News

An innovative way IDAs and EDAs can secure capital and create jobs

March 9, 2021 | Thought Leadership

  The terms ‘IDA’ and ‘EDA’ are often used interchangeably, but whatever the locality calls them, they are economic conduits for business recruitment and expansion in their city or county. These non-profit authorities are charged with building and diversifying both employment and the locality’s tax base. Virginia Community Capital works with municipalities to spur economic development by lending to their development authorities. In our work across Virginia, we’ve found some authority leaders are unaware of …

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Bringing education and on-the-job skills to Richmond’s kids

February 26, 2021 | Impact Stories

OPPORTUNITY In August 2019, Cristo Rey Richmond High School opened its doors to 95 students, marking the realization of a mission to provide a private-school education to students of limited economic means. It’s the kind of environment many families in Richmond simply can’t afford. The education, which sets high school students up for success in college, is paid for mostly by corporate support and donations, which greatly reduce the tuition impact on families. Part of …

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VCC receives $1.5 million from Wells Fargo Open for Business Fund to support small businesses in Richmond region

February 4, 2021 | In the News

Funds will provide capital and technical assistance to bolster diverse small businesses impacted by COVID-19   RICHMOND, VA – February 4, 2020 – Wells Fargo has selected Virginia Community Capital (VCC) to help underserved small businesses stay open and save jobs in Richmond. The $1.5 million in funding will aid the organization’s short- and long-term COVID-19 recovery efforts, technical assistance, and lending programs for diverse small business owners. The grant is part of Wells Fargo’s Open …

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Virginia Community Capital CEO to retire in 2021

January 25, 2021 | In the News

Jane Henderson announces her retirement after a 40-year career After four decades in the banking industry, Jane Henderson plans to retire this year as President and CEO of Virginia Community Capital (VCC). As the organization’s founding executive director, Henderson has led VCC since its inception in 2006. Her banking career includes 29 years spent in community development finance. VCC, a community development financial institution (CDFI), was born out of a $15 million investment and a vision …

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‘Envision’-ing a new future in Bluefield

January 19, 2021 | Impact Stories

OPPORTUNITY In July 2019, the Town of Bluefield’s Industrial Development Authority (IDA) bought an empty building in the heart of its idyllic Southwest Virginia downtown. The vision: Turn the 5,400-square-foot commercial building — once home to a carpet store, dance theater, fitness center, and medical equipment company — into a small business and retail incubator to accelerate business growth. Bluefield, a community of 5,400 in Tazewell County, has put a focus on sparking new ventures and …

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Sweet deal converts former Weatherly Candy Factory into affordable lofts

December 7, 2020 | Impact Stories

Opportunity Converting a former candy factory into a 43-unit multifamily housing project – with expansive water views of the Pasquotank River – could contribute to economic development in downtown Elizabeth City, N.C. Built in 1921 as the modern home of The Weatherly Candy Factory, the building once witnessed the production of up to 2 million pounds of candy annually. The Weatherly family founded the business in 1890, with generations overseeing it until its closing about …

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A Bank for Virginia Lovers

October 30, 2020 | In the News

A decade ago, in the last economic crisis, mainstream banks abandoned Dianna Bowser and the Southside Community Development and Housing Corporation, where she’s executive director. Founded in 1988, the nonprofit builds homes and provides counseling for first-time homeowners in and around Richmond, Virginia. “They stripped us of our construction lines of credit,” says Bowser. “It was devastating.” But that’s when Bowser first encountered Virginia Community Capital, a relatively new bank at the time. The bank …

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Historic Amherst County Property Goes Green

October 21, 2020 | Impact Stories

Spread over 285 acres, the Winton Country Club estate in Amherst County is home to the historically significant Sarah Henry Manor House, an outdoor swimming pool and tennis court, and an 18-hole golf course with stunning views of the Blue Ridge Mountains at every turn.

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Expanding an affordable housing mission from Richmond to Petersburg

October 7, 2020 | Impact Stories

OPPORTUNITY Southside Community Development and Housing Corporation (SCDHC) is a nonprofit serving Richmond and the counties of Chesterfield and Henrico. The organization earns most of its revenue through home sales to individuals and families earning below 80% of the area median income. That means price points are typically between $160,000 and $180,000 for a new home certified by EarthCraft, a top standard for environmental stewardship in building materials, environmental use, and daily operation. Yet in …

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