July 29, 2020 (Arlington, VA) – Capital Impact Partners today announced that it was awarded $15 million as part of a Giving Pledge commitment by philanthropist MacKenzie Scott. The award represents the single largest individual gift in the organization’s history and will help advance the organization’s work with communities nationwide.
Capital Impact joined a number of leading organizations who were named as part of Ms. Scott’s nearly $590 million dollar commitment. Since 1982, the mission-driven Community Development Financial Institution (CDFI) has been working closely with communities across the country to understand their specific needs, and develop and advance solutions with local leaders and organizations to overcome barriers to success and create pathways to wealth building and economic empowerment.
“I am both thrilled, and humbled, by the fact that Capital Impact Partners was included as part of this generous Giving Pledge commitment,” said Ellis Carr, president and CEO of Capital Impact. “Capital Impact, and the organizations that Ms. Scott recognized, are uniquely positioned to work with communities to create strong, vibrant places of opportunity. This generous grant is an affirmation of that important work being done and I am excited about the transformational impact we can have through Ms. Scott’s generosity.”
An Opportunity to Scale Solutions
Capital Impact plans to strategically utilize the unrestricted grant to scale the organization’s lending and programmatic initiatives to address community needs. In addition to expanding current lending and programmatic initiatives, Capital Impact will be seeding new and disruptive ideas to accelerate the pace of change for communities. Examples of these kinds of projects include:
- EDI program for real estate developers: A training and mentorship program designed to better ensure that community-centric real estate developers are able to participate in growth and revitalization efforts.
- Detroit Loan Fund: Designed to create pathways of success for real estate developers who have not been able to enter the real estate industry due to lack of capital, equity, and experience. This loan fund deploys low-cost and flexible financing to developers who live in and around Detroit.
- Co-op Innovation Award: This grant initiative supports scaling food, worker, and housing cooperatives, with a focus on increasing cooperative development in low-income communities.
A Pledge That Supports Leadership
In total, Ms. Scott committed $1.54 billion to 116 organizations representing a wide variety of causes. The organizations chosen each had a “track record of effective management and significant impacts in their fields” as noted in the announcement.
The Giving Pledge is a movement of philanthropists who commit to giving the majority of their wealth to philanthropy or charitable causes, either during their lifetimes or in their wills. Ms. Scott published her initial letter of support to the Giving Pledge website here.
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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.
