The Momentus Capital family of companies is a founding member of the new coalition dedicated to addressing economic disparities and accelerating economic opportunities.
July 28, 2022 (Arlington, VA and San Diego, CA) – Momentus Capital is honored to serve as one of the founding members of newly created Economic Opportunity Coalition (EOC).
Vice President Kamala Harris announced today historic efforts to catalyze and align both public and private investments — including formation of the new EOC — to address economic disparities and accelerate economic opportunity in communities of color and other underserved communities.
The EOC is made up of 23 companies and foundations, including 14 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.
“Momentus Capital is uniquely positioned to serve a significant role representing mission-driven financial institutions on the Economic Opportunity Coalition,” said Ellis Carr, president and CEO of the Momentus Capital family of companies, which includes Capital Impact Partners, CDC Small Business Finance, and Ventures Lending Technologies. “Our team has extensive experience with small business and community development, and the ability to offer a continuum of capital at every growth stage to support economic mobility and wealth creation.”
“We are thankful to the Biden-Harris Administration for its support of the Economic Opportunity Coalition. Working together in this public-private partnership will help create social and economic justice in disinvested communities,” Mr. Carr added. “This coalition will bolster the work that Momentus Capital is doing to provide communities with the opportunities they deserve to succeed and thrive. We can accomplish much more, and much faster, by combining our efforts strategically than we would by acting separately.”
The founding members of the EOC include Ariel Investments, Bank of America, BNY Mellon, Capital One, Citi, Discover, Ford Foundation, Goldman Sachs, Google, Key Bank, Kresge Foundation, Mastercard, McDonald’s, McKinsey & Company, Micron, Momentus Capital, Moody’s, Netflix, PayPal, PNC, The Rockefeller Foundation, TIAA, and Upstart.
The EOC will coordinate across public, private and social sector organizations. It will develop and deploy products that solve challenges in getting resources where they are needed most, and it will drive toward outcomes for meaningful action.
The coalition members have made significant commitments across each of the four focus areas, including a number of investments since the group formed earlier this year:
These commitments, which represent only a small fraction of total commitments from the EOC, show the immense resources these founding members bring to the table, but they acknowledge they must do more.
Over the coming months, the EOC will build on investments the Biden-Harris Administration has made and develop new solutions that reimagine how capital, technology, and talent are deployed in underserved communities. They will be built with and for the community, leveraging existing strengths and assets to address the root causes of economic inequality.
The Momentus Capital family of companies is already working to transform how investments and capital flow into communities. This includes:
Among the recent programs and initiatives from the Momentus Capital family of companies:
Leveraging 80 years of combined experience, a portfolio of nearly $3 billion, and strong community engagement, the Momentus Capital 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.
More information is available on the Momentus Capital fact sheet (PDF).
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.