October 4, 2022 (Arlington, VA and San Diego, CA) – The Economic Opportunity Coalition (EOC), of which Momentus Capital is a member, is investing in new initiatives as part of its continued effort to address economic disparities and accelerate economic opportunity in underserved communities.
Momentus Capital is honored to serve as one of the founding members of the EOC, which is made up of 28 companies and foundations, including 18 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.
These new initiatives, in coordination with the Freedman’s Bank Forum, include:
Investing in community development financial institutions (CDFIs) and minority depository institutions (MDIs)
1. Launching a planning committee to explore the creation of a Community Equity Development Bank (CEDB) to expand financial services to low-to-moderate income (LMI) communities
2. Create a shared platform to connect private sector resources for scalable capacity-building assistance to the more than 1,000 branches of CDFIs and MDIs who serve over 1 million people in LMI communities each year
3. Fuel low-cost capital by moving $1 billion in deposits to MDIs. EOC members have committed to moving $1 billion in deposits to MDIs to increase access to affordable capital in communities of color.
Supporting entrepreneurship and minority-owned businesses
4. Connecting 5 million small businesses with capital and technical assistance
Improving financial health and inclusion
5. Exploring pathways to not report missed payments in federal disaster areas to limit negative and lasting impact on credit scores
Investing in community infrastructure to support wealth creation
6. Google and Micron are partnering to make in-demand tech jobs accessible to more people
Together, Momentus Capital and the Coalition are committed to bringing these solutions to life and accelerating economic opportunity and inclusion for underserved communities.
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.
Learn more at momentuscap.org.
About the Economic Opportunity Coalition
Announced in July 2022, the newly formed Economic Opportunity Coalition (EOC) is committed to addressing economic disparities and accelerating economic opportunity in underserved communities. The EOC coordinates across organizations to develop and deploy new solutions that address known challenges of financial inclusion.
The EOC is delivering on four significant focus areas: 1) investing billions in community development financial institutions (CDFIs) and minority depository institutions (MDIs), 2) supporting entrepreneurship and minority-owned businesses, 3) expanding inclusive and equitable access to credit and other financial services that contribute to financial health, and 4) Investing in community infrastructure to support wealth creation.
Founding EOC member companies include Ariel Investments, Bank of America, BNY Mellon, Capital One, Citi, Discover, Ford Foundation, Goldman Sachs, Google, Intercontinental Exchange, Key Bank, Kresge Foundation, Mastercard, McDonald’s, McKinsey & Company, Micron, Momentus Capital, Moody’s, Netflix, Next Street, PayPal, PNC, The Rockefeller Foundation, Starbucks, TIAA, Upstart, Vista Equity Partners, and Wells Fargo.