By Ellis Carr, President and CEO of Momentus Capital, Capital Impact Partners, and CDC Small Business Finance
Healthy communities are built by their residents. Small business owners, local real estate developers, and other local leaders are the engines of job creation and economic activity in communities across the country. When these leaders have the opportunity to succeed, their communities, their residents – and our country – thrive.
Unfortunately, leaders in communities all across the country are missing a key ingredient to success: access to the capital. For too long, people in underestimated communities and people of color have been denied the types of capital and support they need to realize the dreams they have for themselves, their families and their neighborhoods.
In 2019, Capital Impact Partners and CDC Small Business Finance began an incredible journey with an ambitious – some might say audacious – goal: to devise new, transformative ways to meet the capital needs in communities across the country. We asked ourselves a question: How does the financial sector – including mission-driven financing organizations in our sector – need to change to really support communities? What can we do differently to help our communities really thrive?