Award Will Help Attract Private Sector Capital Where Investment Most Needed
Arlington, VA (November 17, 2016) —The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) has awarded Capital Impact Partners $70 million in New Markets Tax Credits (NMTC) allocation. This allocation enhances Capital Impact’s ability to incentivize private sector investors to partner in financing projects that increase access to critical social services in distressed communities, spur economic development, and create jobs. Capital Impact will use this new allocation to finance high-impact projects in cities like Detroit, Los Angeles, and Richmond, VA.
$27 million in project financing will create social impact for underserved communities across five states
Arlington, VA (11/7/2016)—Capital Impact Partners announced today that it provided $27 million in financing to projects delivering social impact to underserved communities across the U.S. during the third quarter of 2016. Charter school financing in multiple states represented a big focus during the quarter, with additional loans helping to increase access to quality health care in California, affordable housing in Detroit, and dignified elder care in Pennsylvania and Washington. Of particular note is the fact that nearly half of the ventures represent continued relationships with existing borrowers.
Organization among select group to receive both financial assistance and healthy food financing awards
Arlington, VA (September 26, 2016) Capital Impact Partners announced today that it has received $4.4 million in grants from the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) to increase lending and investment in low-income and economically distressed communities across the nation. Capital Impact Partners will use this funding to expand its strategic financing efforts that support increased access to quality health care and education, healthy foods, affordable housing and dignified aging alternatives for underserved communities.
Capital Impact Partners joins with top CDFI Lenders in bond issued by Community Reinvestment Fund, USA supporting economic development projects
Minneapolis, MN/Arlington, VA (September 29, 2016) On behalf of three of the nation’s leading Community Development Financial Institutions (CDFI), Community Reinvestment Fund, USA, (CRF) has issued a $165 million bond in the fourth round of the U.S. Treasury Department’s CDFI Bond Guarantee Program (BGP). The three CDFIs—Capital Impact Partners, Low Income Investment Fund and Reinvestment Fund—will use bond proceeds to finance projects that will create jobs and increase access to critical services in underserved communities across the nation. CRF has issued a total of $590 million since 2014.
Capital Magnet Fund Award Will Support Detroit Revitalization Efforts
Arlington, VA/Detroit, MI (September 23, 2016)— Capital Impact Partners announced today that it has received a $4.8 million grant through the fiscal year 2016 round of the U.S. Department of the Treasury’s Capital Magnet Fund (CMF). Capital Impact Partners will use the funding to build upon its concentrated work in Detroit and expand affordable housing across this city.
$52.5 million in financing supports projects in underserved communities across five states
Arlington, VA (August 26, 2016)— Capital Impact Partners announced today that it provided $52.5 million in financing to projects delivering social impact for underserved communities across the U.S. during the first half of 2016. In particular, second–quarter loans increased 55 percent over the same quarter in 2015. These loans support projects that increase access to housing, health care and education for low-income communities while also creating hundreds of jobs.
First Healthier California Fund Loan Provides Financing for New Tri-City Health Center
Financing supports increased health care and dental access for uninsured and underserved Californians
Arlington, VA/Oakland, CA (July 18, 2016) – Capital Impact Partners today announced $1 million in financing for Tri-City Health Center’s newest clinic in Fremont, California serving 8,000 patients. This represents Capital Impact Partners’ first Healthier California Fundloan. This new lending initiative provides financing to help community health centers and clinics increase access to medical, dental and behavioral health services for California’s underserved, low-income residents, and in turn, meet Affordable Care Act (ACA) mandates.
Arlington, VA (May 9, 2016) – Capital Impact Partners today announced the appointment of Natalie Gunn to the position of Chief Financial Officer (CFO). Mrs. Gunn replaces Ellis Carr who assumed the role of President and Chief Executive Officer (CEO).
Arlington, VA (April, 25 2016) – Capital Impact Partners announced today that it has awarded grants totaling $45,000 to the Democracy at Work Institute and Project Equity, co-winners of its second annual Co-op Innovation Award. The award is given to recognize those organizations that demonstrate leadership in bringing the cooperative model to scale and in creating social impact for low-income communities.
“Democracy at Work and Project Equity truly embody the new energy we are seeing around the cooperative sector,” said Ellis Carr, president and CEO of Capital Impact Partners. “We are excited to foster these efforts through our Co-op Innovation Award, which continues our 30-year history of helping to grow the impact that cooperatives have on underserved communities.”
The Democracy at Work Institute (DAWI) received $25,000 to continue work that began as a result of their winning the 2015 Co-op Innovation Award, which was given in support of their effort to launch the Conversions Collaboration project to help small businesses convert to worker cooperatives. DAWI will use the 2016 award to undertake a pilot project assessing the viability of utilizing the worker cooperative model as a means to preserve minority-owned businesses where the current owners are reaching retirement age.
Many minority business owners who are facing retirement have less access to traditional capital sources and fewer assets on average than their counterparts at white-owned firms, and so find themselves under-resourced when they seek to keep their doors open after they leave. If even a fraction of these small businesses could be preserved by converting to cooperative ownership, owners could keep their assets within their communities and use the transition to support inclusive and equitable growth.
“With this funding from Capital Impact Partners we will assess the viability of worker ownership in preserving minority-owned businesses and expand the national conversions collaborative to include new partners,” said Melissa Hoover, executive director of the Democracy at Work Institute. “This support will help build the bridge between ownership and racial equity, between cooperatives and communities left behind by traditional economic development.”
Project Equity was awarded $20,000 to help address an important gap in the worker cooperative development landscape — access to investment capital for cooperative conversions. Project Equity is developing a “Worker Co-op Investor Guide” to educate impact investors, fund managers, and finance professionals about the process of investing in worker ownership and financing conversion buy-outs. Making this kind of investment more understandable, and attractive, to lenders and funders will help scale the growth of worker cooperatives nationally.
“We are excited to use this award to help us bridge gaps between the worker co-op conversions pipeline building efforts and impact investors. As a field, we are laying the groundwork for what we forecast to be an explosion of worker co-op conversions, and are working to ensure that the core building blocks — including capital — don’t bottleneck this growth,” said Alison Lingane from Project Equity. “Capital Impact Partners recognizes the importance of not just addressing barriers to investors’ participation in co-op conversions, but the need for research that focuses on pipeline building in step with the needs of investors.”
The Co-op Innovation Award represents just one part of Capital Impact’s strategy to promote food, worker, and housing co-ops that support underserved communities. The organization also provides direct capital to food co-ops looking to grow and expand through its National Co-op Grocers Development Cooperative Loan Fund. Over its 30-year history, Capital Impact has disbursed more than $283 million in financing to more than 200 cooperative businesses that serve 850,000 and more customers.
“The convergence of the growth of worker co-ops and a wave of retiring small-business owners offers a unique opportunity that is attracting the attention of foundations and investors previously unfamiliar with co-ops” said Alison Powers, Co-op Program officer at Capital Impact Partners. “DAWI and Project Equity are leading the charge in building a nationwide ecosystem for worker co-op conversions with a focus on low-wage jobs. This aligns with our strategic focus on stabilizing low-income communities and increasing cooperative growth nationwide.”
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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. We deliver strategic financing, incubate new social programs, and provide capacity-building to help ensure that low-to-moderate income individuals have access to quality healthcare 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 past 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.
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