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Virginia community lending institutions in Virginia to receive $21M following Warner legislation

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U.S. Sen. Mark R. Warner applauded $21,649,505 in federal funding from the U.S. Department of Treasury to support and advance business ownership among minority entrepreneurs in Virginia.

The funding was awarded through the CDFI Rapid Response Program – a program established and funded by a record $12 billion investment in Community Development Financial Institutions and Minority Depository Institutions that Sen. Warner authored and successfully fought to include in the December COVID-19 relief legislation.

“As a former entrepreneur and venture capitalist, I know that the kind of opportunities that once allowed me to succeed are often out of reach for Black and brown folks, who due to historic and systemic inequities often lack the credit history or banking relationships needed to access capital. To make matters worse, these inequalities have only been exacerbated by the COVID-19 pandemic, which has had disproportionate effects on minority and low-income communities,” said Sen. Warner. “This funding will provide critical resources to Virginia’s CDFIs, which specialize in supporting underserved communities. I’m thrilled to know that these dollars are now headed directly to Virginia to support key priorities including small businesses, affordable housing, and access to consumer financial services. This funding marks a successful first step towards ensuring the recovery is felt by all communities.”

As negotiated by Sen. Warner, the $12 billion investment in CDFIs and MDIs includes $3 billion in grants to be delivered through the CDFI Fund. The nearly $22 million awarded today is part of the first $1.25 billion tranche of that $3 billion in grant funding.

These federal dollars will be distributed among 18 Virginia CDFIs – the financial institutions most connected to the Commonwealth’s minority communities – and will ultimately go towards supporting affordable access to credit for Virginians in Black, Latino and low-income communities.

The funding will be distributed as follows:

Appalachian Community Capital Corporation Christiansburg  $1,826,265
ARN CAPITAL, LLC Fredericksburg  $200,000
Business Seed Capital, Inc. Roanoke  $200,000
Capital Impact Partners Arlington  $1,826,265
Community Business Partnership Springfield  $997,000
Community Investment Collaborative Charlottesville  $360,000
Democracy FCU Alexandria  $1,826,265
DuPont Community Credit Union Waynesboro  $1,826,265
ECDC Enterprise Development Group Arlington  $1,278,385
Freedom First Federal Credit Union Roanoke  $1,826,265
People Incorporated Financial Services Abingdon  $1,400,000
Peoples Advantage Federal Credit Union Petersburg  $1,826,265
Piedmont Housing Alliance Charlottesville  $279,000
RVA Financial Federal Credit Union Richmond  $1,826,265
Southeast Rural Community Assistance Project, Inc. Roanoke  $375,000
Virginia Community Capital, Inc. Richmond  $1,826,265
Virginia Community Development Fund, Inc., The Richmond  $1,750,000
Virginia Foodshed Capital Charlottesville  $200,000
 Total:    $21,649,505

 


Augusta Health Augusta Free Press Kris McMackin CPA
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