Governor Abigail Spanberger announced the funding allocation on behalf of Virginia's Capital for Communities Fund (CCCF), a program that directs capital to Community Development Financial Institutions and similar lenders serving underbanked regions. The six selected projects are projected to deliver more than $3.8 million in capital to over 120 borrowers, support 562 businesses through loans or technical assistance, create or retain more than 200 jobs, and accelerate development of up to 250 housing units.
The CCCF operates by providing grants to mission-driven lenders that work in communities with limited banking options. These grants help offset risks associated with small loans and microlending while fostering innovative financing solutions for entrepreneurs and community developers. Secretary of Commerce and Trade Carrie Chenery emphasized that access to capital remains essential for small business growth, noting that the fund leads to more business launches, job creation, and community strengthening.
The six awardees and their respective funding amounts are Bridging Virginia ($436,000), Community Investment Collaborative ($436,000), ECDC Enterprise Development Group ($436,000), People Incorporated Financial Services ($436,000), Virginia Community Development Fund ($436,000), and Local Initiatives Support Corporation ($300,000).
Bridging Virginia will expand its loan pool and post-loan capital support services across Regions 4 and 5, deploying $1.2 million to 40 borrowers and supporting 35 businesses. The Community Investment Collaborative will deploy $696,000 in loans and microgrants to 55 entrepreneurs across Regions 3 and 9, while ECDC Enterprise Development Group will distribute $620,000 in loans across Regions 6, 7, and 9.
People Incorporated Financial Services will launch a rural community builder initiative targeting ownership and appraisal gaps in rural downtowns, pairing grants and loans with technical assistance across multiple regions. The Virginia Community Development Fund will deploy $690,000 in affordable housing developer loans to support three to four housing developments. Local Initiatives Support Corporation will expand its working capital recoverable grant pool for affordable housing developers statewide, supporting approximately 100 new affordable housing units.
Tamarah Holmes, Director of the Virginia Department of Housing and Community Development, stated that the fund builds ecosystems where businesses and housing projects can flourish by partnering with community-based lenders to create pathways for sustainable growth in underserved regions.
