CNote loan bolsters effort to help underserved populations in Connecticut
WALLINGFORD, Connecticut – Efforts to help underserved populations in Connecticut will benefit from $2 million in funding from the impact investing platform CNote, say officials of Capital for Change Inc.
“Capital for Change has a deep history of community advancement, and traces its roots to fighting for civil rights and affordable housing in the 1960s,” said CNote CEO Catherine Berman.
“We're excited to highlight our newest CNote partner and their deep commitment to affordable housing development, environmentally conscious investment, and community development,” Berman said.
“This investment by CNote is perfect for pre-development or small business loans we have in our lending pipeline,” said Charles Bodie, Capital for Change's director of finance and reporting.
“CNote serves as a capital source for community-development financial institutions by enabling socially-minded investors to invest directly into organizations like Capital for Change,” Bodie added. “This new and flexible funding stream directly supports our mission.”
The funding is to be earmarked to support projects bolstering affordable housing, small businesses and energy efficiency in Connecticut, Bodie said.
“Sometimes those loans can be long-term – such as 10 to 20 years on housing – and some short-term – up to three years for lines of credit to business or for construction loans for housing,” he said. “These funds are ideal to support the immediate short-term needs for all of our mission-driven lending in Connecticut.”
“We're honored to receive CNote's financial support for our mission and to be welcomed into their network of like-minded organizations,” said Capital for Change CEO Cal Vinal. “We believe this partnership will help fulfill both organizations' goals while helping many people in underserved communities throughout Connecticut.”
CNote was founded in 2016 by Berman and Yuliya Tarasava, who have had decades of experience working in finance.
With the mission of closing the wealth gap, the organization uses technology to unlock diversified and proven community investments to generate economic mobility and financial inclusion.
All money invested on CNote's platform funds small businesses owned by women and people of color, affordable housing and economic development in financially underserved communities across America.
Forbes.com columnist Afdhel Aziz has described CNote as “an innovative fintech platform that unlocks new investment opportunities for retail and institutional investors.”
Additional information about the organization may be found at www.mycnote.com
More information about Capital for Change is available online at CapitalForChange.org and the organization's Facebook page, “Capital for Change, Inc.”
Capital for Change's mission is to provide flexible, creative and responsive financial products and services to benefit low- and moderate-income persons, and minority and otherwise underserved individuals, businesses and communities. Its programs and products broaden access to affordable housing, energy efficiency and job opportunities.
Capital for Change Inc. was created in 2016 through the mergers of the Community Capital Fund, Connecticut Housing Investment Fund and the Greater New Haven Community Loan Fund, shaping an organization with a statewide history of service stretching back to 1968. Serving Connecticut for more than 50 years, C4C has invested more than $425 million in mission-driven capital statewide.