Impact Stories

RRHA secures funding to build and renovate public housing units

October 8, 2019 | Impact Stories

Borrower : Roanoke Redevelopment and Housing Authority Where : Roanoke, VA Loan Amount : $719,000 and $802,250 Project Type : Commercial real estate loan   Opportunity The Roanoke Redevelopment and Housing Authority (RRHA) is committed to providing quality, affordable homes for residents. Currently, RRHA is working on expanding housing options for elderly and disabled residents. As part of the initiative, RRHA identified an opportunity to build eight new housing units in Roanoke’s West End in the …

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Equipment loan part of the package for economic growth in Russell County

August 23, 2019 | Impact Stories, In the News

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, …

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More affordable housing — in more Virginia places

August 19, 2019 | Impact Stories

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 …

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Strengthening communities through access to wellness resources — and investments with VCC

July 30, 2019 | Impact Stories

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 …

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Richmond’s first kombucha company opens storefront and brewery

July 18, 2019 | Impact Stories

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 …

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Innovative partnerships supporting our communities

June 24, 2019 | Impact Stories

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 …

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New ownership brings new ideas to a specialty market in Gloucester

June 21, 2019 | Impact Stories

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 …

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Supporting healthy and affordable food in Brookland Park

May 24, 2019 | Impact Stories

Borrower : Nomad Deli Where : Richmond, VA Loan Amount : $144,500 Project Type : SBA 7(a) Term Loan   Opportunity Nomad Deli has been making its culinary mark in Richmond’s Brookland Park area since 2015. Founder Anthony Tucker opened the restaurant in an area lacking freshly prepared food wanting to fill that gap with affordable, fresh options and, as he says, “Put somethin’ good in ya mouth.” The minority-owned restaurant has run successfully with Anthony …

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A space to gather and create in Richmond’s East End

May 9, 2019 | Impact Stories

Borrower : Oakwood Arts Where : Richmond, VA Loan Amount : $340,000 Project Type : Acquisition and Construction Loan   Opportunity In 2017, Shannon Castleman had a vision for Richmond’s growing East End — a place where neighbors could gather together to express themselves freely through art and create lasting relationships. She saw this potential in a location where others might have seen an unused and abandoned church building. To Castleman, the church symbolized a beacon of artistic entrepreneurship, leadership, …

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Helping young people express themselves through art

May 4, 2019 | Impact Stories

ART 180, a Richmond nonprofit with a mission to give young people living in challenging circumstances a chance to express themselves through art, sought to diversify where it invested and saved donor dollars. VCC “rose to the top” of ART 180’s list of possibilities “because of their mission to invest in the community,” says Marlene Paul, the organization’s executive director. ART 180 is a Richmond nonprofit with a mission to give young people living in challenging …

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