A New Era of Community Development
Three Connecticut CDFIs join forces to provide full-service financing options to low-income communities
NEW HAVEN, CT - October 21, 2016 - Three Connecticut-based nonprofit organizations have chosen collaboration as the best way to expand their ability to address the local community’s financial needs.Community Capital Fund, Greater New Haven Community Loan FundandConnecticut Housing Investment Fund, have merged to become Capital for Change (C4C).
A nonprofit Community Development Financial Institution (CDFI), C4C is now the largest, full-service CDFI in Connecticut, serving people, nonprofits, businesses and public institutions in need. As a result of the merger, it now offers a wider array of lending and program options, including small business lending, mixed-use lending, construction, and permanent lending for housing, energy efficiency lending and loan servicing.
Among other things, the recent merger has offered its constituents a vast historical perspective on what works and what does not work. With nearly fifty years of combined experience between them, Mr. Calvin Vinal, (formerly with Connecticut Housing Investment Fund), Ms. Carla Weil, (formerly with Greater New Haven Community Loan Fund) and Ms. Ann Robinson, (formerly with Community Capital Fund) offer a powerful combination of compassion, credibility and execution.
C4C President and CEO Cal Vinal said, “We are tremendously excited by the opportunity our organizational changes bring to Connecticut, expanding our ability to serve the needs of more low and moderate income residents across the state. We thank those who helped us get here and we look forward to working together as we continue to grow”.
Chief Strategy Officer Carla Weil added, “We are scaling up and becoming more efficient at the same time. It will increase our ability to continue to be flexible and responsive to the communities we serve.”
The merger was supported with funding from Bank of America, RBS/Citizens, Community Foundation for Greater New Haven, Farmington Bank, First Niagara Bank, The Hartford Foundation for Public Giving, Liberty Bank Foundation, Melville Charitable Trust, People’s United Community Foundation, People’s United Bank via Federal Home Loan Bank, SeaChange Capital Partners, Synchrony Bank, Travelers Foundation, and Webster Bank.
The newly launched Capital for Change has $106 million in total assets, $70 million in loans outstanding, and 43 employees with offices in Bridgeport, New Haven and Hartford. C4C benefits from the leadership of a highly experienced and diverse board of directors: Dorothy Adams, President – Director of Operations Unitarian Church, Westport, Brian Robinson, Vice President - Director, Strategic Capital Ventures, HAI Group, Jeffrey Robinson, Treasurer - Market Commercial Credit Manager, TD Bank Anna Blanding, Secretary - Owner, The Pilliner Group, LLC, Ginne-Rae Clay – Director Office of Central Grants, Deputy Director, Office of Planning and Economic Development, City of Bridgeport, Carmen Colon – Executive Director, Alpha Community Services YMCA, Timothy Hodges – Vice President, Government Relations and Community Reinvestment, People’s United Bank, Linda Cote – Vice President, Residential Development Lending, Webster Bank, Robin Golden – Strategic Consultant Nicole Licata Grant – Economic Development Specialist, UIL Holdings Corporation and Diane Smith – Director, Planning, Research & Evaluation, Connecticut Housing Finance Authority
For more information on C4C, please contact Carolyn Gonzalez at: 203-332-7977. Media may contact Carla Weil at 203-789-8690 Extension 1180 or email email@example.com.
Capital for Change, Inc. (C4C) is a private, nonprofit organization that is the result of a merger between three Connecticut based Community Development Financial Institutions (CDFIs): The Connecticut Housing Investment Fund, The Greater New Haven Community Loan Fund, and Community Capital Fund. With over fifty years of local expertise and knowledge, C4C offers a variety of lending, funding and services to benefit low-moderate income communities in Connecticut, serving people, businesses, nonprofits, and public institutions in need.
For more information visit: www.capitalforchange.org.