Virginia Community Capital qualifies for ECIP funding
Virginia Community Capital (VCC) was named a recipient of Emergency Capital Investment Program (ECIP) funding by the U.S. Department of the Treasury on Tuesday. VCC qualified to receive $36.4 million and is one of three financial institutions in Virginia to be awarded.
The ECIP initiative, launched by Treasury in March, aims to increase access to capital and other resources for low-to-moderate-income (LMI) and historically disadvantaged communities disproportionately impacted by the COVID-19 pandemic. The application window closed on September 1, and eligible applicants were community development financial institutions (CDFIs) or minority depository institutions (MDIs). The program is investing a total of $9 billion in CDFIs and MDIs nationwide, and these institutions will leverage the funds to provide loans, grants, and other resources to small businesses, minority-owned businesses, and consumers in communities traditionally excluded from mainstream finance.
“This award will allow us the capacity to begin building out an enhanced strategy and approach to our work,” said Amir Kirkwood, VCC President & CEO. “We strive to develop a more integrated way in which all our business lines – VCC Bank, the VCC loan fund, and LOCUS Impact Investing – come together to bring capital and solutions to the communities we serve.”
The ECIP funding complements previous investment from the CDFI Rapid Response Program, which awarded VCC $1.8 million in June. In addition, VCC recently received Financial Assistance and Healthy Food Financing Initiative grants from the CDFI Fund, which total over $2.1 million. These investments will enable VCC to deepen its work in Virginia’s urban and rural LMI communities and to expand its focus on small business owners who are women and/or Black, Indigenous, or People of Color (BIPOC).
VCC, a community development financial institution (CDFI), was born out of a $15 million investment and a vision for an institution that served Virginia’s economically excluded communities. The organization has driven $1.8 billion in total impact in the Commonwealth since its launch in 2006. This includes nearly 12,000 jobs created or retained and over 10,000 affordable housing units financed. In addition, VCC subsidiary LOCUS Impact Investing has worked with mission-driven organizations and investors across the nation to unlock $57.8 million in funds committed to communities since 2017.