Capital Impact Partners and CDC Small Business Finance Receive $950,000 in Grants from the U.S. Bank Foundation
The grant funding will support the Equitable Development Initiative program for real estate developers, as well as business advising and technical assistance for small business owners.
JULY 15, 2024 (Arlington, VA/San Diego, CA) – Capital Impact Partners and CDC Small Business Finance — two mission-driven nonprofits that are part of the Momentus Capital branded family of organizations — have been awarded a combined total of $950,000 in multi-year grants from the U.S. Bank Foundation.
“We are grateful for our ongoing collaboration with U.S. Bank and its continued support of our mission to provide people and communities with the opportunities they deserve,” said Natalie Gunn, chief finance officer for the Momentus Capital branded family of organizations. “This grant funding will significantly help our ability to offer programs that help developers and other small business owners to grow their businesses, build generational wealth, create jobs and bolster the communities they serve.”
“We’re proud to work with organizations like Capital Impact Partners and CDC Small Business Finance that are creating access and opportunities for more people, helping drive economic growth and building thriving communities,” said Erica Opstad, head of community affairs and managing director of the U.S. Bank Foundation.
Capital Impact Partners received a $500,000 multi-year U.S. Bank Foundation Opportunity Fund grant to support its Equitable Development Initiative.
The Equitable Development Initiative provides emerging developers with the tools they need to grow their businesses — and, in turn, to bring more affordable housing and other real estate projects to disinvested communities. The free program includes training, technical assistance, mentorship, networking, and potential pathways for financing.
Since 2018, the Equitable Development Initiative has trained more than 250 real estate developers in several metropolitan areas throughout the United States, including Detroit, Washington, D.C.; the San Francisco Bay Area; Dallas; and Cleveland. The first training cohort for the Atlanta region is expected to begin later in 2024. This grant funding will be used to support ongoing Equitable Development Initiative programming in Cleveland and future expansion of the program.
CDC Small Business Finance received a $450,000 multi-year U.S. Bank Foundation Community Possible grant that will go toward free business advising services for small business owners in California.
CDC Small Business Finance uses business advising services throughout the lending process, including pre-loan technical assistance to help the borrower become loan-ready; during underwriting to help with financial projections; business plan review; and credit issues. Borrowers are also provided with technical assistance when they are having challenges making their payments.
These business advising services help entrepreneurs to be more likely to be approved for financing, increase their ability to operate a successful business, and support their repayment in servicing.
In recent years, U.S. Bancorp Impact Finance, a subsidiary of U.S. Bank, also has supported the Momentus Capital branded family of organizations in a variety of ways to help real estate developers, small business owners and nonprofits access opportunities for growth, innovation and community services.
###
About Capital Impact Partners
Capital Impact Partners is transforming how capital and investments flow into communities to provide people access to the capital and opportunities they deserve. We work to champion key issues of equity and social and economic justice by deploying mission-driven financing, capacity-building programs, and impact investing opportunities.
A nonprofit Community Development Financial Institution, Capital Impact Partners has disbursed more than $3 billion since 1982 to create access to critical social services, grow entrepreneurs, and create quality jobs. Capital Impact Partners’ leadership in delivering financial and social impact has resulted in the organization being rated by S&P Global and Fitch, and recognized by Aeris for its performance.
Learn more at capitalimpact.org.
About CDC Small Business Finance
CDC Small Business Finance is transforming how capital and investments flow into communities to provide people access to the capital and opportunities they deserve. As the nation’s leading mission-based small business lender, CDC delivers small business and commercial real estate loans paired with small business owner assistance to bolster entrepreneurship, economic development, and job creation.
CDC offers numerous financing products including the Small Business Administration (SBA) 504 commercial real estate loans; SBA Community Advantage working capital loans; and the SBA Microloan. We also offer non-SBA products to provide more equitable access to credit for those who are unable to qualify for traditional financing. CDC also provides free business advising to support both potential borrowers to get loan-ready as well as to help existing small business borrowers grow and expand their business.
Since 1978, CDC has provided more than $21.3 billion in funding to 12,000 borrowers and helped create and preserve over 214,000 jobs.
CDC’s subsidiary, Ventures Lending Technologies, offers proprietary loan processing and a portfolio management tool that has become one of the top resources for small business and community lenders. This cloud-based platform provides a low-cost way for smaller lenders to offer services throughout the entire lifecycle from a borrower prospect to loan payoff. Through this work, the Ventures team helps scale the ability of local lenders to create impact in their communities by providing access to high-level services they would otherwise be unlikely to manage on their own.
Learn more at cdcloans.com and venturesgo.com.
About the Momentus Capital Brand
The Momentus Capital branded family of organizations refers to the combined operations of Capital Impact Partners and CDC Small Business Finance, as well as their affiliates, Momentus Direct Capital, Momentus Securities (a FINRA-member broker/dealer), and Ventures Lending Technologies. While each organization under the Momentus Capital brand still operates as a separate entity, their clients will now have access to more resources and products.
The Momentus Capital branded family of organizations is transforming how capital and investments flow into communities to provide people access to the capital and opportunities they deserve. We are working to reinvent traditional financial systems that have failed to address systemic issues of inequality, economic empowerment, and the widening wealth gap by offering 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, more than $3 billion in assets under management, and strong community engagement, we have delivered $24 billion in financing, created and preserved 293,000 jobs, and served 13,800 small businesses and five and a half 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, California, Georgia, Michigan, Nevada, New York, Texas, and the Washington metro area.
Learn more at momentuscap.org.