Former Prosperity Now President and CEO Gary Cunningham Named New Chair of the Boards of Directors for Capital Impact Partners and CDC Small Business Finance
July 10, 2023 (Arlington, VA/San Diego, CA) – Capital Impact Partners and CDC Small Business Finance have announced that Gary Cunningham, the former president and CEO of Prosperity Now, has been named the new chair of the boards of directors for the two mission-driven lenders, effective June 13, 2023.
The previous chair, Kurt Chilcott, who also was the longtime president and CEO of CDC Small Business Finance, will now serve as vice chair of both boards.
Capital Impact Partners and CDC Small Business Finance operate under a combined mission and vision as part of the Momentus Capital branded family of organizations, which also includes Momentus Direct Capital, Momentus Securities, and Ventures Lending Technologies, among other organizations.
Gary Cunningham: A Passion for Social Impact, Decades of Experience and Leadership
Mr. Cunningham joined the boards of directors of Capital Impact Partners and CDC Small Business Finance in 2021, when the two organizations formally came together.
Mr. Cunningham most recently worked from 2019-2023 as president and CEO of Prosperity Now, a nonprofit organization that seeks to build an economy that is just, fair, and free from structural racism.
Prior to joining Prosperity Now, Mr. Cunningham served as president and CEO of the Metropolitan Economic Development Association in the Twin Cities, where he was recognized as an innovator in minority business development. Before that, Mr. Cunningham held senior leadership positions in philanthropic, community development, health care, housing, and transportation organizations. He also serves on a number of boards, including the Association for Enterprise Opportunity and Artspace.
“I am honored that my fellow board members have selected me for this role, grateful to continue to work closely with Kurt Chilcott and our President and CEO Ellis Carr, and excited about the opportunities ahead of us,” said Mr. Cunningham. “Capital Impact Partners and CDC Small Business Finance remain committed to providing the financial, knowledge, and social capital that entrepreneurs need so they can succeed and that disinvested communities deserve so they may thrive.
“We must keep pursuing innovative and transformative solutions in order to close the racial wealth gap and overcome systemic inequities,” Mr. Cunningham added. “And we must remember that these goals can only be accomplished by working alongside community leaders and our fellow mission-driven financial institutions, and with the growing support of donors and investors dedicated to social impact.”
Kurt Chilcott Continues On in Key Role Following Distinguished Tenure
Kurt Chilcott’s continued leadership on the boards of directors follows his stewardship as president and CEO of CDC Small Business Finance from 1998-2021, helping the organization to become the leading SBA mission-based small business lender in the country.
Prior to leading CDC, Mr. Chilcott worked for the City of San Diego to help reshape its economic development strategy, creating one of the first industry cluster-based regional economic development strategies in the nation and leading the revitalization of numerous underserved communities throughout San Diego. Mr. Chilcott also serves on the board of the The California Endowment.
“I am proud to serve alongside Gary Cunningham and grateful to continue supporting the great teams we have — both on these boards of directors and on the staff level at Capital Impact Partners and CDC Small Business Finance,” said Mr. Chilcott. “Our organizations came together in recognition that we could achieve more, and faster, than we could separately. I am impressed by what we have been able to do in these two years, and I am inspired by the possibilities ahead of us.”
Strategic Planning and Organizational Objectives
In 2021, Capital Impact Partners and CDC Small Business Finance completed a strategic planning process that created their first joint Three-Year Strategic Framework. These big-picture choices set an overall direction; established a new mission, vision, and values; and articulated big, audacious targets. That framework has since guided annual tactical business plans, setting specific goals to move the Momentus Capital branded family of companies closer to overall success.
The 2023 organizational objectives are:
- To deploy more than $780 million in loans and investments to create a positive impact in communities
- To invest in the people at the Momentus Capital branded family of companies in order to help them all do their best work
- To invest in the technology that will make everyone more effective, including clients and other mission-driven financial institutions
- To manage the financials of the Momentus Capital branded family of companies carefully, ensuring it has the money needed to make a sustainable impact this year and beyond
About Momentus Capital
The Momentus Capital branded family of organizations refers to the combined operations of Capital Impact Partners, CDC Small Business Finance, Momentus Direct Capital, Momentus Securities, and Ventures Lending Technologies. While each organization under the Momentus Capital brand still operates as a separate entity, their clients will now have access to more resources and products.
The Momentus Capital branded family of organizations is transforming how capital and investments flow into communities to provide people access to the capital and opportunities they deserve. 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 by offering 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.
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 Capital Impact Partners:
Capital Impact Partners is transforming how capital and investments flow into communities to provide people access to the capital and opportunities they deserve. We work to champion key issues of equity and social and economic justice by deploying mission-driven financing, capacity-building programs, and impact investing opportunities.
Capital Impact is part of the Momentus Capital branded family of organizations, including CDC Small Business Finance, Momentus Direct Capital, Momentus Securities, and Ventures Lending Technologies. Collectively, 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.
A nonprofit Community Development Financial Institution, Capital Impact has disbursed more than $3 billion since 1982 to create access to critical social services, grow entrepreneurs, and create quality jobs. Capital Impact’s leadership in delivering financial and social impact has resulted in the organization being rated by S&P Global and Fitch, and recognized by Aeris for its performance.
About CDC Small Business Finance:
CDC Small Business Finance is transforming how capital and investments flow into communities to provide people access to the capital and opportunities they deserve. As the nation’s leading mission-based small business lender, CDC delivers small business and commercial real estate loans paired with small business owner assistance to bolster entrepreneurship, economic development, and job creation.
CDC offers numerous financing products including the Small Business Administration (SBA) 504 commercial real estate loans; SBA Community Advantage working capital loans; and the SBA Microloan. We also offer non-SBA products to provide more equitable access to credit for those who are unable to qualify for traditional financing. CDC also provides free business advising to support both potential borrowers to get loan-ready as well as to help existing small business borrowers grow and expand their business.
Since 1978, CDC has provided more than $21.3 billion in funding to 12,000 borrowers and helped create and preserve over 214,000 jobs.
CDC’s subsidiary, Ventures Lending Technologies, offers Ventures+, a proprietary loan processing and portfolio management tool that has become one of the top resources for small business and community lenders. This cloud-based platform provides a low-cost way for smaller lenders to offer services throughout the entire lifecycle from a borrower prospect to loan payoff. Through this work, the Ventures+ team helps scale the ability of local lenders to create impact in their communities by providing access to high-level services they would otherwise be unlikely to manage on their own.