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.
Centering our commitment to community-centered value will support hard-working communities to move forward and thrive in the wake of the pandemic
Arlington, VA (June 10, 2021) – After pivoting to face the realities that 2020 laid bare, the first quarter of 2021 for Capital Impact Partners has been about expanding our work to create opportunities for hard-working communities to move onward and upward. Our communities, including communities of color and communities living with low incomes, were hard-hit by the pandemic, as many of our neighbors were already struggling with inequity and lack of opportunities before the COVID-19 pandemic started.
Grants support the growth of four existing and emerging cooperative businesses led by underserved entrepreneurs
Washington, D.C./Arlington, VA (June 8, 2021) — The Washington Area Community Investment Fund (Wacif) and Capital Impact Partners today announced $40,000 in grant awards to four existing and emerging cooperatively owned businesses operated by people of color and/or workers living with low wages through the D.C. Co-op Impact Grant. In its second year, the grant advances community development by encouraging the growth of quality jobs, sustainable businesses, leadership development, and asset building through an equitable cooperative model.
Funds will be used to provide technical assistance, catalytic grants, and lending products to support D.C. food businesses and create an equitable food system
Arlington, VA (May 6, 2021) – Washington, D.C. Mayor Muriel Bowser awarded Capital Impact Partners $1 million to manage the newly announced Nourish D.C. Fund. This fund, part of the $5.2 million D.C. Local Equity, Access, and Preservation Funds (D.C. LEAF) program, aims to support a robust ecosystem of locally owned food businesses in District neighborhoods by investing in BIPOC-owned businesses that otherwise struggle to access capital and also promotes health equity in the city.
Organization Selected 19th Overall and 8th in the Medium-Sized Category Nationally
Arlington, VA (April 12, 2021) – Capital Impact Partners was selected as one of the 50 Best Nonprofits To Work For in 2021 by the NonProfit Times, the leading publication for nonprofit managers. In this national program, Capital Impact was 19 overall, and 8th in the medium-sized category which made up half of this year’s list. The company is one of only three Community Development Financial Institutions to make this list.
Washington, DC / San Diego, CA, March 30, 2021 – Capital Impact Partners and CDC Small Business Finance are uniting operations to launch a transformative new enterprise and innovate how capital and investments flow into historically disinvested communities to advance economic empowerment and equitable wealth creation.
Leveraging their 80 years of combined efforts engaging with communities and nearly $3 billion in assets, Capital Impact Partners, one of the nation’s leading Community Development Financial Institutions (CDFI), and CDC Small Business Finance, the nation’s leading mission-based small business lender are now operating as one under Capital Impact’s current President and Chief Executive Officer Ellis Carr.
Ensuring that communities do not take steps back in their economic justice journey has and continues to drive our work to support disinvested communities, through new enterprises, programs, and lending initiatives
Arlington, VA (March 2, 2021) –2020 was a hard year for people nationwide and globally, especially for communities that were already struggling with inequity and lack of opportunities before the COVID-19 pandemic started. Amidst the health and economic impacts of the pandemic, racial violence and discrimination also continued unabated. As a result , communities saw companies, organizations, and jurisdictions taking initial steps toward ensuring equity and justice for Black, Indigenous, and people of color. While we are encouraged by the recognition of all sectors of society for the need for action, it must also be acknowledged that so much more remains to be done.
Through partnerships and commitment, Capital Impact works to make sure that communities do not lose gains they have made in building equity and generational wealth
Arlington, VA (December 3, 2020) –Since early 2020, Capital Impact Partners, our communities across the country, and our partners have been working to pivot in the face of the COVID-19 pandemic. In addition, the country is facing a reckoning born from the undeniable spotlight on the generations-long inequities that communities of color have experienced. This is a moment in which many people are asking not just how do we get back where we were, but how can we use this moment to enable the transformation that we want to see, so that communities can build real stability, prosperity, and equity.
CPCA COVID Response Loan Fund Designed to Bridge Gap as Health Centers Face Lost Revenue Due to Coronavirus Pandemic
Sacramento, CA/Arlington, VA (October 07, 2020) – California’s community health centers (CHCs) are facing significant lost revenue as a result of business disruptions due to the COVID-19 pandemic. At the same time, CHCs are incurring unforeseen costs to implement technology for virtual health consultations. The impacts of the pandemic have been further exacerbated for many CHCs by the wildfires plaguing the state.
To bridge this cash flow gap, the California Primary Care Association (CPCA) and Capital Impact Partners have launched the $25 million CPCA COVID Response Loan Fund to provide flexible financing for CHCs. Fund investors include the Alliance Healthcare Foundation, The California Endowment, The California Wellness Foundation, JPMorgan Chase, Richard W. Goldman Family Foundation, and UnitedHealth Group.
Arlington, VA (October 7, 2020) –Capital Impact Partners is pleased to announce that Natalie Nickens Gunn, the company’s Chief Financial Officer, has been named to the Washington Business Journal’s “Women Who Mean Business” program. Now in its 17th year, this award honors the region’s most influential business women who have made a difference in their communities and are leaving a mark on the Washington, D.C. area community.
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