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).
The EOC is made up of 23 companies and foundations, including 14 companies ranked in the Fortune 500. Their goal is to focus commitments and their major investments to better support communities.
“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 Capital Impact Partners and CDC Small Business Finance, each part of the Momentus Capital branded family of organizations. “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.”
“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,” Mr. Carr added.
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:
- Investing in community development financial institutions (CDFIs)
- Supporting entrepreneurship
- Expanding access to credit and other financial services facilitating financial health
- Making infrastructure investments that create more community wealth
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 reimagine how capital, technology, and talent are deployed to communities.
The Momentus Capital family of companies is already working to transform how investments and capital flow into communities. This includes:
- Financial capital: a range of flexible debt and equity products to meet Momentus Capital’s partners’ needs, as well as access to new markets and potential investors
- Knowledge capital: business advising, assistance, and training to develop the skills and insights that can help partners advance their enterprises
- Social capital: connections to networks and people that can help Momentus Capital’s partners succeed
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).
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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.
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.