Capital Impact’s Washington, D.C. News: New Alliance | COVID-19 | Equitable Development Initiative | Entrepreneurs of Color

In the Washington Metropolitan area, and across the country, the COVID-19 pandemic has exposed the deep and systemic inequities impacting communities of color. Now, more than ever, we must stand with these communities by delivering the capital and commitment that supports their efforts to deliver critical social services, expand affordable housing, and create economic empowerment.

In this newsletter, read about how Capital Impact Partners has pivoted to help communities meet this challenge. From COVID response funds for inclusive food systems and entrepreneurs of color to new loans for education in the D.C. Metro area to a new alliance with the nation’s leading small business lender, we have not slowed down our commitment to help create strong, vibrant, and healthy places of opportunity for all Washington area residents.

Capital Impact Partners and CDC Small Business Finance – the nation’s leading mission-based small business lender – are excited to announce a new alliance that will focus on developing and implementing high-touch, scalable solutions that support economic empowerment and equitable wealth creation. The D.C. Metro area will serve as one of the three key place-based pilot locations where cross-organizational teams will actively engage with community members to understand the problems that are unique to the region and work with local organizations to create tools, programs, and services that are strategically customized to address those high-priority issues.

►Read Our Full Press Release for Details

As the pandemic took hold, it become clear that organizations and individuals were going to need additional support to weather the social and economic impacts. To help local entrepreneurs transition successfully, Capital Impact created innovative emergency funding opportunities so that community-based organizations could remain viable.

Entrepreneurs of Color Fund

We deployed $200,000 in emergency grant funds to our Entrepreneurs of Color Fund (EOCF) partners in the D.C. Metro area: Wacif and LEDC. Both organizations are dealing with unprecedented requests from their small business clients for loan restructuring or forbearance. These grant funds allow them to provide additional flexibility to their borrowers, which have had to substantially alter the way they do business during this time.

DMV GFF Innovative Response Fund

Capital Impact launched its DMV Good Food Fund (DMV GFF) Innovative Response Fund, providing $100,000 in awards to key partners in order to sustain and stabilize mission-aligned good food enterprises in the Washington Metro area. Given with the generous support of the William R. Kenan, Jr. Charitable Trust, the awards allow local good food enterprises to reposition and pivot in response to the COVID-19 pandemic and its impacts on the regional food economy.

►Learn about the Response Fund Awardees

We are now accepting applications for the latest cohort of our Equitable Development Initiative (EDI) in the Washington Metropolitan area. Despite the COVID-19 pandemic, real estate development in the DMV continues. Given the disproportionate impacts on communities of color, as well as lasting inequities developers of colors experience, it is now as important as ever that developers who represent their communities are engaged in shaping the future of this region.

EDI participants receive broad-based training, including project budgeting, real estate finance, project and contractor management, legal services, and community engagement. Apply through September 9th and spread the word!

►Find Out More about EDI and how to Apply for Our Next Cohort

Nationwide, cooperatives are on the rise to create dignified employment, ownership, and wealth-building opportunities. In June, the Washington Area Community Investment Fund (Wacif) and Capital Impact Partners awarded $40,000 in grants to support cooperatively owned businesses through the D.C. Co-op Impact Grant initiative, launched in partnership with Citi Community Development. The awards are advancing the growth of emerging and existing cooperatively owned businesses led by communities of color and workers looking to break free from low-wage employment throughout the Washington, D.C. area.

►Meet the D.C.-area Co-ops Who Received Awards

Our President and CEO Ellis Carr has been asked by Washington, D.C.’s Ward 5 Councilmember Kenyan R. McDuffie to serve on the D.C. Equitable Recovery Advisory Group. This advisory group will be singularly focused on recommending which steps the District should take to improve the overall health and economic security of Black residents and to ensure that the city’s recovery response is equitable. Ellis is excited about this opportunity to foster equitable growth for District residents.

Additionally, several of our partners are joining Washington, D.C.’s Mayor Muriel Bowser’s Reopen D.C. Advisory Group. Members include Sarosh Olpadwala, real estate director for the Office of the Deputy Mayor for Planning and Economic Development (DMPED), and Buwa Binitie, chairman of the board for the D.C. Housing Finance Agency and founder of development firm Dantes Partners. DMPED and Dantes Partners have been strong partners of our EDI-DMV program. We are glad to see our network of partners helping to counsel the city through this critical recovery phase.

►Read More about Reopen D.C.

In April – amidst the coronavirus pandemic – we closed a $2.9 million loan as part of a larger $12 million financing package for the Richard Wright Public Charter School for Journalism and Media Arts. This loan will help Richard Wright transform its currently leased space into a bright and spacious new high school campus with room to grow, as well as creating space for an early childhood education charter school.

Richard Wright Public Charter School’s dedication to making a difference for its students is clear: its programming for students, including those living with disabilities, has resulted in a 100 percent college acceptance rate.

Meet the Capital Impact team (virtually) at upcoming events! We will be attending and presenting at conferences and events, including the following:

SOCAP Virtual – October 19-23

D.C. Charter School Conference – October 26-30

OFN Conference 2020 – November 9-12

Would you like to make a career change this year? Capital Impact offers a mission-driven experience and a suite of benefits. Check out our opening positions, including D.C. Program Specialist and Innovation & Strategy Specialist. We look forward to hearing from all interested candidates.

►Join Us!