Community Development Financial Institutions (CDFIs)

Whom Do Black-Owned Banks Serve?

Russell D. Kashian, Richard McGregory and Derrek Grunfelder McCrank
Communities and Banking

Enterprise Financing for WealthWorks Value Chains

Marjorie Kelly

This new report, authored by Democracy Collaborative Senior Fellow Marjorie Kelly, offers a comprehensive framework of community investing, ownership, and wealth control models to enhance the social, ecological, and economic well-being of rural areas.

Exchanging Ideas for a Just Economy

Conference focuses on strategies to ensure fair and equal access to capital

Last week, the National Community Reinvestment Coalition (NCRC) hosted its annual conference in Washington DC. Entitled “A Just Economy: Ideas, Action, Impact,” the conference brought together nearly 800 community-based practitioners and policymakers to discuss responsible community investment and share strategies to ensure equal access to credit, capital, housing, jobs, and banking services. Read more about Exchanging Ideas for a Just Economy ...

Virginia Community Capital

Starting out providing microloans and Individual Development Account programs, Virginia Community Capital (VCC) has expanded significantly since its 2005. It has become a certified B-corporation and has increased its equity capital to $20 million. In 2008, Virginia Community Capital opened the Community Capital Bank of Virginia (CCBV), becoming one of six nonprofit bank holding companies in the nation. The partnership has enabled the organization to funnel the bank’s profits back to itself and to finance 23 community development projects and 623 units of affordable housing. In 2013, it launched the $11 million Virginia Fresh Food Loan Fund, which combines small business technical assistance and lending opportunities to increase the capacity of urban corner stores to sell and market healthy items and to foster the expansion of food hubs. The organization has also partnered with Bon Secours Richmond to provide micro-loans for small businesses and in 2014, it announced a partnership with the Virginia Community Economic Network to increase the capacity of the community economic development industry to promote entrepreneurship in the state.

Virginia Community Development Corporation

Virginia Community Development Corporation (VCDC) is a tax credit fund manager that connects corporate investors with local community sponsors to support economic development in Richmond and beyond.  The nonprofit provides community partners developing mixed use housing with low rate pre-development and construction loans. Using New Market Tax Credits, the organization has helped to provide over 130 units of affordable housing, and a childcare facility in Richmond.

Neighborhood Housing Services of Richmond, Inc.

Established in 1981, Neighborhood Housing Services of Richmond, Inc. is a nonprofit community development financial institution that helps low and moderate-income families purchase homes. It provides services to support stable, self-sustaining neighborhoods such as pre and post- home purchase education, foreclosure prevention and budget counseling, and other financial educational resources to prepare home owners for renovating, insuring, and maintaining their homes. It also offers home purchase and refinance loans, as well as Individual Development Accounts to encourage savings and asset building.

Creating Jobs by Building Community Wealth

Our research director Steve Dubb is joined by REDF's Carla Javits  for a conversation around "Big Ideas for Job Creation" at the Aspen Institute, focusing on transforming anchor institution procurement to strengthen local economies and using social enterprise to create employment opportunities.

Read more about Creating Jobs by Building Community Wealth...

Rey España

This month we interview Rey España, Director of Community Development at the Native American Youth and Family Center (NAYA), one of the largest and most successful urban Native American centers in the nation. In the past decade at NAYA, España has helped launch a number of projects, including an individual development account program, an affordable housing portfolio, a private high school serving Portland’s Native American community, and two social enterprises. NAYA is now looking to develop a Community Development Financial Institution to provide loan assistance for NAYA’s microenterprises.