CEO Message: COVID-19
To our clients, partners, and friends,
First, we want to recognize this is likely one of many messages you have recently received from organizations regarding the global coronavirus outbreak. After uncertainties seen in global markets during the past two weeks, we felt a responsibility to provide an update specific to any partnership or affiliation you have with Virginia Community Capital.
In summary: At VCC, we are adapting to uncertain market conditions, keeping our people safe and cared for, ensuring the security of your investments, and staying prepared for the future.
Our people are safe.
Beginning March 16, VCC adopted a temporary work-from-home protocol and will limit our team’s travel. As we implement this temporary practice, know that we are prepared, and business and customer service will continue as if we were all in the office. VCC has long been reliant on technology to keep our team connected throughout Virginia and across the U.S. We will continue to leverage these tools as events unfold. Additionally, limited staff will be present during the business hours of 9 a.m. – 4:30 p.m. in order to keep the branch open for deposit, loan, and other customer traffic.
Our focus is our clients.
If you have funds managed by VCC, know your investment is overseen by its team of sophisticated financial professionals that is ready for times like these. We remain well-capitalized and highly liquid. Our investment strategy of selecting projects that are diverse both geographically and by type — small business, real estate, energy, healthcare, and food — serves us well in periods of volatility.
For depositors, your funds are further insured by the FDIC up to current limits.
For investors, your funds continue to support our work throughout the Commonwealth, building community and growing jobs. We remain “open for business” to partners and borrowers.
For borrowers, VCC lending staff is working to address the pandemic’s impact on day-to-day business.
We are in touch with many of our development partners, small business borrowers, non-profit clients and others to understand how their operations may be impacted by global anxieties and threat of disease.
Our work continues.
Coronavirus is a real health threat that we take seriously. VCC senior leaders have formed a committee tasked with planning around the coronavirus impacts. We are reviewing HR policies, developing appropriate external communications, and analyzing risk to customers and partners.
From a purely economic perspective, however, a pandemic like coronavirus is another economic uncertainty that we have prepared for. Our conservative approach means that, even if we must adjust, we are guarded against the effects of externalities like the coronavirus. Though everyone hopes this is only a short-term market reaction, our team is well-positioned to take on whatever economic headwinds may come.
We continue to work closely with our partners and clients to enhance communities and support economic growth across Virginia and beyond. In the coming weeks and months, VCC will continue to work with its stakeholders, including various foundations and government entities, to develop a broader response to community issues resulting from the coronavirus outbreak. Thank you for your continued partnership, stay safe out there, and reach out to your VCC contact should you have any questions.
President & CEO
Virginia Community Capital