EDI Program for Real Estate Developers Launching in Cleveland
Capital Impact Partners announces the launch of the EDI program in Cleveland.
July 19, 2023 (Cleveland) – Entrepreneurs trying to develop real estate in Cleveland now have access to an innovative new program aimed at providing them with the tools they need to shape the future of the city’s communities.
The Cleveland EDI program is designed to seed, mentor, support and create more opportunities for emerging real estate developers, particularly as they develop projects in the very communities they are from.
The initiative is a joint effort by Cleveland Development Advisors (CDA), which provides expertise and financing to real estate projects that advance economic and community development; Cleveland Neighborhood Progress, a local community development intermediary that invests in community revitalization work in Greater Cleveland; and Capital Impact Partners, a mission-driven nonprofit lender based in the Washington, D.C., metropolitan area.
Capital Impact Partners has helped create similar, successful programs in other communities. Since 2018, more than 200 developers have completed the EDI program in Dallas; Detroit; the San Francisco Bay Area; and the Washington metropolitan area. A similar program offered by Capital Impact recently launched in Austin, Texas.
“We’ve heard from participants around the country about how important it’s been for them to receive the financial, knowledge, and social capital that they need to succeed,” said Ellis Carr, president and CEO of Capital Impact Partners, which is part of the Momentus Capital branded family of organizations. “We’re proud to be able to work with Cleveland Development Advisors and other Cleveland organizations to bring the EDI program to Cleveland.”
What to Know About the Cleveland EDI Program
The eight-month program will provide developers with training, technical assistance, mentorship, networking, and pathways to financing. Industry leaders will provide insights on the local review process, preparing financial applications and leveraging business partnerships with community members.
The program will pair experienced developers with emerging developers to help launch their projects. It is anticipated that 12 to 15 entrepreneurs will be selected for the program. Successful candidates will be selected based on the following criteria:
- Demonstrate experience as a small-scale developer (with either for-profit or nonprofit organizations) who is seeking to further their experience and/or growing their real estate business. As this is not an introductory program, candidates are expected to have some direct real estate development experience.
- Live in or have a strong connection to Cleveland.
- Commit to attend training on Wednesdays during the months of October through May for up to four hours per week. There will be 16 sessions, held twice a month in a combination of in-person and virtual meetings; tasks; a showcase event for pitching real development projects; and ongoing meetings with a mentor/advisor.
- Demonstrate interest in responding to Requests for Proposals (RFPs) for real estate development opportunities in Cleveland, with or without a development partner, within six months of completion of the program.
Finalists will be selected in September and the program will begin in October.
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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.
