14th annual list honors a wide-ranging group of individuals across an array of industries
August 9, 2022 (Arlington, VA and San Diego, CA) – Ellis Carr, the president and CEO of the Momentus Capital family of companies, has been selected by Fast Company in the business publication’s 14th annual list of the Most Creative People in Business.
The list, announced today, recognizes individuals making a cultural impact via bold achievements that have never been accomplished before in their chosen fields, from entertainment to healthcare to food. Fast Company editors and writers research candidates for the list throughout the year, scouting every business sector, including technology, medicine, engineering, marketing, entertainment, design, and social good, to find those who are leading with creativity during one of the most challenging times in history.
Fast Company highlighted Carr and Momentus Capital — which includes Capital Impact Partners, CDC Small Business Finance, and Ventures Lending Technologies — for creating the Equitable Development Initiative, a national program that helps developers of color overcome systemic issues and lead affordable real estate projects.
“I’m excited for the recognition, but I’m even more excited that publications like Fast Company recognize the need to be creative in working with communities to solve systemic issues. This work helps local leaders and entrepreneurs advance solutions that build strong and vibrant economies,” Mr. Carr said. “The Equitable Development Initiative team at Momentus Capital, and the experts who contribute their time and mentorship, have created an invaluable resource for developers of color and the communities they serve.”
The Equitable Development Initiative launched in Detroit in 2018, expanded into the Washington metropolitan area in 2019, the San Francisco Bay Area in 2021, and the Dallas metropolitan area in 2022. So far, more than 200 developers of color have completed the Equitable Development Initiative or are currently participating. Many of the alumni have since gone on to create their own organizations, build local developments, and foster peer-to-peer networks.
Historically, the real estate industry has been dominated by larger national and global firms. Developers of color face significant barriers to entering the real estate space due to the lack of access to capital, equity and experience – the result of generations of structural racism and disinvestment.
The Equitable Development Initiative provides developers with broad-based training – in areas such as project budgeting, real estate finance, project and contractor management, legal services and community engagement – as well as local mentorship, network building, and pathways for them to access funding.
“We’re helping real estate developers of color grow their businesses in an industry where they are severely underrepresented, which helps these developers build generational wealth,” said Mr. Carr. “These developers are able to build more affordable housing, create more jobs, and provide communities with the opportunities they deserve to succeed and thrive.”
The success of the Equitable Development Initiative has also led to additional programs and partnerships to support developers farther along in their career but still facing barriers. In 2022, Momentus Capital partnered with the Amazon Housing Equity Fund to launch the Housing Equity Accelerator Fellowship for 15 developers of color in the Washington region. Also this year, Momentus Capital joined up with three other community development financial institutions and the Wells Fargo Foundation to launch Growing Diverse Housing Developers, working with 39 developers of color around the country.
These programs exemplify how Momentus Capital is delivering a continuum of financial capital, knowledge capital, and social capital to transform how the financial sector serves local leaders who are building inclusive, equitable communities and creating generational wealth.
The individuals honored in Fast Company’s Most Creative People in Business list have all accomplished something truly innovative within the past 12 months or so. Additionally, no one on this list has ever been profiled in the pages of Fast Company before. Together, they represent the future of business.
“Most Creative People represents Fast Company at its best,” says Brendan Vaughan, Fast Company’s Editor-in-Chief. “These dozens of human stories showcase how creativity is one of the most underrated ways to transform business.”
Introduced in 2009, the Most Creative People list quickly established itself as one of Fast Company’s most esteemed franchises. Each year, the magazine’s editors present an all-new list of people chosen according to a proprietary methodology.
Fast Company’s Most Creative People in Business issue (September 2022) is available online now here and on newsstands beginning August 16. Join the Most Creative People conversation using #FCMostCreative.
Fast Company is the only media brand fully dedicated to the vital intersection of business, innovation, and design, engaging the most influential leaders, companies, and thinkers on the future of business. Headquartered in New York City, Fast Company is published by Mansueto Ventures LLC, along with sister publication Inc., and can be found online at www.fastcompany.com.
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.