainability.
President and CEO, Capital Impact Partners and CDC Small Business Finance
We really are all about wealth creation and about trying to address the significant wealth gap that we have between majority households and minority households, and particularly in communities of color where that wealth does not exist.
President + CEO Emeritus, CDC Small Business Finance
As we bring together our complementary expertise, we will transform the mission-driven lending industry in order to accelerate solutions that address social and economic inequality. This requires us to serve as leaders in creating a new model that addresses those gaps left by traditional and mainstream financial systems, leaving behind a legacy of disenfranchisement.
We have the unique ability to deliver a full suite of lending products, programs, investments, and expertise that support community-driven efforts to create strong, vibrant, and healthy places of opportunity.
We are actively working through three place-based pilots in Los Angeles, Detroit, and the Washington, D.C. Metropolitan region. In each community, we are working to deploy lending products, capacity-building programs, and investment capital strategically customized to address high-priority local issues. Our learnings in these cities will inform the future strategies of the Alliance to further amplify our impact. The locations of the three pilots were intentionally chosen based on the current geographic focus for place-based community empowerment strategies within both organizations.
As the Alliance was taking shape, Ellis Carr and Kurt Chilcott sat down for a series of conversations about a variety of areas that the combined organization is going to tackle.