News

Borrower : Bridget Holt-Taylor, Michael Page, Crystal Holt Where : Richmond, VA Loan Amount : $193,000 Project Type : Small Business Association 7(a) Loan   Opportunity Quality, reliable childcare is critical for working families and ensures economic viability in our communities. Bridget Holt-Taylor and Crystal Holt wanted to purchase the assets of the former Phase II Neighborhood After School and Child Development Center to establish the Sowing Seeds Academy. Bridget Holt-Taylor would direct the academy, while …

Opportunity Virginia, an initiative of Virginia Community Capital and LOCUS Impact Investing, launched its new Opportunity Zone website for the Commonwealth of Virginia and announced a partnership with The Opportunity Exchange, a national project and impact-tracking platform that helps communities maximize the impact of the federal “OZ” program. The two will work together to identify, support, and showcase OZ projects from across Virginia to the growing number of eligible investors nationwide. The site is found …

Borrower : Industrial Development Authority of Russell County Where : Lebanon, VA Loan Amount : $2.7 million Project Type : Equipment loan   Opportunity Economic growth requires a long-term vision and strategy. The Industrial Development Authority (IDA) of Russell County recognized that Southwest Virginia could attract global manufacturers because of its access to Interstate 81 and a readily available workforce. To proactively foster a supportive business climate, the IDA constructed a 76,000-square-foot shell building in Lebanon, …

Borrower : People Incorporated Where : Tappahannock, Culpeper and Fauquier Counties, VA Loan Amount : $5.2 million Project Type : Commercial Real Estate | Low-Income Housing Tax Credit loans   Opportunity Based in Abingdon, the 55-year-old People Incorporated of Virginia is one of the largest rural community action agencies in the nation. It serves residents throughout Virginia, and during the past decade has expanded its reach into other communities throughout the Commonwealth. Affordable housing in Virginia …

By Francesca Costantino, Community Impact Advisor at VCC After an affordable housing conference, I spent the morning on the Smith River of Martinsville – Henry County near the North Carolina border in southern VA with Brian Williams, placemaker and river protector. The Smith is known for its native brown trout fishery, supported by the cold water released for power generation at Philpott Dam. Though I thought I was just getting a river guide, Brian happened …

The PATH Foundation works to strengthen and impact access to health, senior services, childhood wellness and mental health resources throughout Virginia’s Fauquier, Rappahannock and Culpeper counties. PATH’s grant cycles and community engagement initiatives allow them to improve the health and vitality of the communities they serve. Earlier this year, PATH Foundation made a $250,000 deposit with VCC into a Premium Money Market Account. Similar to any other bank deposit vehicle, PATH’s funds are federally protected and grow at …

Borrower : Ninja Kombucha Brewing Co. Where : Richmond, VA Loan Amount : $128,000 Project Type : SBA 7(a) Term Loan   Opportunity Brett Nobile was looking for a healthy alternative to the hops and barley of beer when he came across kombucha, a sparkling living tea drink popular for its probiotic health benefits. Nobile began drinking kombucha on a regular basis, and decided to start brewing his own batches to save cash. A brewer of …

Deposit Rate Sheet 06-12-2019

When Mark Constantine stepped into his role as president and CEO of the Richmond Memorial Health Foundation, his directives from trustees were clear: Create positive social change through sustainable, socially responsible funding strategies. “One of the expectations from the Board was for me to think about what we could do at the intersection of health equity, the social determinants of health, and impact investing,” he recalls. RMHF’s trustees and stakeholders were interested in the idea of …

Borrower : Kelsick Specialty Market Where : Gloucester, VA Loan Amount : $107,000 Project Type : Small Business Administration Loan   Opportunity Paige Drewry wanted to join the Main Street movement in the Chesapeake Bay village of Gloucester. She found the right opportunity in Kelsick Specialty Market, which had brought cheese, fresh pasta, wine and craft beer to the small town’s Main Street for 25 years. Its previous owner, Beth Haskell, was ready to retire when …