Banks as Partners
VCC and CCB collaborate with banks of all sizes. We have established relationships with large national partners like Goldman Sachs, E*TRADE, and the Federal Reserve. We have also been working with many regional banks like PNC, Wells Fargo, BB&T, Bank of America, and Capital One. Further, we regularly participate in specific project funding with community banks.
These partnerships may also involve debt relationships, equity investments, impact certificates of deposits, grants, and sponsorships. All investments in VCC and CCB count towards Community Reinvestment Act requirements.
For more information from the Federal Reserve Bank on partnering with Community Development Financial Institutions (CDFIs) click here.
A Partnership Success Story – Goldman Sachs
VCC has been working with Goldman Sachs since July 2013 when this national bank, along with their foundation, announced a $4.4 million investment in our work. The funding includes $4 million going directly to VCC’s loan fund to lend money to small businesses that are growing and creating jobs in low- to moderate-income areas. An additional $400,000 serves as a loan loss reserve and expands our small business lending outreach and assistance.
VCC is also working with the Goldman Sachs 10,000 Small Businesses education program, a national initiative offering qualified small business owners intensive training and advice from business experts and peers.