Top Honors: Capital Impact Partners Named the Best Medium-Sized Nonprofit to Work For, #2 Out of All Nonprofits Nationwide

Written by David Greisman on April 11, 2023. Posted in Press Release

April 11, 2023 (Arlington, VA / San Diego, CA) – With a mission that inspires employees — and a management team that invests in them — two organizations from the Momentus Capital branded family of organizations have been named among the best medium-sized nonprofits in the United States, according to The NonProfit Times, the leading publication for nonprofit managers.

Capital Impact Partners is ranked the #1 nonprofit in the medium-sized category, which includes organizations with 50-249 employees. And the organization is also among the best nonprofits of any size, ranked #2 overall.

CDC Small Business Finance is also honored in this year’s rankings as the #17 medium-sized nonprofit and #43 overall.

Capital Impact Partners and CDC Small Business Finance are both part of the Momentus Capital branded family of organizations, which also includes Ventures Lending Technologies, among other organizations. 

The rankings are based on participating nonprofits’ policies, practices, benefits and demographics, as well as a survey of employees asking them to respond to 77 statements within seven categories.

“We are incredibly thrilled to be honored as two of the best nonprofits to work for — and incredibly thankful to our team members for making that recognition possible in so many ways,” said Kim Dorsett, Chief Human Resources Officer for Capital Impact Partners and CDC Small Business Finance. “This award is both validation for what we’ve done so far and motivation to continue to invest in our people. Training, resources, and a thriving culture will help us all do our best work.”

Learn more about Momentus Capital’s mission and career opportunities within the Momentus Capital branded family of organizations.

“We anchor ourselves in our mission and vision, making sure communities have the opportunities they need to be successful, and to fulfill their dreams,” said Ellis Carr, President and CEO of Capital Impact Partners and CDC Small Business Finance. “That also applies to our team members. Our goal is to provide team members with the opportunities and development they need. It is only by supporting and investing in our staff, that we can continue to make an impact on the residents and communities we all show up for every day.”

The NonProfit Times highlighted Momentus Capital for its nimble and entrepreneurial approach, hybrid workplace model, opportunities to connect with leadership, and fostering ongoing innovation through its Lab process — a cross-departmental structure that evaluates internal systems and processes.

The Best Nonprofits To Work For 2023 rankings are based on these 10 key drivers:

• I feel I am valued in this organization. 
• I have the confidence in the leadership of this organization. 
• I like the type of work that I do.
• At this organization, employees have fun at work. 
• Most days, I feel I have made progress at work. 
• This organization treats me like a person, not a number. 
• Overall, I’m satisfied with this organization’s benefits package. 
• I feel I can trust what my supervisor tells me. 
• This organization helps me pursue a career path that aligns with my skills and interests.
• The leaders of this organization care about their employees’ well-being.

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Capital Impact Partners Named to ImpactAssets 50 For Sixth Straight Year, Earning Emeritus Impact Manager Distinction

Written by David Greisman on March 28, 2023. Posted in Press Release

March 28, 2023 (Arlington, VA) – For the sixth straight year, Capital Impact Partners has been selected for the ImpactAssets 50 — a free, annual database for impact investors, family offices, corporations, foundations, and institutional investors that features a listing of private capital fund managers delivering social and environmental impact as well as financial returns.

This year, Capital Impact Partners was elevated to ImpactAssets’ Emeritus Impact Managers list, which illuminates impact fund managers that have achieved consistent recognition on the Impact Assets 50. Only 41 of the 163 fund managers on this year’s ImpactAssets 50 have received the Emeritus Impact Managers label.

Capital Impact, a leading mission-driven Community Development Financial Institution (CDFI), began offering its Capital Impact Investment Notes in 2017. The Investment Notes allow retail and institutional investors the opportunity to invest in the organization’s nationwide efforts to create social impact for communities. 

Available for as low as $1,000, individual and institutional investors can purchase Investment Notes through their brokerage account. In its 40-year history, Capital Impact Partners has invested more than $2.5 billion to serve 6 million people and created more than 38,000 jobs in sectors critical to building communities. 

“We’re grateful that ImpactAssets continues to recognize Capital Impact Partners in this database used by investors who are seeking both financial and social returns on their investments,” said Jaret Ings, senior director of finance and treasurer for Capital Impact Partners. Capital Impact Partners is one of the Momentus Capital branded family of organizations, which also includes CDC Small Business Finance and Ventures Lending Technologies, among other organizations. “Our work is centered on seeking community-led solutions so that everyone can have access to the capital and opportunities they deserve.”

Impact investing fills the funding gap between investors and communities. For example, it creates more opportunities for emerging real estate developers, expands access to healthy foods, and increases the amount of affordable housing. 

Funding from the Investment Notes helps expand Capital Impact’s national footprint to increase access to critical social services, including health care, education, healthy foods, affordable housing, cooperatives, and dignified aging facilities. To date, individuals and organizations have invested more than $200 million in Capital Impact Investment Notes.

In September 2022, Fitch Ratings assigned an A+ rating with a stable outlook to both Capital Impact Partners and the issuance of up to $275 million of its Capital Impact Investment Notes (Notes). In addition to the Fitch ratings, the Notes are A rated by S&P Global.¹

For more information, visit the Capital Impact Investment Notes website.

1. S&P Global reaffirmed a long-term issue credit rating of A to the Notes on May 17, 2022. Please check the Pricing Supplement for the S&P Global credit rating assigned to Notes currently being offered for sale. An S&P Global credit rating is not a recommendation to buy, sell or hold Notes and may be subject to suspension, reduction or withdrawal at any time by S&P Global. ↩︎

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Fitch Assigns a Pair of A+ Ratings, Stable Outlooks to Capital Impact Partners and Capital Impact Investment Notes

Written by David Greisman on March 13, 2023. Posted in Press Release

March 13, 2023 (Arlington, VA) – 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 today that Fitch Ratings, one the world’s leading providers of independent credit ratings, has assigned an A+ rating with a stable outlook to both Capital Impact and the issuance of up to $275 million of its Capital Impact Investment Notes (Notes). The issuer rating was assigned on August 31, 2022 and the Notes rating was assigned on September 22, 2022.

“These ratings from Fitch are an endorsement of our strong financial performance, our proven track record with impact investing, and our Investment Notes program” said Natalie Gunn, chief financial officer of Capital Impact Partners. Capital Impact Partners is one of the Momentus Capital branded family of organizations, which also includes CDC Small Business Finance and Ventures Lending Technologies, among other organizations. 

“We are one of just a select number of mission-driven financial institutions to receive ratings from multiple agencies, which is important as this is one of the tools used by corporate and philanthropic investors when evaluating investment decisions,” said Ellis Carr, president and CEO of Capital Impact Partners. “More important, these investments allow us to invest deeper into communities and provide the capital and resources they deserve.” 

Fitch noted that its analysis of Capital Impact’s issuer rating was based on results of Capital Impact and CDC Small Business (CDC), a separate company that operates on a combined basis with Capital Impact as part of the Momentus Capital branded family of companies. Fitch also noted that its analysis of the Notes rating was based on results of Capital Impact and CDC representing the designated obligated group, although only Capital Impact is an obligor under the Notes. A Fitch credit rating is not a recommendation to buy, sell or hold Notes and may be subject to suspension, reduction or withdrawal at any time by Fitch.

In addition to the Fitch ratings, the Notes are A rated by S&P Global.¹ The Notes allow retail and institutional investors to invest as little as $1,000 in the mission-driven organization’s efforts. Capital Impact Partners has invested more than $2.5 billion to serve 6 million people and created more than 38,000 jobs in sectors critical to building communities.

Capital Impact has seen robust interest in its Notes, which were the first DTC-settled notes offered by a CDFI on a continuous basis in almost all U.S. states.

For more information, visit the Capital Impact Investment Notes website.

1. S&P Global reaffirmed a long-term issue credit rating of A to the Notes on May 17, 2022. Please check the Pricing Supplement for the S&P Global credit rating assigned to Notes currently being offered for sale. An S&P Global credit rating is not a recommendation to buy, sell or hold Notes and may be subject to suspension, reduction or withdrawal at any time by S&P Global. ↩︎

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13 DC Food Businesses Receive $500,000 in Grant Funding from the Nourish DC Collaborative

Written by David Greisman on March 10, 2023. Posted in Press Release

March 10, 2023 (Arlington, VA/Washington, DC) – The Nourish DC Collaborative has announced their second round of grantees in neighborhoods with limited access to grocery stores and other food amenities. The $500,000 in grant funding will help create more opportunities for 13 food businesses in Washington, DC, as well as for the communities they serve, through access to healthier food, economic prosperity, and high-quality jobs.

The Nourish DC Collaborative provides food businesses with grants, technical assistance, and loans. Nourish DC was created in 2021 in partnership with DC’s Office of the Deputy Mayor for Planning and Economic Development (DMPED), and additional funding for this grant was provided by the Bainum Family Foundation. Capital Impact Partners, a Community Development Financial Institution (CDFI) headquartered in the DC region, serves as fund manager for the collaborative, which also includes several other local CDFIs and technical assistance providers.

The latest round of grant awards brings the total of grants from the Nourish DC Collaborative to $900,000 since 2021. To date, the collaborative has also provided over $15 million in loans and given technical assistance to more than 200 food businesses.

“The Nourish DC Collaborative continues to work together to bring more food access and economic development to the city,” said Alison Powers, director of economic opportunities for Capital Impact Partners. “DC residents not only want to have access to food and services near their homes, but they also want to start businesses and work in the neighborhoods they live in and feel connected to. The Nourish DC Collaborative model allows food businesses to access multiple financial and technical assistance providers to help their businesses pivot to face new challenges and opportunities.”

“When people in our community step up to fill gaps, to bring much-needed resources to our neighborhoods, we want to support them,” said Mayor Muriel Bowser. “Nourish DC is an example of how we can support our small food business owners and work together to create new employment opportunities and thriving neighborhoods.”

There will be an additional $400,000 in grants available to regional food businesses through the “Keeping It Cool” grant program, which is specifically designed to support cold storage infrastructure and equipment needs. Funding for this grant has been generously provided by The Morningstar Foundation in affiliation with the Nourish DC Collaborative.

The 13 grant awardees are: 

Africa Kitchen LLC (Ward 8, $40,000 award) owns and operates Open Crumb, a restaurant serving West African and American soul food to the residents of Anacostia. It is also a pre-packaged food manufacturing business and a catering business delivering ready-to-eat meals throughout DC. The grant funding will be used to purchase a larger delivery vehicle, develop and implement a detailed marketing strategy to increase sales, and grow the business through the purchase of equipment to expand product offerings and improve operational efficiencies.  

“As we grow as a business, this grant will be essential in helping us build the critical infrastructure to meet new and exciting challenges we will come across,” said Abigail Opare of Open Crumb.

Blu December, doing business as KFresh (Ward 8, $25,000 award), established in 2013, is a catering business and farmers market vendor providing healthy food including fresh fruits and vegetables to neighborhoods often lacking healthy food options. Grant funding will be used to expand the business to be able to deliver fresh, healthy food to Ward 8 seniors by funding equipment, marketing, staff training, and point-of-sale technology. 

“The Nourish DC grant will help sustain us at a time when we are dealing with major price hikes, employee retention, and surging transportation and delivery prices,” said Keisha Cofield of KFresh. “These funds will help us to continue to expand our fresh food delivery to seniors in Ward 8 and help keep our employees on payroll instead of sending them home or reducing their hours.”  

Constituent Services Worldwide Public Benefit Corporation (Wards 5 and 6, $20,000 award) is a culinary school and food distribution program providing DC residents with nutritional meals, creating work experience opportunities for culinary students, and providing food incubator options for culinary program entrepreneurs. The grant funding will support the expansion of the 1) current meal service to five days per week and 2) the training program through the purchase of cold storage equipment, technology, marketing support, and staffing.

“Constituent Services Worldwide is blessed to be a recipient of the Nourish DC grant,” said Robert Jordan of Constituent Services Worldwide. “The grant will help expand our licensed certification school’s culinary and food distribution program to service more District residents with nutritional meals, increase work experience opportunities for culinary students, and create food incubator options for culinary program entrepreneurs.”

Cooking With Patrice LLC, dba Tae-Gu Kimchi (Ward 5, $45,000 award) is a consumer-packaged goods company that produces handcrafted napa cabbage kimchi in the Tastemakers DC commercial kitchen using the owner’s family recipe. The kimchi is sold at several DMV farmers markets, at local grocery stores, and through e-commerce. Grant funding will support the expansion of the business through the purchase of delivery vehicles, cold storage equipment, marketing, new product development, and production expansion with a co-packer. 

“The Nourish DC grant has given my business a chance to scale to the next level,” said Patrice Cunningham of Tae-Gu Kimchi. “The funds are going to propel us significantly in the next year by helping us purchase our packaging for our growth in wholesale (grocery), buy a truck to allow us to grow our farmers market presence, purchase more cold storage to expand our production capacity, grow our e-commerce, and most importantly create jobs and hire key members to join our team that will allow me the time and space to grow the business. In 2023, we expect to at least double our revenue from last year, become more profitable, and get us closer to becoming a national brand.” 

DYD Trading LLC / Elmira Market (Ward 8, $40,000 award) opened in 2007 and is a second-generation store in Ward 8 selling fresh and frozen fruits, vegetables, meats, and dairy as well as household staple products. Many of the food products are sourced from local suppliers. The grant funding will support cold storage upgrades that will improve inventory management, operating efficiencies, and product availability to customers. 

“The Nourish grant is incredibly important because of how the economy is now,” said Daweit Gebru of Elmira Market. “Supply chain issues, product discontinuation, and hefty price increases have led to customers seeking different outlets. Newer products have led us to want to purchase, but with a lack of space, we are forced to carry one or the other. With the Nourish DC grant, we will be able to carry more products, such as dairy with non-dairy options, fresh and frozen meat, as well as more fresh produce.” 

The Fresh Food Factory (Ward 8, $50,000 award) is a retail incubator market that serves Wards 5, 6, 7, and 8 and catalyzes economic development by providing commercial kitchen and market spaces, food industry/financial education, and business support to aspiring and existing food-related businesses. In addition, it is also involved in food rescue and distribution. Grant funding will support the expansion of fresh food access through funding for construction, equipment, furniture and fixtures, marketing, technology, and staffing of a full-service grocery store, eatery, and certified kitchen at 1516 Kenilworth Ave NE. 

“This grant is a crucial source of funding,” said Amanda Stephenson of The Fresh Food Factory. “It provides the necessary financial support to expand our operations; provides the gap funding we need to cover capital for construction, equipment, furniture and fixtures; and provides operational costs for technology marketing, payroll, and employee training.” 

The Gaston Group, dba Kitchen Savages (Ward 8, $40,000 award) is a sit-down restaurant providing a modern take on southern classics as well as providing on-the-job culinary training for at-risk youth living in Ward 8. Grant funding will support the continued build out of the Anacostia location through the purchase of key equipment, point-of-sale technology, tenant improvements, marketing, and employee training.

“Kitchen Savages is all about opportunity and hospitality training,” said Darrell Gaston of Kitchen Savages. “Born of tragedy, Kitchen Savages created Trap Sundays, a culinary training experience for at-risk young people as a way to provide a safe environment for them to learn life skills.” 

Green Fish LLC, dba Fight Juice (Ward 5, $45,000 award) produces juices by blending whole fruits and vegetables that include all the nutrients and fiber and providing customers with nutritious and good tasting servings of raw vegetables and fruits. The juices are sold at farmers markets in DC, Virginia, Maryland, and online. In 2023, the company will provide breakfast and lunch juices for Maya Angelou Public Charter School, located in Ward 7. Grant funding will be used to support the expansion of business through the purchase of a delivery vehicle and labeling machine to increase production and operational efficiencies. 

“The Nourish DC grant propels us closer to our goal of donating juice to schools in low-income communities where access to healthy food options is limited,” said Ivy Armstrong of Fight Juice. “This funding will help us solve our cold transport challenges and expand our deliveries to area schools.”

Inspire DMV Hospitality LLC (Ward 8, $40,000 award) produces affordable and nutritious meals for DC residents with limited access to healthy food, and provides technical assistance and training to food service professionals. The grant funding will support the expansion of the meal production, marketing, and distribution through purchases of a refrigerated delivery vehicle, production equipment, technology, marketing services, and employee training. 

“Access to food should not be predicated on geographical location or income. It should be easily available to all,” said Furard Tate of Inspire DMV Hospitality. “The Nourish DC grant is important to our business to achieve the mission of serving those who suffer from food insecurity in the District. Inspire DMV Hospitality will maximize the use of the awarded funds by purchasing training, equipment, refrigerated transportation, technology, and required permits, thus significantly improving production and distribution of more nutritious, amazing meals to individuals and their families.”

Marty’s Food and Catering (Wards 7 and 8, $30,000 award) is a community catering business founded to provide food for DC residents with complex social health needs and food insecurity. This is accomplished through catering contracts with nonprofits and social service agencies. The grant funding will support the expansion of the business and customer base through the purchase of a delivery vehicle, marketing services, production equipment, and access to additional commercial kitchen space. 

“This grant was very important to me because I will be able to start my next-level approach for the business,” said William Weaver of Marty’s Food and Catering. “I had to work on my marketing and appearance, so I will be able to get those things that I need to keep the business going. Me receiving this grant is bigger than the money. I will be able to deliver meals on a consistent level throughout the city, so this is helping me and helping others at the same time.” 

Oh-Mazing Food (Ward 5, $40,000 award) produces artisanal, natural, nut-free granola snacks sold to retailers, corporations, and direct to consumers through online sales. The company also donates the products to DC food banks, and it hosts a summer youth program where they hire DC youth (paid at or above the DC minimum wage) and teach the youth about the business. The grant funding will support business expansion through a professional marketing strategy and implementation as well as the purchase of processing equipment to increase operational efficiencies. 

“We are thrilled to receive the Nourish DC grant, which will help propel our business to the next level,” said Stephanie Williams of Oh-Mazing Food. “We plan to use the grant to hire a sales manager, marketing, and for new packaging equipment to increase our efficiency.”

SouthEats LLC (Wards 7 and 8, $40,000 award) is a worker-owned cooperative meal-kit service providing affordable, locally-sourced, and healthy meals to communities that often have difficulty accessing healthy food options. Grant funding will be used to support business expansion by funding tenant improvements, employee training, website and online ordering technology, and marketing support.

“As a grassroots worker-owned cooperative, the Nourish DC Grant will provide us with the technical support and capital to continue to grow and support the work we love,” said Xavier Brown of SouthEats LLC. “We are focused on using the funding to purchase from more local farmers, add more worker owners to the team, and increase the amount of DC residents we are able to serve.”

Visionary Management Association, LLC dba Aurora Market (Ward 1, $45,000 award) is the only organic grocery store in the Park View neighborhood. The store provides access to nutritious food and is actively engaged with community gardens, nonprofits, DC Health, and local schools. The grant funding will support the construction of a street eatery, along with furniture and fixtures, growing containers to produce vegetables on-site, and equipment and facade improvements for the store. 

“This Nourish DC grant is an imperative resource for Aurora Market and supports our mission to provide nutritional food resources to communities designated as ‘food deserts’ by the DC Mayor’s Office,” said Pablo Ortiz of Aurora Market. “We are beyond thankful for this opportunity to grow our business and support the community’s needs.” 

Keeping It Cool Grants: Apply by March 31

Applications for the Keeping It Cool Grant Program are open to for-profit food businesses and 501(c)(3) nonprofit organizations providing food-related goods and services in the DC Metro region. A total of $400,000 will be made available in grant amounts ranging from $10,000 to $50,000. Applicants must have physical locations in either Washington, DC; Alexandria, Virginia; Arlington County, Virginia; Fairfax County, Virginia; Montgomery County, Maryland; or Prince George’s County, Maryland.

Informational webinars and office hours will be held on several dates in March 2022. To learn more and to apply, visit the Nourish DC application website.

About the Nourish DC Collaborative 

In 2021, the Office of the Deputy Mayor for Planning and Economic Development (DMPED) selected Capital Impact Partners as the fund manager of the Nourish DC Collaborative. The Collaborative, which consists of lenders and technical assistance providers, supports a robust ecosystem of locally-owned food businesses in all District neighborhoods..

The launch began with a $1 million award from DMPED, which was leveraged to attract additional funding from the Bainum Family Foundation, the Morningstar Foundation, and Prince Charitable Trust. 

In its first year, the Nourish DC Collaborative:

• Provided $400,000 in grants for nine businesses: A1 Grocery Store; Circle 7 Food and Grocery Market; Mecho’s Dominican Kitchen; Pinke’s Eats; Plum Good; Rich Capital Concepts (VeggieDC Farmers Market); Three Part Harmony Farm; Turning Natural Juice Bar; and Wellfound Foods.
• These grants have helped them grow their businesses, build local wealth, and provide quality jobs and healthier food options.
• Provided more than $14.9 million in flexible loans. 
• Supported food entrepreneurs’ success with robust and technical assistance. More than 200 food businesses have either received one-on-one or group technical assistance so far.

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Capital Impact Partners Awarded $6.14 Million Through the CDFI Program

Written by David Greisman on March 3, 2023. Posted in Press Release

March 3, 2023 (Arlington, VA) – The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) announced this week (PDF) that Capital Impact Partners was awarded $6.14 million in grants through the fiscal year 2022 round of the CDFI Program. 

The CDFI Program awarded a total of $199.4 million to 435 organizations.

These grants will enable Capital Impact Partners to expand its efforts to create new, innovative lending products for emerging real estate developers in Dallas, expand support for healthy food businesses in Washington, D.C., and increase supportive housing in the San Francisco Bay Area.

“We are grateful to the CDFI Fund for this substantial support that will be leveraged with our balance sheet capital to significantly expand three critically important financing initiatives,” said Ellis Carr, president and CEO of Capital Impact Partners. “These awards will increase our work to build healthy communities and generational wealth in communities in Texas, the District of Columbia, and California.”

A $640,000 Financial Assistance (FA) grant was awarded to Capital Impact Partners to launch an affordable and flexible acquisition loan product for real estate developers in Texas, focusing on Dallas for affordable housing projects and community facilities. Real estate developers in Texas will also be supported with training and technical assistance through the expansion of the EDI program offered in partnership with the City of Dallas.

In addition, Capital Impact Partners received a $5 million Healthy Food Financing Initiative Financial Assistance (HFFI-FA) award to build systems that provide economic opportunities and access to healthy, affordable food. The HFFI-FA award will be targeted to support retail projects in Washington, D.C., where Capital Impact serves as the fund manager for the Nourish DC Collaborative. This will build upon the organization’s Michigan Good Food Fund work and experience financing independent grocers, local wholesalers, food hubs, processors, and businesses providing healthy food access.

Capital Impact Partners also received a $500,000 Disability Funds-Financial Assistance (DF-FA) award for supportive housing in the San Francisco Bay Area for people with disabilities. This will expand the organization’s focus on housing issues in the region through its participation in the Bay’s Future Fund.

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Aaron Gougis of Momentus Capital Wins Award From the Dallas Business Journal

Written by David Greisman on February 27, 2023. Posted in Press Release

February 27, 2023 (Arlington, VA/San Diego, CA) – Aaron Gougis, the Dallas Initiatives Manager for the Momentus Capital branded family of companies, has received the “Community Champion” award from  the Dallas Business Journal.

Mr. Gougis launched the first cohort of Capital Impact Partners’ EDI program for real estate developers in Dallas and then managed the first cohort of the six-month program in 2022. The program helps real estate developers with training, mentorship, and pathways to financing.

“I’m proud of the work we’ve done to bring the EDI program for real estate developers to Dallas, what the program has already meant for the developers who participated in it, and what it will continue to mean for the community,” said Mr. Gougis. “And I’m excited for what’s still to come — how we can better support the Dallas area as an organization, to learn about the challenges that community members are facing, their goals, and their needs.”

The Momentus Capital branded family of organizations — includes Capital Impact Partners, CDC Small Business Finance and Ventures Lending Technologies, among other organizations — is dedicated to offering a continuum of financial, knowledge, and social capital.

Since launching in 2018, the EDI program for real estate developers has trained more than 200 developers in Dallas; Detroit; the Washington metropolitan area; and the San Francisco Bay Area. 

The program helps create generational wealth for the developers — whose projects also create attainable housing, mixed-use developments, jobs, and greater opportunities for the individuals who live in the developers’ communities.

“Aaron built relationships with community leaders and the City of Dallas, as well as with funders such as JPMorgan Chase and Charles Schwab, influencing them to focus on efforts in the Dallas area such as the EDI program for real estate developers,” said Lauren Counts, Head of National Programs for Momentus Capital.

“Aaron also recruited a strong network of mentors, who serve an important role for program participants going beyond regular advisory support and answering questions about particular deals,” Ms. Counts said. “They provide nurture, guidance, and advice to these emerging developers, imparting — and serving as a strong example of — what it takes to be successful in this field in the Dallas area.”

The launch of the EDI program in Dallas received significant interest, with more than 100 applicants applying to the first cohort. Capital Impact Partners expects to launch its second cohort in Dallas later in 2023 and is committed to working in the Dallas area to better support local organizations providing health care, education, healthy food, and affordable housing.

“I’m continuing to learn more about how we can better support the Dallas area as an organization, to learn about the challenges that community members facing, their goals, and their needs,” Mr. Gougis said. “We are building a coalition.”

This is the latest recognition for the Momentus Capital branded family of companies:

• In 2022, the Washington Business Journal honored Momentus Capital President and CEO Ellis Carr as the Nonprofit Leader of the Year.
• Fast Company named Mr. Carr to that publication’s 14th annual list of the Most Creative People in Business.
• Momentus Capital was nominated to the Washington Business Journal’s Inno on Fire awards for helping to fuel the region’s economy.
• CDC Small Business Finance finished Fiscal Year 2022 as the foremost SBA 504 and Community Advantage lender in the United States.
• Team members Ken Rosenthal and Stacey Sanchez received two top honors from Coleman Report as the leading banking publication’s SBA Business Development Officers of the Year.
• The NonProfit Times named Capital Impact Partners as one of the best nonprofits to work for.

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Ellis Carr of Capital Impact Partners and CDC Small Business Finance Named “Nonprofit Leader of the Year” by the Washington Business Journal

Written by David Greisman on December 9, 2022. Posted in Press Release

Mr. Carr is part of a prestigious class of honorees recognized on December 8 in Washington, D.C.

DECEMBER 9, 2022 (Arlington, VA/San Diego, CA) – Ellis Carr, the president and CEO of Capital Impact Partners and CDC Small Business Finance — each part of the Momentus Capital branded family of organizations — has been named “Nonprofit Leader of the Year” by the Washington Business Journal.

The Washington Business Journal’s annual CEO of the Year awards highlight top leaders in the area that have demonstrated great innovation, strength and perseverance while also maintaining a commitment to the community.

“I am honored to be recognized on behalf of the important and innovative work that my colleagues do in the Washington Metro area and throughout the country,” said Mr. Carr. “What we do is really about giving someone a fair and equitable opportunity. An opportunity to fulfill their dreams for themselves and their community, an opportunity to build a life for their family, in a community that has the resources they need to thrive. That’s the work that we’re doing here, and that’s our reason for being, and that’s what we should always be striving for.”

In 2022, Mr. Carr oversaw the launch of the Momentus Capital branded family of organizations – which includes Capital Impact Partners, CDC Small Business Finance, and Ventures Lending Technologies, among other independent companies.

Mr. Carr has been the president and CEO of Capital Impact Partners since 2016 and was also named the CEO of CDC Small Business Finance in 2021.

By bringing these companies together with one shared vision and mission, they will be able to achieve much more, and much faster, than they could working as separate entities.

The financial sector can play a greater role in helping build inclusive and equitable communities – by providing people with access to the capital and opportunities they deserve. Under the Momentus Capital umbrella, the family of companies will work holistically, and more deeply, to drive significant change that can help communities achieve the visions they have for themselves. At the center of this work: a focus on racial equity and those who have been overlooked, ignored, or systematically excluded from the current system.

“The biggest shift there is we don’t come in with a prescription of what communities need. We adopt a servant-leader mentality by going in and asking questions, being humble and empathetic and actively listening to support the communities’ visions they have for themselves, not necessarily our view,” Mr. Carr said. “We have built an organization all about listening, understanding, and building partnerships with communities and entrepreneurs that best serve their needs.”

To achieve that shared vision and mission, Momentus Capital is uniquely positioned to provide entrepreneurs and local leaders at every stage of their growth with a continuum of capital and opportunities under one roof. These key resources that address the challenges of — and support the solutions for — underestimated communities include:

• Financial capital: a range of flexible debt and equity products to meet Momentus Capital’s partners’ needs, as well as access to new markets and potential investors
• Knowledge capital: business advising, assistance, and training to develop the skills and insights that can help partners advance their enterprises
• Social capital: connections to networks and people that can help Momentus Capital’s partners succeed

In DC and nationally, Momentus Capital is rethinking its credit parameters and developing new lending, grants, and investing products to create more equitable access to capital for borrowers and projects who have traditionally been denied. Momentus Capital further enhances its lending with programs that solve for systemic issues through training, mentorship and network building. And it works with local, regional and national stakeholders — including community-led groups, government agencies, nonprofits, and businesses.

Among the recent programs and initiatives from the Momentus Capital branded family of companies:

• Working with Macy’s, Inc. to deploy $200 million for the retailer’s S.P.U.R. Pathways initiative, a multiyear, multifaceted funding program to advance entrepreneurial growth, close wealth gaps, and shatter systemic barriers faced by diverse-owned and underrepresented businesses.
• Activate Detroit, a new loan product that is empowering Black entrepreneurs by focusing on character-based evaluations, rather than credit scores.
• Impower, which helps business owners who have been denied for a commercial real estate loan, assisting them with the opportunity to build wealth, create jobs and stay in the communities they serve.
• The EDI, Housing Accelerator Fellowship (HAF), and Growing Housing Developers (GHD) programs, all of which provide training, mentorship, connections, and pathways to financing for developers of color, helping them overcome racial barriers and systemic issues.
• Expanding access to Ventures+, a proprietary loan processing and portfolio management tool that has become one of the top resources for small business and community lenders. This has helped other local lenders create an impact in their communities by providing access to high-level services they would otherwise be unlikely to manage on their own.
• Coming Soon! We are developing an investment bank to better connect investors with community organizations through community-centric securities offerings.

Mr. Carr is part of a prestigious class. His fellow honorees at the December 8 event in Washington, D.C., included:

• CEO of the Year: Sheila Johnson —  Founder and CEO, Salamander Hotels & Resorts; Vice Chairman and Partner, Monumental Sports & Entertainment; President and Managing Partner, Washington Mystics
• Lifetime Achievement Award: Bill Marriott — chairman emeritus, Marriott International Inc.
• Small Business Leader of the Year: Margarita Womack — CEO, Mas Panadas
• C-Suite Leadership Award: Mike King — Chief Growth Officer, Peraton
• Diversity, Equity and Inclusion Champion: Irma Becerra — President, Marymount University
• Diversity, Equity and Inclusion Champion: Bo Menkiti — CEO, The Menkiti Group
• Nonprofit Leader of the Year (co-winner): Mike Curtin Jr. — CEO, DC Central Kitchen

This is the latest recognition for Momentus Capital in 2022:

• Earlier this year, Fast Company named Mr. Carr to that publication’s 14th annual list of the Most Creative People in Business.
• Momentus Capital was nominated to the Washington Business Journal’s Inno on Fire awards for helping to fuel the region’s economy.
• CDC Small Business Finance finished Fiscal Year 2022 as the foremost SBA 504 and Community Advantage lender in the United States.
• Team members Ken Rosenthal and Stacey Sanchez received two top honors from Coleman Report as the leading banking publication’s SBA Business Development Officers of the Year.
• The NonProfit Times named Capital Impact Partners as one of the best nonprofits to work for.

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About Momentus Capital

Momentus Capital is transforming how capital and investments flow into communities to provide people access to the capital and opportunities they deserve.

Through our family of mission-focused organizations including Capital Impact Partners, CDC Small Business Finance, and Ventures Lending Technologies, we are working to reinvent traditional financial systems that have failed to address systemic issues of inequality, economic empowerment, and the widening racial wealth gap.

We offer a continuum of financial, knowledge, and social capital to help local leaders build inclusive and equitable communities and create generational wealth. This includes a comprehensive package of loan products, impact investment opportunities, training and business advising programs, and technology services that advance locally-led solutions.

Each organization under the Momentus Capital brand will still operate as separate entities, but their clients will now have access to more resources and products.  

Leveraging 80 years of combined experience, nearly $3 billion in assets, and strong community engagement, we have delivered $23 billion in financing, created and preserved 250,000 jobs, and served 12,000 small businesses and five million people across their 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, Michigan, Nevada, New York, Texas, and the Washington metro area.

Learn more at momentuscap.org.

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Momentus Capital Begins Innovative Impact Investments: Growth Capital for Companies Creating Social Impact

Written by David Greisman on November 16, 2022. Posted in Press Release

NOVEMBER 16, 2022 (Arlington, VA/San Diego, CA) – The Momentus Capital branded family of companies is proud to launch its Impact Investments line of business to jumpstart growth-stage, for-profit businesses that are creating social impact. These investments will focus on companies with diverse leadership and/or are operating in communities of color.

Many of these companies need something other than traditional debt — so that they can instead concentrate their resources on growing their enterprises. However, those opportunities are often not available. For example, less than 1% of venture capital funding nationally goes to Black founders. And equity investments make up less than 2% of CDFI portfolios in the United States.

“As a mission-focused organization, we provide support in a way that helps owners maintain control over their companies. We work alongside these owners to help them grow — seeking a modest, short-term return while enabling owners to maximize their impact within the community through economic growth and job creation,” said Ellis Carr, president and CEO of CDC Small Business Finance and Capital Impact Partners, each of which is part of the Momentus Capital branded family of organizations.

This is another innovative approach to providing a continuum of financial, knowledge, and social capital to advance community solutions.

“We are regenerative rather than extractive. That is vastly different from the way traditional venture capital tends to operate,” Mr. Carr added. “Most for-profit investors seek to maximize financial returns and make decisions that serve their own interests rather than the interest of the businesses or the communities in which they operate.”

Instead, Momentus Capital’s Impact Investments line of business works to ensure that equity stays with the entrepreneur. As the business grows and targets are reached, Momentus Capital takes a percentage of revenues or profits, with the goal of exiting completely and selling shares back to the business owner within 3-5 years.

Initial Supporters

Momentus Capital’s Impact Investments line of business has already received commitments from the following supporters: JPMorgan Chase; Macy’s, Inc.; Max M. & Marjorie S. Fisher Foundation; National Cooperative Bank; Northwestern Mutual; PNC Bank; the University of Maryland Medical System; U.S. Bank; and Westfuller.

The current target geographies for Momentus Capital’s Impact Investments line of business include Atlanta; California; Detroit; Miami; the New York Tri-State area; Seattle; the Texas Triangle area; and the Washington, D.C., Metro area.

Some of the first investees include:

• SameSky Health, a Los Angeles area-based company focused on health equity and access to traditionally underserved communities
• Obran Cooperative, a Baltimore-based conglomerate whose subsidiaries include Obran Health. It is working to increase access to quality home health care in Southern California, including in BIPOC communities.

“It was clear to us that Momentus Capital values working with partners to impact change in the health care system and drive health equity,” said Abner Mason, CEO of SameSky Health. “Their approach allowed us to easily structure a deal that was fair to everyone given our alignment around advancing health equity. Momentus Capital stands out from others for their flexibility in working with our team and their ability to quickly move toward a transaction to help us continue scaling and driving equity in health care.”

By working with companies that are creating social impact, Momentus Capital’s Impact Investments group is focused on achieving the following goals:

• Bringing institutional capital to disinvested businesses and communities
• Addressing systemic issues of inequality and closing the racial wealth gap
• Increasing healthy and affordable food access for people living within food deserts or who are food insecure
• Improving access to healthcare and insurance
• Growing cooperatives

These investments are intended to help investees scale, create jobs, and address social determinants of health.

“Growth-stage, community-centric businesses can be the economic engines for job creation and community development, yet these enterprises are often not the focus of traditional financial institutions and are poorly served by investors,” Mr. Carr said. “Momentus Capital works with these entrepreneurs and community development leaders to ensure a continuum of capital and training programs that set up their businesses for success.”

These businesses are also able to tap into the more than 80 years of combined small business and community development experience that Momentus Capital brings to the table, including:

• Business advising and capacity building programs
• Early- and growth-stage loan products, both traditional and alternative
• Non-dilutive preferred equity whereby cash flow positive businesses pay a fixed payment and dividend
• Mezzanine debt that helps companies bridge between rounds of equity
• Revenue/profit-sharing structures that can be used standalone or in combination with the above

“Our approach and experience enables us to work with companies at various stages, including critical growth points, and provide tailored solutions to fit businesses’ needs,” Mr. Carr said.

More information is available on the Impact Investments website.

Quotes From Initial Supporters

JPMorgan Chase: “JPMorgan Chase is committed to helping grow underserved small businesses, tackling challenges including access to capital, market connections, and management,” says Shaolee Sen, Head of Global Small Business Philanthropy at JPMorgan Chase. “We are pleased to be supporting Momentus Capital as they work to address racial equity and support growth-stage companies through innovative impact investments.”

Macy’s, Inc.: “Macy’s, Inc. is dedicated to shaping the future of U.S. retail and growing underrepresented businesses and entrepreneurs,” said Jeff Gennette, chairman and chief executive officer of Macy’s, Inc. “Through our social purpose platform, Mission Every One, and over the last 10 years Macy’s, Inc. has remained committed to investing in high-growth underrepresented businesses and look forward to working with Momentus on this critical work.”

Max M. & Marjorie S. Fisher Foundation: “The work of Momentus Capital creates profound and lasting change within communities. Their innovative efforts to build wealth inside neighborhoods align with our deeply-rooted values of justice and repairing the world,” said Meredith Freeman, Director of Alignment & Impact Investing at the Max M. & Marjorie S. Fisher Foundation. “We are proud to partner alongside the Momentus Capital team, and their entrepreneurs, as an early stage investor.”

National Cooperative Bank: “National Cooperative Bank is proud to be a lender/ investor in Momentus Capital’s Impact Investments line of business which will provide critical capital to diversely owned and led companies and cooperatives nationwide,” stated Ann Fedorchak, Director of Cooperative and Community Development for NCB.  “For over 40 years, NCB has had a mission to support low-income communities and cooperative development.  Through our participation, we will provide a national reach that will focus on industries, jobs, and small businesses that are critical to strong and healthy communities.”

U.S. Bank: “U.S. Bank is excited about this investment opportunity with Momentus Capital because it provides support directly where it’s needed – to businesses owned by people of color,” said Zack Boyers, Chairman and CEO of U.S. Bancorp Community Development Corporation, the community investment division of the bank. “Through U.S. Bank Access Commitment, we’re focused on addressing the racial wealth gap and helping build wealth in communities of color. Investing with Momentus Capital is another way for us to expand our impact.

The University of Maryland Medical System: “We are pleased to include Momentus Capital among investees for our recently-announced social impact investments,” said Mohan Suntha MD, MBA, President and CEO of the University of Maryland Medical System.  “Momentus’ mission aligns well with our System’s investment and community impact objectives to address disparities, and we look forward to future collaboration to support the communities we serve.”

Westfuller: “Westfuller is tremendously excited to partner with Momentus Capital on the launch of its Impact Investments business line. As a BIPOC-owned and operated financial services firm, we believe this is the right paradigm for catalytic capital needed by diverse, growth stage entrepreneurs — one rooted in equitable outcomes for all stakeholders,” said Ian Fuller, CEO of Westfuller. “This innovative integration of impact dollars for placed-based social enterprises serving disinvested communities demonstrates another path for the regenerative promise of impact-driven, private equity capital. With Momentus intentionally centering economic and racial justice in its investment thesis, we’re proud to support this strategic blend of impact capital tools, committed to scaling profitable, diverse-led, social enterprises.”

About Momentus Capital

Momentus Capital is transforming how capital and investments flow into communities to provide people access to the capital and opportunities they deserve.

Through our family of mission-focused organizations including Capital Impact Partners, CDC Small Business Finance, and Ventures Lending Technologies, we are working to reinvent traditional financial systems that have failed to address systemic issues of inequality, economic empowerment, and the widening racial wealth gap.

We offer a continuum of financial, knowledge, and social capital to help local leaders build inclusive and equitable communities and create generational wealth. This includes a comprehensive package of loan products, impact investment opportunities, training and business advising programs, and technology services that advance locally-led solutions.

Each organization under the Momentus Capital brand will still operate as separate entities, but their clients will now have access to more resources and products.  

Leveraging 80 years of combined experience, nearly $3 billion in assets, and strong community engagement, we have delivered $23 billion in financing, created and preserved 250,000 jobs, and served 12,000 small businesses and five million people across their 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, Michigan, Nevada, New York, Texas, and the Washington metro area.

Learn more at momentuscap.org.

About the Max M. & Marjorie S. Fisher Foundation

The Max M. & Marjorie S. Fisher Foundation’s core philosophy is grounded in the beliefs of our founders and the family’s shared Jewish values that life’s purpose is found in service to others. The mission of the Foundation is to enrich humanity by strengthening and empowering children and families in need. In the Jewish tradition of tzedakah, the Foundation works to repair the world (tikkun olam) alongside those who share our mission.

About National Cooperative Bank

National Cooperative Bank is dedicated to strengthening communities nationwide through the delivery of banking and financial services, complemented by a special focus on cooperative expansion and economic development. NCB provides financial products and services for the nation’s cooperatives, their members, and socially responsible organizations. To learn more, visit www.ncb.coop, National Cooperative Bank on Facebook and Instagram, or on Twitter @natlcoopbank.

About PNC Bank

PNC Bank, National Association, is a member of The PNC Financial Services Group, Inc. (NYSE: PNC). PNC is one of the largest diversified financial services institutions in the United States, organized around its customers and communities for strong relationships and local delivery of retail and business banking including a full range of lending products; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management. For information about PNC, visit www.pnc.com.

About the University of Maryland Medical System

The University of Maryland Medical System (UMMS) is an academic private health system, focused on delivering compassionate, high quality care and putting discovery and innovation into practice at the bedside. Partnering with the University of Maryland School of Medicine and University of Maryland, Baltimore who educate the state’s future health care professionals, UMMS is an integrated network of care, delivering 25 percent of all hospital care in urban, suburban and rural communities across the state of Maryland. UMMS puts academic medicine within reach through primary and specialty care delivered at 11 hospitals, including the flagship University of Maryland Medical Center, the System’s anchor institution in downtown Baltimore, as well as through a network of University of Maryland Urgent Care centers and more than 150 other locations in 13 counties. For more information, visit www.umms.org.

About U.S. Bank

U.S. Bancorp, with approximately 70,000 employees and $591 billion in assets as of June 30, 2022, is the parent company of U.S. Bank National Association. The Minneapolis-based company serves millions of customers locally, nationally and globally through a diversified mix of businesses: Consumer and Business Banking; Payment Services; Corporate & Commercial Banking; and Wealth Management and Investment Services. The company has been recognized for its approach to digital innovation, social responsibility, and customer service, including being named one of the 2022 World’s Most Ethical Companies and Fortune’s most admired superregional bank. Learn more at usbank.com/about.

About Westfuller

Founded in 2011, Westfuller is a multi-racial, gender diverse, independent ​and objective investment advisory firm. Drawing from deep investment expertise, maximizing assets for enduring systemic change, and leveraging diverse perspectives, the firm orchestrates multifaceted investment strategies to advance progress and possibility in the world. With offices in New York City and San Francisco, the firm manages the investment advisory needs of social justice foundations, endowments, and private clients seeking legacy and impact. Westfuller is a certified B-Corporation with a commitment to use business as a force for good. Learn more at westfulleradvisors.com.

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Momentus Capital Collaborates With Macy’s, Inc. to Deploy $200 Million to Diverse-Led Businesses

Written by David Greisman on November 7, 2022. Posted in Press Release

Momentus Capital is proud to announce that it is working with Macy’s, Inc. on S.P.U.R. Pathways: Shared Purpose, Unlimited Reach — a multiyear, multifaceted funding program to advance entrepreneurial growth, close wealth gaps, and shatter systemic barriers faced by diverse-owned and underrepresented businesses.

This innovative effort advances a longstanding Macy’s, Inc. commitment to underrepresented businesses and aims to galvanize the retail industry to invest in the next generation of entrepreneurs.

It features a comprehensive range of financing options, from growth equity capital to loans for working capital and commercial real estate. Additionally, this effort will provide a full suite of educational resources, fueling a holistic supplier ecosystem and acting as a catalyst for outsized growth.

The program is another example of how the Momentus Capital branded family of organizations — which includes Capital Impact Partners, CDC Small Business Finance, and Ventures Lending Technologies — looks for innovative ways to offer a continuum of financial, knowledge, and social capital to help local leaders build inclusive and equitable communities and create generational wealth.

Read the full press release on the Momentus Capital website.

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Capital Impact Partners Awarded $55 Million in New Markets Tax Credits to Attract Private Capital and Advance Social Impact Efforts

Written by External Marketing on October 28, 2022. Posted in Press Release

This award will spur projects that increase access to social services in disinvested communities.

OCTOBER 28, 2022 (Arlington, VA) – Capital Impact Partners has been awarded a $55 million New Markets Tax Credit (NMTC) allocation from the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund). These tax credits incentivize private sector investors to partner in community financing efforts.

“This award will help advance our mission to increase access to critical social services in disinvested communities, spur economic development and wealth creation, and create jobs,” said Mindy Christensen, senior vice president of community development real estate for Capital Impact Partners. “We are grateful that the CDFI Fund has again recognized our proven track record of working with communities to uplift their needs and solutions, and working alongside the private investors who help make that possible. It further enhances our ability to provide a continuum of financial, knowledge, and social capital.”

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