Developers of color have historically faced significant barriers resulting from generations of structural racism and disinvestment. This investment will go toward Momentus Capital’s efforts to help developers grow their businesses.
SEPTEMBER 13, 2022 (Arlington, VA/San Diego, CA) –Momentus Capital announced today that U.S. Bank has purchased a $5 million Racial Equity Bond from Capital Impact Partners, part of the Momentus Capital family of companies. It is the first time that Capital Impact Partners has offered a bond like this; the use of funds is restricted to ensure investors’ funds go to developers of color and the work is achieving its intended racial equity impact.
This investment will help support Momentus Capital’s continued work toward helping real estate developers of color in an industry where they are starkly underrepresented to create generational wealth, construct developments that are aligned with community needs, and build more affordable housing.
14th annual list honors a wide-ranging group of individuals across an array of industries
August 9, 2022 (Arlington, VA and 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 selected by Fast Company in the business publication’s 14th annual list of the Most Creative People in Business.
The list, announced today, recognizes individuals making a cultural impact via bold achievements that have never been accomplished before in their chosen fields, from entertainment to healthcare to food. Fast Company editors and writers research candidates for the list throughout the year, scouting every business sector, including technology, medicine, engineering, marketing, entertainment, design, and social good, to find those who are leading with creativity during one of the most challenging times in history.
Fast Company highlighted Carr and the Momentus Capital branded family of organizations — which includesCapital Impact Partners,CDC Small Business Finance, andVentures Lending Technologies — for creating the Equitable Development Initiative, a national program that helps developers of color overcome systemic issues and lead affordable real estate projects.
“I’m excited for the recognition, but I’m even more excited that publications like Fast Company recognize the need to be creative in working with communities to solve systemic issues. This work helps local leaders and entrepreneurs advance solutions that build strong and vibrant economies,” Mr. Carr said. “The Equitable Development Initiative team at Momentus Capital, and the experts who contribute their time and mentorship, have created an invaluable resource for developers of color and the communities they serve.”
The Equitable Development Initiative launched in Detroit in 2018, expanded into the Washington metropolitan area in 2019, the San Francisco Bay Area in 2021, and the Dallas metropolitan area in 2022. So far, more than 200 developers of color have completed the Equitable Development Initiative or are currently participating. Many of the alumni have since gone on to create their own organizations, build local developments, and foster peer-to-peer networks.
Historically, the real estate industry has been dominated by larger national and global firms. Developers of color face significant barriers to entering the real estate space due to the lack of access to capital, equity and experience – the result of generations of structural racism and disinvestment.
The Equitable Development Initiative provides developers with broad-based training – in areas such as project budgeting, real estate finance, project and contractor management, legal services and community engagement – as well as local mentorship, network building, and pathways for them to access funding.
“We’re helping real estate developers of color grow their businesses in an industry where they are severely underrepresented, which helps these developers build generational wealth,” said Mr. Carr. “These developers are able to build more affordable housing, create more jobs, and provide communities with the opportunities they deserve to succeed and thrive.”
The success of the Equitable Development Initiative has also led to additional programs and partnerships to support developers farther along in their career but still facing barriers. In 2022, Momentus Capital partnered with the Amazon Housing Equity Fund to launch the Housing Equity Accelerator Fellowship for 15 developers of color in the Washington region. Also this year, Momentus Capital joined up with three other community development financial institutions and the Wells Fargo Foundation to launch Growing Diverse Housing Developers, working with 39 developers of color around the country.
These programs exemplify how Momentus Capital is delivering a continuum of financial capital, knowledge capital, and social capital to transform how the financial sector serves local leaders who are building inclusive, equitable communities and creating generational wealth.
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About the Most Creative People in Business List
The individuals honored in Fast Company’s Most Creative People in Business list have all accomplished something truly innovative within the past 12 months or so. Additionally, no one on this list has ever been profiled in the pages of Fast Company before. Together, they represent the future of business.
“Most Creative People represents Fast Company at its best,” says Brendan Vaughan, Fast Company’s Editor-in-Chief. “These dozens of human stories showcase how creativity is one of the most underrated ways to transform business.”
Introduced in 2009, the Most Creative People list quickly established itself as one of Fast Company’s most esteemed franchises. Each year, the magazine’s editors present an all-new list of people chosen according to a proprietary methodology.
Fast Company’s Most Creative People in Business issue (September 2022) is available online now here and on newsstands beginning August 16. Join the Most Creative People conversation using #FCMostCreative.
About Fast Company
Fast Company is the only media brand fully dedicated to the vital intersection of business, innovation, and design, engaging the most influential leaders, companies, and thinkers on the future of business. Headquartered in New York City, Fast Company is published by Mansueto Ventures LLC, along with sister publication Inc., and can be found online at www.fastcompany.com.
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-driven 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.
Each organization under the Momentus Capital brand will continue operating as a separate entity committed to serving its key market and clients, albeit with additional resources and product offerings.
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.
Leveraging 80 years of combined experience, a portfolio of nearly $3 billion, and strong community engagement, the family of companies has delivered more than $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, Michigan, Nevada, New York, Texas, and Washington, D.C.
August 2, 2022 (Arlington, VA) – Capital Impact Partners announced today that Aflac Incorporated has publicly announced a $15 million investment in Capital Impact Investment Notes (“Notes”).
“As a compassionate company that is innately driven by our commitment to the policyholders and communities we serve, we are continually seeking investment opportunities that champion underserved communities,” said Teresa McTague, Chief Investment Officer of Aflac U.S. and Aflac Global Investments’ Global Head of ESG Investment Strategies. “The opportunity presented by Capital Impact Partners aligned very well with the Socioeconomic Advancement and Empowerment category under our Sustainability Bond Framework. We were thrilled to identify and act upon this caliber of investment opportunity through Capital Impact Partners. Our investment and partnership is far more than transactional to us; it embodies our vision of making a direct and measurable difference in the lives of many, which exemplifies core values our company treasures.”
“We are thrilled to join in celebrating Aflac Incorporated’s commitment toward our mission,” said Natalie Gunn, Chief Financial Officer of Capital Impact Partners. “We’ve shown over the past 40 years just how effective impact investing can be. We’re able to deliver a strong financial performance while fulfilling our mission of creating social and economic justice in disinvested communities throughout the United States.”
The Momentus Capital branded family of organizations is a founding member of the new coalition dedicated to addressing economic disparities and accelerating economic opportunities.
July 28, 2022 (Arlington, VA and San Diego, CA) – The Momentus Capital branded family of organizations is honored to serve as one of the founding members of newly created Economic Opportunity Coalition (EOC).
Vice President Kamala Harris announced today historic efforts to catalyze and align both public and private investments — including formation of the new EOC — to address economic disparities and accelerate economic opportunity in communities of color and other underserved communities.
The EOC is made up of 23 companies and foundations, including 14 companies ranked in the Fortune 500. Their goal is to focus commitments in a few areas that will move the needle — aligning their major investments in communities of color with investments made by the Biden-Harris Administration.
“Momentus Capital is uniquely positioned to serve a significant role representing mission-driven financial institutions on the Economic Opportunity Coalition,” said Ellis Carr, president and CEO Capital Impact Partners and CDC Small Business Finance, each part of the Momentus Capital branded family of organizations. “Our team has extensive experience with small business and community development, and the ability to offer a continuum of capital at every growth stage to support economic mobility and wealth creation.”
“We are thankful to the Biden-Harris Administration for its support of the Economic Opportunity Coalition. Working together in this public-private partnership will help create social and economic justice in disinvested communities,” Mr. Carr added. “This coalition will bolster the work that Momentus Capital is doing to provide communities with the opportunities they deserve to succeed and thrive. We can accomplish much more, and much faster, by combining our efforts strategically than we would by acting separately.”
The founding members of the EOC include Ariel Investments, Bank of America, BNY Mellon, Capital One, Citi, Discover, Ford Foundation, Goldman Sachs, Google, Key Bank, Kresge Foundation, Mastercard, McDonald’s, McKinsey & Company, Micron, Momentus Capital, Moody’s, Netflix, PayPal, PNC, The Rockefeller Foundation, TIAA, and Upstart.
The EOC will coordinate across public, private and social sector organizations. It will develop and deploy products that solve challenges in getting resources where they are needed most, and it will drive toward outcomes for meaningful action.
The coalition members have made significant commitments across each of the four focus areas, including a number of investments since the group formed earlier this year:
Investing in community development financial institutions (CDFIs) and minority depository institutions (MDIs)
Supporting entrepreneurship and minority-owned businesses
Expanding inclusive and equitable access to credit and other financial services facilitating financial health
Making infrastructure investments that create more community wealth
These commitments, which represent only a small fraction of total commitments from the EOC, show the immense resources these founding members bring to the table, but they acknowledge they must do more.
Over the coming months, the EOC will build on investments the Biden-Harris Administration has made and develop new solutions that reimagine how capital, technology, and talent are deployed in underserved communities. They will be built with and for the community, leveraging existing strengths and assets to address the root causes of economic inequality.
The Momentus Capital branded family of organizations is already working to transform how investments and capital flow into communities. This includes:
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
Among the recent programs and initiatives from the Momentus Capital family of companies:
Launching an Impact Investing group to jumpstart growth-stage businesses that will impact their communities. Equity investments make up less than 2% of CDFI portfolios in the United States. This will fill a crucial gap for companies like this that need more than traditional debt products.
Coming Soon! Momentus Capital is developing an investment bank to better connect investors with community organizations through community-centric securities offerings.
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 a commercial real estate loan, assisting them with the opportunity to build wealth, create jobs and stay in the communities they serve.
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.
Leveraging 80 years of combined experience, a portfolio of nearly $3 billion, and strong community engagement, the Momentus Capital family of companies has delivered more than $23 billion in financing, created and preserved 250,000 jobs, and served 12,000 small businesses and five million people across their history.
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-driven 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.
Each organization under the Momentus Capital brand will continue operating as a separate entity committed to serving its key market and clients, albeit with additional resources and product offerings.
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.
Leveraging 80 years of combined experience, a portfolio of nearly $3 billion, and strong community engagement, the family of companies has delivered more than $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, Michigan, Nevada, New York, Texas, and Washington, D.C.
Capital Impact Partners, CDC Small Business Finance, and Ventures Lending Technologies bring more than 80 years of combined small business and community development experience to the Momentus Capital family of organizations.
JULY 21, 2022 (Arlington, VA/San Diego, CA) – 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. Opening up these doors is fundamental for local leaders and entrepreneurs to contribute not only to their communities, but to our shared economy.
For too long, many people — especially people of color — have been overlooked, ignored, or systematically excluded from the current system. Residents from all walks of life deserve to have equitable access to the things that contribute to their health and wealth: a vibrant local economy with good jobs; high-quality social services; and a voice in what happens in their community.
“Small business owners, 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,” said Ellis Carr, president and CEO of Momentus Capital. “We need bold thinking and a holistic approach to unleash solutions for underestimated communities. Momentus Capital was created to meet that challenge.”
Capital Impact Partners joins forces with LIIF and Reinvestment Fund for a program sponsored by the Wells Fargo Foundation in support of real estate developers of color and creating more affordable housing
June 29, 2022 (Arlington, VA) – Capital Impact Partners is partnering with Low Income Investment Fund (LIIF) and Reinvestment Fund to expand its commitment to helping real estate developers of color grow their businesses in an industry where they have long been underrepresented.
Through a $30 million grant from the Wells Fargo Foundation, the three mission-driven Community Development Financial Institutions (CDFIs) will implement Growing Diverse Housing Developers, a new program that will connect housing developers of color with lower-cost, flexible capital, as well as the training, mentorship, and resources needed to grow and scale their businesses. Growing Diverse Housing Developers also seeks to increase the supply of homes that are affordable in several key regions across the country.
The first publicly available, searchable resource of impact investing fund managers zeroes in on some of the industry’s most impactful managers.
May 18, 2022 (Arlington, VA) – For the fifth straight year, Capital Impact Partners has been selected for the ImpactAssets 50 – a free, annual database for impact investors, family offices, corporate and family foundations, and institutional investors that features a diversified listing of private capital fund managers delivering social and environmental impact as well as financial returns.
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 disinvested communities.
The NonProfit Times selects Capital Impact Partners as #8 medium-sized nonprofit, #23 overall
May 18, 2022 (Arlington, VA) – For the second straight year, Capital Impact Partners has been selected as one of the 50 Best Nonprofits To Work For by The NonProfit Times, the leading publication for nonprofit managers.
In these national rankings, Capital Impact was #8 in the medium-sized category (organizations with 50-249 employees) and #23 overall.
Program is sponsored by a grant from the Amazon Housing Equity Fund and will support real estate developers of color focused on bringing more affordable housing to the Washington metropolitan region.
April 28, 2022 (Arlington, VA) – Today, Capital Impact Partners announced the inaugural class of its Housing Equity Accelerator Fellowship. The group consists of 15 of the region’s emerging real estate developers of color.
The goals of this new program, funded by a grant of more than $5 million from the Amazon Housing Equity Fund, include increasing the number of real estate developers of color in an industry where they are under-represented, and helping to grow the affordable housing stock in this region.
Dallas becomes the fourth region for Capital Impact Partners’ Equitable Development Initiative, which helps developers of color overcome systemic issues and lead affordable real estate projects
April 7, 2022 (Dallas, TX/Arlington, VA) – A new program will break down the barriers for real estate developers of color in the Dallas area, helping them be more involved in the region’s booming real estate market – and, in turn, to create more affordable housing.
The Equitable Development Initiative is led by Capital Impact Partners and has trained nearly 200 developers of color since 2018 in three major metropolitan areas. The Dallas region will become the fourth.
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