Centering our commitment to community-centered value will support hard-working communities to move forward and thrive in the wake of the pandemic
Arlington, VA (June 10, 2021) – After pivoting to face the realities that 2020 laid bare, the first quarter of 2021 for Capital Impact Partners has been about expanding our work to create opportunities for hard-working communities to move onward and upward. Our communities, including communities of color and communities living with low incomes, were hard-hit by the pandemic, as many of our neighbors were already struggling with inequity and lack of opportunities before the COVID-19 pandemic started.
Grants support the growth of four existing and emerging cooperative businesses led by underserved entrepreneurs
Washington, D.C./Arlington, VA (June 8, 2021) — The Washington Area Community Investment Fund (Wacif) and Capital Impact Partners today announced $40,000 in grant awards to four existing and emerging cooperatively owned businesses operated by people of color and/or workers living with low wages through the D.C. Co-op Impact Grant. In its second year, the grant advances community development by encouraging the growth of quality jobs, sustainable businesses, leadership development, and asset building through an equitable cooperative model.
Funds will be used to provide technical assistance, catalytic grants, and lending products to support D.C. food businesses and create an equitable food system
Arlington, VA (May 6, 2021) – Washington, D.C. Mayor Muriel Bowser awarded Capital Impact Partners $1 million to manage the newly announced Nourish D.C. Fund. This fund, part of the $5.2 million D.C. Local Equity, Access, and Preservation Funds (D.C. LEAF) program, aims to support a robust ecosystem of locally owned food businesses in District neighborhoods by investing in BIPOC-owned businesses that otherwise struggle to access capital and also promotes health equity in the city.
Organization Selected 19th Overall and 8th in the Medium-Sized Category Nationally
Arlington, VA (April 12, 2021) – Capital Impact Partners was selected as one of the 50 Best Nonprofits To Work For in 2021 by the NonProfit Times, the leading publication for nonprofit managers. In this national program, Capital Impact was 19 overall, and 8th in the medium-sized category which made up half of this year’s list. The company is one of only three Community Development Financial Institutions to make this list.
March 30, 2021 (Washington, DC / San Diego, CA) – Capital Impact Partners and CDC Small Business Finance are uniting operations to launch a transformative new enterprise and innovate how capital and investments flow into communities to advance economic growth.
Leveraging their 80 years of combined efforts engaging with communities and nearly $3 billion in assets, Capital Impact Partners, one of the nation’s leading Community Development Financial Institutions (CDFI), and CDC Small Business Finance, the nation’s leading mission-based small business lender, are now operating as one under Capital Impact’s current President and Chief Executive Officer Ellis Carr.
Kurt Chilcott will transition from President and CEO of CDC Small Business Finance and continue his support of this vision by serving as Board Chair of both Capital Impact Partners and CDC Small Business Finance.
Addressing Issues Facing Communities
Ellis Carr will manage this new enterprise under one national strategy designed to drive a holistic place-based approach to community and economic development at scale, addressing issues such as:
Lack of Place-Based, Community-Led Solutions: Trusted organizations that listen to and value community-led solutions, and offer relevant place-based lending and investment products, and services are currently lacking.
Disconnected Supply & Demand of Capital Between Investors and Communities: Institutional investors and community organizations are currently disconnected from efficiently leveraging the supply and demand of capital investments to drive real and scalable impact.
“Harnessing our shared values, the power of CDC Small Business Finance and Capital Impact Partners coming together is how well each organization’s business and unique skill sets complement the other,” Carr said. “Capital Impact Partners has a long track record of really understanding what’s needed in a community, and CDC Small Business Finance has a sustained and accomplished history of small business support in terms of lending and advising. Together we will be able to transform how capital flows into communities across the country.”
Pillars of Change
This unusual coming together between leaders in the CDFI and Small Business sectors is driven by the need to shake-up the traditional tools and approaches.
Several pillars will underscore this strategy:
Listen-first approach to understand the unique needs of a community and then engage investors in the conversation to help support custom solutions to drive positive change;
Amplify community-led solutions through the delivery of community and economic development assets at scale across housing, health care, education, healthy food, and small business;
Serve as market innovators by creating new products and services that fill gaps left by traditional and mainstream financial systems;
Collaborate with organizations that center mission in their approach to drive change;
Transform capital markets by reinventing how capital flows into communities through the aggregation of investments, structuring and raising of capital, and delivering of investment opportunities that generate both financial and social returns that also meet the needs of communities and investors;
Advocate for communities by shaping national, regional, and local policy to create opportunities for the alliance to drive impact
“Bringing together the broad capacities of CDC Small Business Finance and Capital Impact Partners will allow us to impact communities in tremendous ways,” said Chilcott. “Under Ellis’ leadership, we’ll be able to do things that nobody has ever done before, and really innovate and change the way things are done moving forward, in a way that benefits everyone.”
Combined Strengths and Values Bring Tailored, Unique Opportunities
Capital Impact Partners and CDC Small Business Finance announced the beginning of their combined efforts in August 2020 with the decision to launch three pilot projects in Los Angeles, Detroit, and the Washington, D.C Metropolitan area. Lessons learned through that ongoing work have informed the broader strategy for aligning as a single team to advance high-touch solutions at scale.
With strong ties to both large financial institutions and community-based organizations, experience delivering a full suite of products and services, and an established position as advocates in Washington, D.C., the new operating model is uniquely suited to unleash solutions for communities.
“A place-based approach means working hand-in-hand with communities and local organizations to change how capital flows into communities,” said Carr. “It starts with understanding the communities’ needs and developing financial products with their input. We use that to drive where the capital goes.”
As an example of how their combined strengths can deliver impact in place, the organizations have collectively lent $1.7 billion in California since 2016 to small business and the health care, housing, and education sectors.
The new strategy will not create a singular, one-size-fits-all model that is replicated across the country, but rather a tailored or “artisanal” approach that brings a focus on place-based solutions that arise from in-depth community consultation. Another differentiator of this new model is an emphasis on being proximate to communities, which is critical for success in understanding the assets embedded in communities.
“We will create a new model that can be used nationwide,” said Chilcott. “At the same time, it will look different in Los Angeles, or Detroit, or Washington, D.C., because the model will be based on community input. Imagine the transformation that can be achieved with that approach.”
Continued Commitment to Small Business, Commercial Real Estate and Facilities Lending
As this strategy evolves, all current, ongoing work by CDC Small Business and Capital Impact Partners will continue unchanged, including CDC Small Business Finance’s working capital lending along with its SBA 504 commercial real estate lending in California, Arizona, and Nevada, as well as Capital Impact Partner’s lending to Federally Qualified Health Centers, affordable housing developments, charter schools, and healthy food retailers.
The organizations will continue to identify and address specific issues in communities at the state, county, and local levels. This includes targeted lending products, capacity-building programs, and investment capital strategically customized to address high-priority local issues.
Unified Leadership Guides New Vision
The unified strategy will be guiding staff and leadership at all levels of the organization.
As of April 1, 2021, Ellis Carr, who has served as Capital Impact Partners’ President and Chief Executive Officer since 2016, will transition to serve as CEO of both Capital Impact Partners and CDC Small Business Finance under a new, unified management structure.
Current CDC Small Business Finance CEO Kurt Chilcott, who has led the organization over the past 23 years, will transition to serve as Chairman of each board and will continue working with Ellis Carr as the two organizations move forward on this incredibly unique path.
Leadership from both Capital Impact Partners and CDC Small Business Finance have come together to lead the operations.
Ensuring that communities do not take steps back in their economic justice journey has and continues to drive our work to support disinvested communities, through new enterprises, programs, and lending initiatives
Arlington, VA (March 2, 2021) –2020 was a hard year for people nationwide and globally, especially for communities that were already struggling with inequity and lack of opportunities before the COVID-19 pandemic started. Amidst the health and economic impacts of the pandemic, racial violence and discrimination also continued unabated. As a result , communities saw companies, organizations, and jurisdictions taking initial steps toward ensuring equity and justice for Black, Indigenous, and people of color. While we are encouraged by the recognition of all sectors of society for the need for action, it must also be acknowledged that so much more remains to be done.
Through partnerships and commitment, Capital Impact works to make sure that communities do not lose gains they have made in building equity and generational wealth
Arlington, VA (December 3, 2020) –Since early 2020, Capital Impact Partners, our communities across the country, and our partners have been working to pivot in the face of the COVID-19 pandemic. In addition, the country is facing a reckoning born from the undeniable spotlight on the generations-long inequities that communities of color have experienced. This is a moment in which many people are asking not just how do we get back where we were, but how can we use this moment to enable the transformation that we want to see, so that communities can build real stability, prosperity, and equity.
CPCA COVID Response Loan Fund Designed to Bridge Gap as Health Centers Face Lost Revenue Due to Coronavirus Pandemic
Sacramento, CA/Arlington, VA (October 07, 2020) – California’s community health centers (CHCs) are facing significant lost revenue as a result of business disruptions due to the COVID-19 pandemic. At the same time, CHCs are incurring unforeseen costs to implement technology for virtual health consultations. The impacts of the pandemic have been further exacerbated for many CHCs by the wildfires plaguing the state.
To bridge this cash flow gap, the California Primary Care Association (CPCA) and Capital Impact Partners have launched the $25 million CPCA COVID Response Loan Fund to provide flexible financing for CHCs. Fund investors include the Alliance Healthcare Foundation, The California Endowment, The California Wellness Foundation, JPMorgan Chase, Richard W. Goldman Family Foundation, and UnitedHealth Group.
Arlington, VA (October 7, 2020) –Capital Impact Partners is pleased to announce that Natalie Nickens Gunn, the company’s Chief Financial Officer, has been named to the Washington Business Journal’s “Women Who Mean Business” program. Now in its 17th year, this award honors the region’s most influential business women who have made a difference in their communities and are leaving a mark on the Washington, D.C. area community.
Grants will support equitable lending products, healthy food initiatives, and supportive housing
Arlington, VA (September 25, 2020) The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) announced yesterday that Capital Impact Partners was awarded $3.5 million in grants through the 2020 round of the CDFI Program. The organization was the 4th highest awardee among the 357 organizations recognized. The awards will enable Capital Impact Partners to expand its efforts to create new lending products for emerging developers of color in Washington, D.C.-Maryland-Virginia (DMV), expand support for healthy food entrepreneurs across California, and increase supportive housing in the San Francisco Bay Area.
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