Funding will support community development financial institutions, small businesses and revitalization projects

RICHMOND, VA - Governor Glenn Youngkin announced on June 7th, $1.3 million in grants for seven projects through the Commonwealth’s Capital for Communities Fund (CCCF). The projects will expand lending to communities lacking banking options across the Commonwealth while providing technical assistance to future borrows for business ventures.

“As we grow Virginia’s economy, we must ensure that institutions across the Commonwealth have access to the capital they need to thrive,” said Governor Glenn Youngkin. “These seven projects will support growing local economies by expanding lending services to communities that need them most.”

CCCF was created to provide grants to community development financial institutions and other similar entities for the purpose of providing financing to small businesses, housing development and rehabilitation projects and community revitalization real estate projects. CCCF provides capital to Community Development Financial Institution (CDFIs) that will allow the organization to minimize the financial loss often associated with small loans and micro-lending and create other innovative tools that address critical gaps in the financing landscape.

“Small, local institutions are integral to building our economy, and we need to ensure they have access to the financing and technical assistance they need,” said Secretary of Commerce and Trade Caren Merrick. “By expanding capital and resources to these communities, we can support these previously unserved businesses to start, expand and thrive.”

The awarded projects are anticipated to leverage over $8 million in loans to 320 borrowers, providing over 4,300 hours of technical assistance and creating and/or retaining more than 270 business and over 640 jobs.

“By removing these financial barriers, we can foster stronger entrepreneurial ecosystems in these small communities,” said Director of the Virginia Department of Housing and Community Development, Bryan Horn. “CCCF allows us to expand financing to these communities and fill crucial gaps in the financial landscape to allow them to flourish and grow economically.”

For more information on CCCF, visit dhcd.virginia.gov/cccf.