Sponsor Highlight, Febraury 2020: Congratulations to All FY 2019 Capital Magnet Fund Awardees!
Sponsor Highlight, February 2020: Virginia Community Capital Hosts Learning Exchange Forum
Virginia Community Capital is a Community Development Financial Institution (CDFI) with a mission to create jobs, energize places, and promote an enhanced quality of life for Virginians. In addition, it provides professional advisory services to individuals and organizations in low-to-moderate income and underserved communities.
A Unique Structure
As unique as it is successful, Virginia Community Capital is structured as a non-profit CDFI with a for-profit bank, VCC Bank. As a CDFI, we are able to provide credit and financial services to people, businesses, and communities not served by mainstream lenders. On the for-profit side, VCC Bank is the first regulated bank in America to become a Benefit Corporation, and for many years has been B Certified from the nonprofit B Lab, meeting rigorous standards of social and environmental performance, accountability, and transparency.
Social Impact
With an eye towards impact, VCC-financed projects have:
- created or retained more than 5,500 jobs
- financed over 5,000 affordable housing units
- funded nine much-needed healthcare facilities
VCC's staff has also provided more than 14,000 hours of free advising to community members across the state.
Established in 2006 by a group of bipartisan Virginia legislators and seeded with a $15 million state-backed investment, its mission was to create a business model to attract resources of national, state, and local social investors to make a difference in underserved markets around Virginia. Since its founding – growing and partnering with others along the way – it has turned this original investment into more than $1 billion in statewide impact.
