Arlington, VA, Chicago, Ill, and Boca Raton, FL (February 12, 2019) – Capital Impact Partners today announced that it has achieved a significant impact investing milestone by selling more than $100 million of Capital Impact Investment Notes through Incapital LLC’s nationwide network of broker-dealers, institutions, and financial advisors. Capital Impact has seen robust interest in these AA-* rated Notes that are still the only offering by a Community Development Financial Institution (CDFI) that is S&P rated, DTC-settled and offered on a continuous basis through brokerage accounts in almost all U.S. states.
February 11, 2019 (Washington, D.C.) – Capital Impact Partners joined JPMorgan Chase today to announce the expansion of the EOCF fund in the Washington, D.C. area. The Fund will support local minority entrepreneurs through access to capital and technical assistance.
JPMorgan Chase is seeding the loan fund with a commitment of $3.65 million, alongside a $2 million commitment from Capital Impact Partners and a $1 million investment from the A. James & Alice B. Clark Foundation, for a total of $6.65 million. This effort builds on existing efforts in Detroit, Chicago, San Francisco and the South Bronx.
“There is no lack of inspirational business ideas being developed by entrepreneurs throughout the Washington, D.C. region,” said Ellis Carr, president and CEO of Capital Impact Partners. “They just need a catalyst to see those ideas realized. That is why Capital Impact is proud to join with JPMorgan Chase, Wacif, and the Latino Economic Development Center to provide targeted financing and technical assistance to these entrepreneurs. I have no doubt that this effort will support innovation and economic development in our city.”
“Making the economy work for more people is not only a moral obligation – it is a business imperative,” said Jamie Dimon, Chairman and Chief Executive Officer of JPMorgan Chase. “We are expanding our existing commitment to help create economic opportunity for more black families, businesses, employees, and communities.”
Expanding the EOCF to Greater Washington
The opportunity to drive economic growth by investing in black families and businesses is real. According to Global Policy Solutions, if people of color owned businesses at the same rates as white entrepreneurs, it would result in 9 million more jobs and $300 billion in worker income. According to the Association for Enterprise Opportunity, if black-owned businesses could reach employment parity with all firms, they would create nearly 600,000 new jobs and put black job seekers at full employment.
However, economic opportunity is out of reach for many black Americans, who lack access to resources that can help put them on a path to great careers, build wealth, grow a business, and participate in the benefits of a growing economy.
“Investing in minority-owned businesses is one of the most effective ways we can drive job growth and economic opportunity in the region,” said Peter Scher, Head of Corporate Responsibility and Chairman of the Mid-Atlantic Region for JPMorgan Chase. “The Greater Washington region is thriving, but opportunity is not shared equally. With the Fund, we are bringing a proven model that expands access to capital across our region and will help ensure that more people have a chance to participate in our growing economy.”
The Fund is part of Chase’s Advancing Black Pathways (ABP) initiative, building on the firm’s existing efforts to help black Americans achieve economic success.
The Fund will provide capital and other resources to local minority entrepreneurs in the region, from northern Virginia to Baltimore. The program will pair low-cost capital with business advisory services, including networking support and business coaching, to support diverse entrepreneurs and drive business growth.
Preserving and growing minority-owned businesses in commercial corridors: With Capital Impact working as fund manager, the Latino Economic Development Center (LEDC) and the Washington Area Community Investment Fund (Wacif) will advance the Fund by:
Providing capital to update and invest in the storefronts, inventory, and service delivery systems, as well as technical assistance for minority-owned small businesses along commercial corridors in Washington, D.C.’s Wards 7 and 8;
Supporting the preservation of long-standing minority-owned small businesses in commercial corridors to mitigate the impact of large-scale infrastructure projects.
Cultivating a new generation of housing developers: Replicating the success of the EDI program in Detroit, the Fund will work with Capital Impact Partners to provide tailored low-cost capital to support minority housing developers in the region.
Streamlining anchor institution procurement: Similar to the San Francisco EOCF, which taps into supplier diversity pipelines to the Chase Center, the fund will work with the Wacif and the Coalition for Nonprofit Housing and Economic Development to offer the capital and advice needed for more local minority-owned businesses to scale and secure contracts from Washington-region anchor institutions, which have committed to purchasing more than $2 billion in supplies and services from diverse businesses in the region.
Additionally, the Harbor Bank of Maryland will lead efforts to provide low-cost loans and business support to minority businesses in Baltimore and Prince George’s County.
About Capital Impact
Through capital and commitment, Capital Impact Partners helps people build communities of opportunity that break barriers to success. We champion social and economic justice for underserved communities to foster good health, economic opportunity, and interconnectedness. Through mission-driven lending, incubating social impact programs, impact investing, and policy reform we partner with local communities to create equitable access to health care and education, healthy foods, affordable housing, and dignified aging for those most in need. We have disbursed more than $2.5 billion to revitalize communities over the past 35 years. Our leadership in delivering financial and social impact has resulted in Capital Impact earning a “AA-” rating from S&P Global and being recognized by Aeris since 2005 for our performance. Headquartered in Arlington, VA, Capital Impact Partners operates nationally, with local offices in Detroit, MI, and Oakland, CA. Learn more at www.capitalimpact.org.
About JPMorgan Chase & Co. JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.6 trillion and operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of customers in the United States and many of the world’s most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.
The Partnership for the Bay’s Future will protect tenant rights and promote one of the largest housing investment funds in the country
SAN FRANCISCO — Today, Capital Impact Partners joins Bay Area community and faith leaders, housing advocates, business leaders, and philanthropists to launch a regional public-private housing partnership that will build one of the country’s largest investment funds to address the regional affordable housing crisis.
NEW YORK & ARLINGTON, VA — (BUSINESS WIRE) (January 16, 2019) — Annaly Capital Management, Inc. (NYSE:NLY) (“Annaly”) and Capital Impact Partners (“Capital Impact”) today announced the launch of a new joint venture (“Venture”) with a $25 million commitment to support affordable housing and other community development projects in Washington, D.C. (“D.C.”). This Venture represents Annaly’s second impact investing partnership since 2017 with Capital Impact, a national mission-driven non-profit community development financial institution.
Broadening opportunities for low-income communities – through investments in health, education, and community development –are helping to address systemic disenfranchisement and expand equity
Arlington, VA (December 11, 2018) – Throughout 2018, Capital Impact Partners has continued to invest in shared prosperity, equity, and inclusion for its communities nationwide. With income inequality, mass incarceration, wealth stripping, and other forms of structural discrimination continuing unabated, breaking barriers to success for underinvested communities has become ever more important. Capital Impact announced today that its third-quarter financing and investment efforts are expected to serve more than 14,500 beneficiaries and create more than 515 permanent and construction-related jobs. The organization also produced two new reports focused on financial inclusion of returning citizens and the promise of worker cooperatives.
Organization is among select group to receive both financial assistance and healthy food financing awards
Arlington, VA (September 19, 2018) Capital Impact Partners announced today that it has received $3.7 million in grants from the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) to increase its mission-driven lending and investment efforts in low-income and economically distressed communities. Capital Impact Partners will use this funding to expand financing activity in Detroit to further its inclusive growth strategy in the city, as well as support for healthy food-related projects delivering social and economic impact across Michigan more broadly.
Locally driven businesses like childcare and home health care can promote ownership and build long-term wealth in communities where they operate
Arlington, VA (September 11, 2018)—According to a new report, succession planning for small businesses when owners near retirement is critical and conversion of these businesses to an employee-owned model is a solution for building wealth, retaining jobs and expanding economic opportunities, especially for women and minority employees.
Investments in health, education, and affordable housing – as well as criminal justice reform and capacity building for place-based projects – empowered disinvested communities to excel
Arlington, VA (August 14, 2018) – Capital Impact Partners began 2018 by deepening its commitment to breaking down barriers to success for underinvested communities by expanding justice and equity. The organization announced today that it provided more than $36 million in financing during the first half of 2018. The first six months of the year also saw several new initiatives and significant developments for Capital Impact – from Capital Impact being chosen as a fund manager for Washington, D.C.’s Affordable Housing Preservation Fund to hosting a convening on the ways in which financial institutions can support the needs of returning citizens to introducing new staff and new roles to the executive management team.
Institutions and individuals can earn a financial, as well as a social, return on their investments through Capital Impact’s social impact investment notes
Arlington, VA (July 12, 2018) — Capital Impact Partners, a nonprofit corporation, certified by the U.S. Department of Treasury’s Community Development Financial Institutions Fund as a Community Development Financial Institution (CDFI), announced the launch of a new offering of up to $125 million of ‘AA-’* rated fixed-income Capital Impact Investment Notes (Notes) that allow retail and institutional investors the opportunity to invest in the mission-driven organization’s nationwide efforts to create social impact for underserved communities. Available for as low as $1,000, individual and institutional investors can purchase Notes through their brokerage accounts and earn a financial, as well as a social, return on their investments.
DETROIT (May 21, 2018) – Capital Impact Partners, alongside JPMorgan Chase & Co., announced the first cohort of participants for the EDI program. This two-year program will help ensure minority real estate developers in Detroit are able to participate in the city’s revitalization in a way that reflects the city’s diversity. Over the course of a two-year pilot, this initiative will provide participants with real estate training; technical assistance to support participants’ efforts to develop real estate in Detroit; and the potential for one-on-one mentorship and project financing.
After receiving over 130 applications and going through an intensive review process that incorporated expertise from both internal and external review boards, the final participants will follow two tracks. All participants will follow a training track developed in partnership with the National Development Council, which started in February 2018 and will run through the fall. The training program focuses on the details of mixed-use and multifamily real estate development in Detroit, using case studies, group work and deep dive sessions to further participants’ expertise in this arena. Topics of focus include assembling a real estate development team, developing project pro formas, establishing site control, accessing financing, working with the City of Detroit, and choosing and working with a property manager. Just under 30 individuals are participating in the program.
Additionally, seven participants with multifamily/mixed-use projects that align with Capital Impact’s approach to supporting inclusive growth through mixed-income neighborhood development will receive one-on-one support throughout the program with an established local developer mentor, a real estate development finance expert, and one or more community-based organizations. Capital Impact will also work to match program participants who have qualifying projects with project financing.
Those seven individuals include: Sauda Ahmad-Green; Ron Bartell; Chase Cantrell, Damion Ellis, James Feagin IV, Jeanine Hatcher and Alisha Moss.
“As a mission-driven organization, we constantly strive to ensure our body of work creates a foundation of equity, inclusiveness and cooperation,” Elizabeth Luther, Detroit program manager, Capital Impact Partners.“The EDI program is demonstrative of our commitment to supporting inclusive growth in Detroit neighborhoods through catalytic financing paired with programming, research, and policy interventions.”
Participants in the training track include: Keisha Bell; Audrey Childress; Asia Denson; Gregoire Eugene-Louis; Ezekiel Harris; Deba Harper; Antoine Hayes I; Sterling Howard; LeChell Hudson-Battiste; Herman Jenkins; Jelani Karamoko; Cecily King; Hayward Little; Katrina Lockhart; Laura Shi; Marcus Sims; Michael Steele; Sean Tidwell; Andre Watson; Robert Williams; and Rebecca “Bucky” Willis.
There are approximately 50,000 minority-owned small businesses in Detroit, making it the fourth largest city for minority entrepreneurship in the United States. As the city’s recovery continues, more real estate developers are needed for the rehabilitation and construction of housing, commercial and community space in Detroit’s neighborhoods. The EDI program is designed to kick-start the development of small- and mid-sized mixed-use, multifamily residential projects in the city’s mixed-use corridors and is aligned with Capital Impact’s mission to help people to build communities of opportunity.
“This initiative will go a long way to help minority developers share in Detroit’s economic comeback while deepening the pool of talent available to help the city rebuild,” said Tosha Tabron, Vice President for Global Philanthropy, JPMorgan Chase & Co. “JPMorgan Chase invests in smart ideas like this to incentivize small business owners to grow their companies, create more employment opportunities for Detroiters and drive sustainable growth in neighborhoods.”
As part of the firm’s $150 million investment in Detroit’s economic recovery – and a dedicated effort to support minority small business owners through initiatives like the recently expanded Entrepreneurs of Color Fund – JPMorgan Chase has committed $500,000 over two years to the EDI program.
Together with Capital Impact and JPMorgan Chase, several other organizations are critical to the introduction of the EDI program, including technical assistance providers, funders, the City of Detroit, and CDFI Partners. Organization providing technical assistance as part of the program include Woodborn Partners, Hosey Development, the Roxbury Group, Ethos Development Partners, the National Development Council, Cinnaire, Invest Detroit, and Develop Detroit.
Through capital and commitment, strategic research and inclusive growth initiatives, Capital Impact envisions a nation of communities of opportunity built on a foundation of equity, inclusiveness, and cooperation, and provides access to high-quality services that foster good health, economic opportunity and interconnectedness. Since 2006, the organization has deployed more than $185 million in mission-driven lending in Detroit, served more than 25,000 residents, and provided housing for more than 800 individuals and families.
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About Capital Impact Partners
Capital Impact Partners transforms underserved communities into strong, vibrant places of opportunity for people at every stage of life. It delivers strategic financing, incubates new social programs, and provides capacity-building to help ensure that low-to-moderate-income individuals have access to quality health care and education, healthy foods, affordable housing, and the ability to age with dignity. A nonprofit community development financial institution, Capital Impact Partners has disbursed more than $2 billion to revitalize communities over the last 30 years. Headquartered in Arlington, Va., Capital Impact Partners operates nationally, with local offices in Detroit, Mich., and Oakland, Calif. Learn more at www.capitalimpact.org.
About JPMorgan Chase
JPMorgan Chase & Co. is a leading global financial services firm with assets of $2.5 trillion and operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world’s most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.
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