Partnership spurred $5.5 million in Tri-Cities development since 2017 PETERSBURG, VA (JUNE 22, 2020) – Three years after its successful initial investment, The Cameron Foundation has renewed a $1 million loan and deposit with Virginia Community Capital (VCC), a community development financial institution that makes impact investments throughout the Commonwealth. As the community begins to reopen from the COVID-19 closures, the funds will be deployed into the Tri-Cities and other areas in Cameron’s footprint, supporting …
To our communities and partners, Today, and every day, we stand in support of our Black neighbors and communities who continue to suffer injustices and loss of life due to the color of their skin. With the backdrop of the disproportionate impact of COVID-19 on people of color, the pain, suffering, and anger resulting from the murders of Ahmaud Arbery, Breonna Taylor, George Floyd, and many others have touched every neighborhood in our country. In addition …
Virginia Beach Community Development Corporation
Providing housing and support services is essential during a pandemic. The Virginia Beach Community Development Corporation helps to provide quality affordable housing opportunities to low- and moderate-income people. A Paycheck Protection Program loan is covering payroll and related costs for VBCDC’s 26 employees, so they can keep serving the community. When the PPP was announced, the nonprofit immediately reached out to two partner banks. “VCC was quick to respond and continued to be very responsive throughout …
When the first Paycheck Protection Program loan program was announced, Myra Smith, President and CEO of Leadership Metro Richmond, reached out to LMR’s primary bank, a large financial institution. She ran into hurdles and unresponsiveness, and the application didn’t get submitted before the program ran dry. When more funding was released, Smith turned to VCC and found a quick, timely, and helpful process. “VCC eased our anxiety,” Smith says. “We found support and a comprehensive …
As the pandemic continues, having access to food and jobs is critical. La Cocina VA is addressing that need by using Paycheck Protection Program funds to pay its five employees. It’s also hiring an operations manager who will help finalize processes and procedures needed to open its much-anticipated Zero Barriers Training and Entrepreneurship Center (TEC) this summer. The loan also is covering rent and utilities. The application process was clear, easy, expedited, and supported by …
Northern Trust partners with CDFIs to deliver small business support
Northern Trust Corporation is partnering with the Self-Help Fund, the National Development Council (NDC) CDFI Subsidiary Grow America Fund (GAF), immito, and others to provide $100 million in low-cost funding to CDFIs to help them provide loans to small businesses and nonprofits via the federal Paycheck Protection Program. Virginia Community Capital is among the group of nationwide recipients of these funds. Read more here.
Kate Ayers and the team at ReEstablish Richmond have suddenly found themselves on the front lines of the COVID-19 pandemic. Since 2010, ReEstablish Richmond has helped to bridge a gap in services for refugees and help them navigate the many government programs available to secure housing, jobs, and basic human needs — and, ultimately, permanent residency and citizenship. Nationwide, refugees and immigrants are among the most deeply impacted by stay-at-home orders and economic lockdowns. Earlier this …
ART 180 is a Richmond nonprofit with a mission to give young people living in challenging circumstances a chance to express themselves through art. The biggest priority for ART 180 leaders since stay-at-home orders in Virginia has been to keep seven staff members employed, along with teaching artists who lead its programs. A Paycheck Protection Program (PPP) loan with VCC is covering payroll and medical insurance for 10 weeks. Maintaining six full-time and one part-time …
Butchers can’t work from home. Especially when you’re on a 30-member team selling fresh, sustainable products to restaurants and college dining halls – with 90 percent of those closed due to the pandemic. Lynchburg-based Seven Hills Food Co. is using its Paycheck Protection Program loan to pivot to retail demand. “This loan allows us time to start a new business under the same roof and have a chance to pull through a period of great uncertainty,” says owner Ryan Ford. …
For Todd Curran and his Savage Apparel Co. team, March roared in like a lion: The company had, this year, finalized a merger with two Pacific rivals to form a new company, XII Brands. The firms specialize in custom apparel for sports like ultimate frisbee, dodgeball, quidditch and other nontraditional team sports. Savage quickly pivoted in the wake of the coronavirus to pushing its “neckies” on its website. It has sold thousands since March. That …