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–>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
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
A $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 $20 million 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.
$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.
2020
Equitable Real Estate Development Loan Product
In an effort to increase support for diverse real estate developers, equitable development, and inclusive growth, Capital Impact launched the Diversity in Development – Detroit Loan Fund. This initiative is designed to create new pathways for diverse developers who have not been able to enter or grow within the real estate industry.
D.C. Co-op Impact Award
Expanding efforts around cooperative development like its national Co-op Innovation Award, Capital Impact partnered with Wacif and Citi Community Development to support a new award program to advance the growth of emerging and existing cooperatively owned businesses led by communities of color in the Washington, D.C. area.
Responding to COVID-19
Pivoting to help communities most impacted by the COVID-19 pandemic, Capital Impact launched a variety of initiatives including the CPCA COVID Response Loan Fund for community health centers in California, the DMV Good Food Fund in the Washington Metropolitan area, and other efforts.
A Transformative Gift for Equity
Representing the single largest individual gift in the organization’s history, philanthropist MacKenzie Scott donated $15 million to Capital Impact to advance the organization’s racial equity work with communities nationwide.
Alliance with CDC Small Business Finance
In an effort to disrupt traditional financial distribution channels, Capital Impact formed a unique alliance with CDC Small Business Finance, the nation’s leading mission-based small business lender. With a focus on economic empowerment and equitable wealth creation, the two organizations will deliver a full suite of lending products and programs that support community-led solutions.
2021
Ellis Carr Assumes Leadership for New Alliance
Capital Impact Partners and CDC Small Business Finance formally unite operations under a unified management team led by President and Chief Executive Officer Ellis Carr. Kurt Chilcott transitions from President and CEO of CDC Small Business Finance to Board Chair.
Best Nonprofit To Work For Awardee
Capital Impact is named to the NonProfit Times 50 Best Nonprofits To Work For list. Capital Impact is ranked 19 overall, and 8th in the medium-sized category. The company is one of only three CDFIs to make this list.
Nourish DC Collaborative
Washington, D.C. Mayor Muriel Bowser awards Capital Impact Partners $1 million to manage the newly announced Nourish DC Fund, which aims to support locally owned food businesses in D.C. neighborhoods, particularly by investing in BIPOC business owners.
Diversity in Development - DMV Loan Fund
In an effort to create pathways for emerging diverse real estate developers, Capital Impact launches its $20 million Diversity in Development – DMV Loan Fund (DiD-DMV). The program replicates a similar loan fund created for the Detroit region.
Investment Note $200 Million Milestone
Just two years after the launch of the Capital Impact Investment Note, this program achieves a significant impact investing milestone by issuing more than $200 million of Notes, the net proceeds of which help drive social impact.
A Decade in Detroit
Capital Impact Partners celebrates 10 years of working in Detroit. The celebration also includes a key milestone of $300 million in investments to expand economic, social, and racial justice for underestimated communities through an inclusive growth strategy in the region.
Open For Business Initiative
Capital Impact Partners and CDC Small Business Finance launch an initiative focused on providing targeted business training services to small real estate developers and entrepreneurs of color. The program is supported through the Wells Fargo Open For Business Fund.
Housing Equity Accelerator Fellowship
Capital Impact Partners, with support from Amazon, launches the Housing Equity Accelerator Fellowship focused on creating new opportunities for emerging diverse real estate developers while also increasing affordable and workforce housing across the greater Washington Metropolitan region.
2022
Celebrating FOUR Decades of Impact
Created through the National Consumer Cooperative Bank Act, Capital Impact Partners celebrates 40 years of working with communities to create impact and address issues of social and economic justice. Out of a small office with a handful of staff, Capital Impact has grown into one of the largest CDFIs in the country.
Capital Impact Joins Momentus Capital
Capital Impact is now part of Momentus Capital, a first-of-its-kind, new financial services enterprise transforming how we invest in communities and small businesses. Together with CDC Small Business Finance and Ventures Lending Technologies, our family of mission-driven financial organizations provides people the capital and opportunities they deserve to build inclusive and equitable communities for all.
2023
3 Billion Lending Milestone
Our lending efforts in 2023 have helped Capital Impact Partners cross the $3 billion mark. Since our founding in 1982, our efforts have helped build inclusive and equitable communities that give people access to the capital and opportunities that they deserve.
Investment Note $300 Million Milestone
The Capital Impact Investment Note achieved a significant impact milestone by issuing more than $300 million of Notes in total, creating a unique opportunity for funders and investors to work through Capital Impact to support communities.
Impact Investments Line of Business
The Momentus Capital branded family of organizations is proud to launch its Impact Investments line of business to jumpstart growth-stage, for-profit businesses that are creating social impact, focusing on companies with diverse leadership and/or operating in communities of color.
Momentus Securities
New investment bank Momentus Securities is launched to drive institutional capital to small businesses and nonprofits and position “social impact” as a fully investable asset class for institutional investors.
$200 Million Deployed to Diverse-Led Businesses in Partnership with Macy's Inc.
The Momentus Capital branded family of organizations launched a $200 million, multi-year funding program in partnership with Macy’s Inc. to advance entrepreneurial growth, close wealth gaps, and shatter systemic barriers faced by diverse-owned and underrepresented businesses, hence fueling a holistic supplier ecosystem.
