New $2.5 million loan aids Connecticut community-development efforts
WALLINGFORD – A $2.5 million loan from Calvert Impact Capital will bolster community-development efforts in Connecticut, say officials of Capital for Change Inc.
The three-year capitalization loan was approved recently by Bethesda, Md.-based Calvert Impact Capital, whose mission is to invest to create a more equitable and sustainable world.
“We’re very excited to be making this loan to Capital for Change,” said Catherine Godschalk, Calvert Impact Capital's vice president of investments. “Their track record demonstrates a deep commitment to impact and a willingness to think creatively and work collaboratively with local partners to achieve that impact.”
Calvert Impact Capital's mission aligns with Capital for Change's efforts to broaden access to affordable housing, energy efficiency and job opportunities for underserved communities, said Calvin B. Vinal, president and CEO of the organization, which is Connecticut's largest full-service community development financial institution (CDFI).
“CDFIs like Capital for Change truly exemplify the commitment to mission and partnership with local stakeholders that’s needed to transform local communities,” said Caroline Chinhuru, investments officer for Calvert Impact Capital.
“Capital for Change is thrilled to be receiving this groundbreaking investment from Calvert Impact Capital,” said Darcy Arcand, development officer for Capital for Change. “It marks the largest single mission-aligned investment in our social-impact fund to date.”
The infusion of $2.5 million will invigorate Capital for Change's community-development lending activities in Connecticut at a crucial time, coming in the wake of economic challenges generated by the COVID-19 pandemic, Arcand said.
“We're promising to use these funds to impact the low- to moderate-income population in Connecticut, chiefly through loans that support affordable housing and energy efficiency,” Arcand said.
“We see our role as enabling capital to flow from the capital markets to community focused organizations like Capital for Change, that are working to expand access to resources in communities that are often overlooked,” Godschalk said.
“At this time when there’s a greater need to expand access to resources in overlooked communities, we’re even more excited to begin this financing partnership with Capital for Change,” Chinhuru said.
During its 25-year history, Calvert Impact Capital has mobilized more than $2 billion of investor capital to invest domestically and internationally.
Through its products and services, Calvert Impact Capital raises capital from individual and institutional investors to finance intermediaries and funds that invest in communities left out of traditional capital markets. More information is available online at calvertimpactcapital.org or on Twitter at @calvertimpcap.
“Calvert Impact Capital is dedicated to help struggling low- and medium-income communities around the globe through investments in housing, environmental sustainability, as well as small businesses,” Arcand said. “This funding goes a long way towards supporting Capital for Change's financing, which is focused on Connecticut’s disadvantaged people and communities.”
“This important investment will support loans to multiple projects," said Carla Weil, Capital for Change's director of commercial lending.
“Those projects are expected to include affordable rental housing, opportunities for low- to moderate-income homeownership and support for nonprofit organizations, such as federally qualified health centers and social-service providers,” Weil added.
“During the pandemic, lenders have been cautious but Calvert Impact Capital believed strongly in our mission and our history in providing this funding,” said Charles Bodie, Capital for Change's director of finance and reporting.
“We are honored, not just to receive their financial support for our mission, but also to be welcomed into their network of like-minded organizations,” Bodie said. “Within this network, we look forward to raising our profile and highlighting our good work that Calvert Impact Capital has helped to shape.”
“Our mission is to find ways to create economic opportunities and strengthen low-wealth communities, often on a person-by-person basis,” Vinal said. “It's gratifying to know that those efforts are recognized and supported by others in such tangible ways.”
“Calvert Impact Capital is joining 80 individuals, faith-based groups, foundations and nonprofit organizations from throughout the United States that are investing in our mission and a more equitable future for all,” Arcand said.
Over the past four years, Capital for Change loans have permitted more than 1,000 housing units to be created or maintained, while helping to create more than 750 jobs and providing homebuyer training and foreclosure counseling to 1,000 families.
Additional information 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.