Nine Awardees are Locally Owned Food Businesses in Wards 5, 7, and 8
Arlington, VA (March 9, 2022) – While Washington, DC has a vibrant food and restaurant community, food businesses owned by people of color still struggle to participate due to the lack of opportunities to access capital. In an effort to build a more equitable food ecosystem, the Nourish DC Collaborative – in partnership with DC Mayor Muriel Bowser – announced its first round of grants – totaling $400,000 – to support locally owned food businesses, especially in neighborhoods underserved by grocery stores and other food businesses. The nine awardees are local BIPOC-owned food businesses in Wards 5, 7, and 8 that are providing healthy, affordable, and culturally appropriate food for DC residents. Seven of the awardees are women-owned businesses.
Amazon commits more than $5 million to new program to grow opportunities for real estate diverse developersin Arlington, Virginia and the broader Washington, D.C. Metropolitan region
Arlington, VA (December 8, 2021) – Capital Impact Partners today announced a grant of more than $5 million from Amazon to launch an initiative focused on accelerating new opportunities for emerging real estate diverse developers while also increasing affordable and workforce housing across Arlington, Virginia and the greater Washington, D.C. metropolitan region. This funding is the most recent commitment from the more than $2 billion Amazon Housing Equity Fund, which was established to preserve and create over 20,000 affordable homes in Amazon’s hometown communities–the Puget Sound region of Washington state, the Arlington, Virginia region, and Nashville, Tennessee.
Organizations will work with local partners to help small business owners of color recover and emerge from the COVID-19 pandemic
Arlington, VA | San Francisco, CA | San Diego, CA (November 30, 2021) – Capital Impact Partners and CDC Small Business Finance announced a $1.5 million grant from Wells Fargo to launch an initiative focused on providing targeted business training services to small real estate developers and entrepreneurs of color. The grant will also help accelerate re-development efforts in D.C. and the Delta through a focus on small real estate development businesses and other industries that bring needed housing, amenities and jobs. The funding is made possible through Wells Fargo’s Open for Business Fund, a roughly $420 million small business recovery effort across the U.S to help small business owners recover and emerge from the pandemic even stronger and more resilient.
(DETROIT, MI/ARLINGTON, VA – October 21, 2021)Capital Impact Partners, a mission-driven Community Development Financial Institution (CDFI), is celebrating 10 years of working with Detroit. The company also marked a milestone of $300 million in investments to expand economic, social and racial justice for underestimated communities through an inclusive growth strategy.
This year’s award supported five organizations, including Collective Remake, Cooperation Humboldt, Co-op Cincy, Co-op Dayton, and Custom Collaborative
Arlington, VA (September 29, 2021) – In the wake of the COVID-19 pandemic, along with increased visibility of racial violence and inequity, cooperatives have demonstrated their continued ability to promote resiliency and growth toward shared prosperity for communities.
The seventh annual Capital Impact Partners Co-op Innovation Award – which aims to increase co-op development in communities with low incomes and/or communities of color – focused on supporting organizations that are expanding education about the cooperative model in the face of the twin pandemics of COVID and racial injustice.
Innovative Program Provides Critical Training to Help Diverse Developers Overcome Systemic Issues and Spearhead Affordable Real Estate Projects
September 22, 2021 (Oakland, CA/Arlington, VA) – While there is a critical need to address the San Francisco Bay Area’s housing crisis in a way that supports racial and economic inclusion, developers who identify as racial or ethnic minorities are severely underrepresented in a market dominated by large global and national firms. In an effort to help solve this crisis, Capital Impact Partners announced the expansion of its Equitable Development Initiative (EDI) into the region to help local diverse real estate developers who represent the region’s diversity take a leadership role in shaping the development landscape within the local context. These developers have historically faced significant barriers to entering the real estate industry due to the lack of access to capital, equity, and experience resulting from generations of structural racism and disinvestment.
Award Will Spur Projects that Increase Access to Social Services in Disinvested Communities
Arlington, VA (September 1, 2021) — The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) has awarded Capital Impact Partners a $60 million New Markets Tax Credit (NMTC) allocation. This award helps advance Capital Impact’s mission to increase access to critical social services in disinvested communities, spur economic development and wealth creation, and create jobs by incentivizing private sector investors to partner in its community financing efforts.
Arlington, VA, Chicago, IL, and Delray Beach, FL (August 5, 2021) – Capital Impact Partners today announced that it has achieved a significant impact investing milestone by issuing more than $200 million of Capital Impact Investment Notes (Notes), the net proceeds of which help drive social impact through investment in organizations that provide access to critical social services, including health care, education, affordable housing, and healthy foods. Capital Impact partners with InspereX LLC to distribute the Notes through its Legacy™ Platform to a nationwide network of broker-dealers, institutions, and financial advisors.
First two funded projects demonstrate how initiative creates a pathway for emerging diverse real estate developers to enter the industry and positively impact the communities in which they build
(Arlington, VA – July 8, 2021) – Capital Impact Partners today launched its $20 million Diversity in Development – DMV Loan Fund (DiD-DMV), and named the first two high-impact housing and community development projects in Washington, D.C.’s Wards 7 and 8 financed through the Fund.
Grants through the Treasury’s CDFI Rapid Response Program (CDFI RRP) will provide necessary capital for CDFIs to respond to economic challenges created by the COVID-19 pandemic, particularly in disinvested communities
Arlington, VA (June 15, 2021)– The U.S. Department of the Treasury announced today that Capital Impact Partners was awarded $1,826,265 as part of $1.25 billion in awards to 863 Community Development Financial institutions (CDFIs) to respond to economic challenges created by the COVID-19 pandemic, particularly in disinvested, yet persevering communities across the country.
The awards were announced today by Vice President Kamala Harris at the White House with Treasury Secretary Janet L. Yellen. The grants will be made through Treasury’s CDFI Rapid Response Program (CDFI RRP).
“In serving places that the financial sector historically hasn’t served well, CDFIs lift our whole economy up. We know that for every dollar injected into a CDFI, it catalyzes eight more dollars in private-sector investment, meaning that today’s announcement might lead to an additional $10 billion in investment,” said Secretary Janet Yellen.
“Communities of color have experienced disproportionate impacts of COVID-19 and racial injustices over the course of the last year, on top of historical disinvestment,” said Ellis Carr, president and CEO of Capital Impact Partners and CEO of CDC Small Business Finance. “We will utilize the RRP award to expand our work and uplift community members, partners, and borrowers to ensure that communities across the country advance on their journey to equity and wealth building.”
The CDFI RRP grant funds will be used to support eligible activities such as financial products, financial services, development services, and certain operational activities, and to enable CDFIs to build capital reserves and loan-loss reserves. The CDFI Fund designed the program to disburse the funds rapidly in light of the nationwide economic impacts of the COVID-19 pandemic. The CDFI RRP was authorized by the Consolidated Appropriations Act, 2021.
“These awards provide CDFIs with an unprecedented level of flexible capital to help distressed and underserved communities across the country take meaningful steps towards recovering from the debilitating economic impacts of the COVID-19 pandemic,” said CDFI Fund Director Jodie Harris. “CDFI RRP awards will enable CDFIs to help businesses keep their doors open, help families make ends meet, and help maintain important community facilities during this difficult time.”
Since 1982, Capital Impact Partners has centered social and economic justice needs of the communities we serve, investing more than $2.5 billion nationwide to serve more than 6 million people and to create nearly 40,000 jobs while expanding access to affordable housing, health care, healthy food, education and small business funding. Through our work, we have and continue to invest in disinvested communities to build economic mobility, resilience, equity, and opportunity.
In April, 2021, Capital Impact Partners and CDC Small Business Finance aligned operations in a new joint enterprise designed to transform how capital and investments flow into historically disinvested communities. The organizations are focusing efforts to drive economic empowerment and address systemic issues facing communities.
Through the COVID-19 pandemic, we have continued to work as a counterforce to help communities address the now-amplified needs of individuals, families, and businesses. We implemented several initiatives and funds to support the needs of our communities, including:
CPCA COVID Response Loan Fund: a $25 million fund launched to provide flexible financing for California community health centers and clinics;
DMV Good Food Fund Innovative Response Fund: launched to provide $100,000 in awards to key partners in order to allow local good food enterprises to reposition and pivot in response to the COVID-19 pandemic and its impacts on the regional food economy;
2020 Co-op Innovation Award: provided $100,000 in grants to cooperative organizations expanding knowledge of and opportunities for wealth building and sovereignty through the co-op model, particularly in the face of COVID-19;
Stay Midtown: made additional rental and relocation assistance available to renters in partnership with Midtown Detroit, Inc through the Stay Midtown program; and
Entrepreneurs of Color Fund: helped to channel relief funds to support small business borrowers in Washington, D.C. through our partners at the Latino Economic Development Center (LEDC) and the Washington Area Community Investment Fund (Wacif).
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About Capital Impact Partners
Through capital and commitment, Capital Impact Partners helps people build communities of opportunity that break barriers to success. Through mission-driven financing, social innovation programs, capacity building, and impact investing, we champion social and economic justice issues. Through this work, we help increase equitable access to quality health care and education, healthy foods, affordable housing, cooperative development, and the ability to age with dignity.
Capital Impact has disbursed more than $2.5 billion since 1982. Our leadership in delivering financial and social impact has resulted in being rated by S&P Global and recognized by Aeris for our performance. Headquartered in Arlington, VA, Capital Impact Partners operates nationally, with local offices in Austin, TX, Detroit, MI, New York, NY, and Oakland, CA. Learn more at www.capitalimpact.org.
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