Capital for Change works to minimize pandemic's negative impact on its partners
For Immediate Release Contact: Kim Forde – (860) 233-5165 April 30, 2020
WALLINGFORD, Conn. – As individuals and organizations nationwide continue to reel under the COVID-19 pandemic's onslaught, Capital for Change Inc. has worked to minimize its negative effects on borrowers, investors and donors.“
“Along with the rest of the world, we're being impacted significantly by the coronavirus,” said Calvin B. Vinal, president and CEO of the organization, Connecticut's largest full-service community development financial institution. “However, we're working diligently to maintain open channels of communication with our partners throughout the duration of this crisis.”
In a recent letter to investors, Vinal described actions that Capital for Change has undertaken to ensure that its programs and services continue as usual while minimizing any negative affect on customers.
“Fortunately, Capital for Change is in a strong cash position,” Vinal reported in the letter. “As always, we will continue to address the financial needs of low- to moderate-income individuals and communities in Connecticut, who would be most vulnerable during a time of economic downturn.
“Our additional challenge now is to monitor the developing crisis carefully and respond accordingly as new information becomes available,” he said.
To comply with recommendations from the Centers for Disease Control, Capital for Change’s operations shifted gradually to maximize its employees' ability to work at home. Laptops were issued and software applications distributed to employees, while ensuring full cybersecurity and financial confidentiality.
A reduced crew has been maintained at the organization's Alexander Drive facility to ensure completion of essential functions such as payment processes, and access to the building is being limited to those making appointments. The central office may be contacted at (860) 233-5165.
“We welcome questions to our staff, although we hope you will understand that response times may be slower than normal,” Vinal said.
“We are modeling different scenarios based on the projected length and breadth of the current economic downturn and preparing to adjust revenue projections and expenses in response,” Vinal said.
As an example, more than a thousand Connecticut residents participating in the state's Energy Conservation Loan (ECL) program have been allowed to delay their payments for three months. Capital for Change administers the program, which finances energy conservation improvements for low- and moderate-income single-family homeowners.
That action was taken in March in recognition of the economic downturn resulting from the pandemic, and was announced jointly by Vinal and Miguel A. Rivera, director of Housing and Community Development for the Connecticut Department of Housing.
Similar options are available for other Capital For Change borrowers and loan servicing customers. Check www.capitalforchange.org for more information.
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. Further information is available online at CapitalForChange.org and the organization's Facebook page, “Capital for Change, Inc.”
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.