• capital-impact-history-multi-Generational Family poses for camera
  • A HISTORY OF IMPACT
    Thirty years providing capital and capability to communities — and we're just getting started.

 

1982

OUR FOUNDING

Capital Impact was formed as a District of Columbia nonprofit in 1982 at the direction of the United States Congress to support the development of cooperatives in underserved communities.

 

1984

NONPROFIT LENDING BEGINS

Our national mission-driven lending effort is formally launched to support all forms of consumer, worker and producer cooperatives—thus, contributing to the economic development of low- and moderate-income communities.

 

1985

EXPANDING HEALTH CARE ACCESS

We begin to expand our impact beyond the cooperative sector. Through lending to Federal Qualified Health Centers, we support increased access to quality health care for those in low-income communities.

 

1992

OAKLAND OFFICE OPENING

We solidify our national presence by opening an office in the Bay Area of Northern CA to complement our headquarters in Arlington, VA. Over the years, we reinforce our national strategy with loan officers located in key states.

INNOVATIONS IN AGING

The Robert Wood Johnson Foundation supports the launch of our “Coming Home Program.” This initiative facilitates more than 50 affordable assisted living projects across 13 states. It’s the first of our many efforts to support dignified aging in the community.

 

1996

COMMITMENT TO EDUCATION

We launch our comprehensive charter school lending program to ensure access to a quality education for low-income students. Our first education loan is provided to EdVisions, a nonprofit organization that works to create and sustain small schools.

 

1999

CALIFORNIA HEALTH CARE FOCUS

We launch the CPCA Ventures Loan Fund in partnership with the California Primary Care Association, The California Endowment and Dignity Health to deepen our health care impact. This $40M fund supports statewide financing of community clinics and health centers.

 

2003

FIRST NEW MARKETS TAX CREDITS

We are awarded our first New Markets Tax Credit allocation. This program of the U.S. Department of the Treasury’s Community Development Financial Institution Fund attracts private capital to project financing in struggling communities.

 

2004

PARTNERING TO AMPLIFY IMPACT

We embark on our first partnership with another CDFI as a way to service larger loans for big projects. This effort will serve as a model for creating financing partnerships with numerous CDFIs, foundations and traditional banks.

 

2005

Aeris Rated

Aeris (formerly CARS Inc.) provides us with our first independent rating recognizing financial performance and social impact. We continue to earn strong ratings every year, including policy leadership, when that distinction is added to their analysis.

 

2006

THE GREEN HOUSE PROJECT

We partner once again with the Robert Wood Johnson Foundation to lead a replication of The Green House Project, a radical new model for home-like skilled nursing care. In 2016 the program scaled to a point where it was able to operate as a stand-alone organization.

 

2008

AMPLIFYING HOUSING COOPERATIVES

Capital Impact becomes a founding investor in ROC USA. This dedicated nonprofit makes resident ownership of manufactured home communities possible by helping residents work together as a cooperative to purchase the land their community sits on.

 

2009

EXPANDING AGING IN THE COMMUNITY EFFORTS

We seed the initial development of the Village to Village Network, a peer network of grassroots organizations committed to creating livable communities for older adults. Successfully grown into a national presence, the network became an independent organization in 2015.

COMMITMENT TO SHARED EQUITY AFFORDABLE HOUSING (2009)

With support from the Ford Foundation, we launch the Cornerstone Partnership—a peer network for homeownership programs working to preserve long-term affordability. Cornerstone morphed into the Grounded Solutions Network in 2016.

 

2011

CDFI CERTIFICATION

CDFI Fund Logo

We become officially certified by the Community Development Financial Institution Fund, which recognizes our lending to projects in low-income communities. This certification makes us eligible for a variety of programs offered by the Fund.

AFFORDABLE HOUSING CAPACITY BUILDING

$2M award from the Social Innovation Fund, a program of the Corporation for National and Community Service, allows us to make grants to local homeownership programs, addressing affordability issues. A second $2M award helps extend this program in 2013.

A VISION FOR DETROIT

We join the Kresge Foundation, Skillman Foundation and Midtown Detroit to launch a focused effort in Detroit as part of the Living Cities Integration Initiative. Our lending work expands to collaboration with on-the-ground organizations, academic institutions, businesses and foundations to spur revitalization of Detroit’s Woodward Corridor.

HEALTHY FOOD FOCUS

First Lady Michelle Obama announces the California FreshWorks Fund, which we developed in partnership with The California Endowment to finance healthy food enterprises and support innovation across CA. After we deploy $60M and increase access for 800,000 Californians, management of the fund is transferred to a partner CDFI in 2015.

 

2013

WELLS FARGO NEXT AWARD

In recognition of our pioneering work in Detroit, we receive the Wells Fargo NEXT Award for Opportunity Finance. This $2.75M award substantially expands our work across the city, allowing us to further our revitalization efforts.

WOODWARD CORRIDOR INVESTMENT FUND

The Kresge Foundation, MetLife, Inc., PNC Bank, Prudential, Calvert Foundation, Ford Foundation, Living Cities and the Max M. & Marjorie S. Fisher Foundation all support our launch of the Woodward Corridor Investment Fund and provide capital to projects that promote density, diversity, vibrancy and walkability in Detroit’s core.

 

2014

A New Name, Continued Impact

We debut our new name, Capital Impact Partners, and adopt a brand identity that better reflects our culture, capabilities and strategy to deepen our mission to create social impact for those most in need.

DETROIT OFFICE OPENS

After years of dedicated efforts to support Detroit’s revitalization, we formally open up our Midwest office in the “New Center” section of the city. The office is centrally located to many projects we’ve financed in the heart of Detroit.

DETROIT NEIGHBORHOODS FUND

JPMorgan Chase makes a $100M commitment to Detroit, which includes $25M to launch our Detroit Neighborhoods Fund. The Fund provides financing for multi-family residential properties, mixed-use real estate and grocery stores. Mayor Mike Duggan joins us at the Rainer Court Apartments ribbon cutting to mark the first project opened under the fund.

BOND GUARANTEE PROGRAM

The CDFI Fund enables us to utilize its Bond Guarantee Program, an effort designed to support community revitalization. This allows us to offer our borrowers long–term financing at low fixed rates, thus enabling them to put more of their money toward impact.

$2 BILLION OF IMPACT MILESTONE

While it took 25 years to reach the $1B mark, it only took five more for us to mark the impressive milestone of deploying over $2B in efforts to increase access to critical social services that foster good health and economic development.

 

2015

Federal Home Loan Bank Membership

The Federal Home Loan Bank of Atlanta names us among its cooperative of financial institutions. We’re one of a few CDFIs that are part of this system. Our membership provides us with access to products that enhance our mission-driven lending efforts.

MICHIGAN GOOD FOOD FUND

The Michigan Good Food Fund is born to support efforts across the healthy food value chain—including production, distribution, processing, marketing and retail projects. This unique public-private partnership loan and grant fund is developed by the W.K. Kellogg Foundation, Fair Food Network and Michigan State University Center for Regional Food Systems.

AGE STRONG FUND

We continue to help low-income older adults age in their community with the Age Strong Investment fund, launched in partnership with AARP, AARP Foundation and Calvert Foundation. The $70M fund supports enterprises that benefit this high-need community. It also allows individuals to invest in the fund and earn a return through the Calvert Foundation.

Co-Op Innovation Award

We launch our Co-Op Innovation Award program to continue our effort to scale the cooperative movement. The first $40,000 is awarded to the Democracy at Work Initiative and United States Federation of Worker Cooperatives to recognize their support of co-op work in low-income communities.

 

2016

CEO TRANSITION

Terry Simonette, who led the organization since its inception, announces his retirement. Ellis Carr, Capital Impact’s Chief Financial Officer, is named as his replacement. Ellis brings 20+ years experience addressing social and economic justice issues through his work in the financial services and community development sectors.

HEALTHIER CALIFORNIA FUND

Already the largest nonprofit lender to Federally Qualified Health Centers in CA, we look to deepen our impact with the Healthier California Fund. This new $20M loan fund, launched with The California Endowment, supports growth and innovation at community health centers and clinics in underserved, low-income communities.

 

2017

AA S&P Global Rating

S&P Global, the world’s leading provider of independent credit ratings, assigns Capital Impact with a “AA credit rating with stable outlook.” The ratings analysis recognized our strong asset quality and liquidity, minimal risk profile, and consistent growth in loans and assets. [Note: Rating subject to change, visit this page for latest rating]

CAPITAL IMPACT INVESTMENT NOTES

Capital Impact Investment Notes debut in the impact investment marketplace with an offering $100 million offering rated ‘AA’ by S&P Global. Available for as low as $1,000, individual and institutional investors can purchase the Notes through their brokerage accounts and earn a financial, as well as a social, return on their investments.

EQUITABLE DEVELOPMENT INITIATIVE

Charting a new path toward inclusive economic opportunity, the Equitable Development Initiative is launched. This program aims to ensure Detroit’s pool of developers truly reflect the city’s diversity and that minority developers are able to participate in revitalization efforts. Participants receive training, mentorship, and an opportunity to secure capital support for their projects.

EQUITY RAISING JOINT VENTURE

In a first of its kind partnership, Capital Impact and Annaly Capital Management launched a $25 million joint venture to support community development in underserved cities across the country. The innovative structure provides direct financing for socially responsible projects in low-income communities while simultaneously enabling our ability to further expand our work nationally.

 

2018

$2.5 BILLION LENDING MILESTONE

Just a few years after announcing our $2 billion lending milestone, a record year of lending in 2017 helped Capital Impact cross the $2.5 billion mark. This effort has helped us touch the lives of $5 million people and create more than 37,000 jobs in communities nationally.

WASHINGTON, D.C. AFFORDABLE HOUSING PRESERVATION FUND

Washington, D.C.’s Mayor names Capital Impact as the fund manager for a new Affordable Housing Preservation Fund. Through leveraging the $5 million fund to secure private sector investment, this effort works to create and preserve affordable housing across all eight wards of the city.

 

2019

BAY AREA AFFORDABLE HOUSING PRESERVATION FUND

As part of the Partnership for the Bay’s Future Initiative, Capital Impact joins Bay Area community and faith leaders, housing advocates, business leaders, and philanthropists to launch one of the country’s largest investment funds to address the region’s affordable housing crisis.

$100 MILLION INVESTMENT NOTE MILESTONE

A network of broker-dealers, institutions, and individual investors purchase more than $100 million of Capital Impact Investment Notes in just one year. The offering is the only one by a CDFI that is S&P rated, DTC-settled and offered on a continuous basis through brokerage accounts in almost all U.S. states.

ENTREPRENEURS OF COLOR FUND

Capital Impact joins with JPMorgan Chase, Wacif, and the Latino Economic Development Center to expand the Entrepreneurs of Color Fund in Washington, D.C. The Fund supports local minority entrepreneurs through access to capital and technical assistance.

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