The Commonwealth’s Capital for Communities Fund (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 in the Commonwealth. The CCCF provides capital to CDFIs that will allow them to de-risk small and micro-lending and create other innovative tools that address critical gaps in the financing landscape. The CCCF program will support CDFIs to:
- Expand the CDFI ecosystem in Virginia by supporting institutions in achieving CDFI certification status through the U.S. Department of Treasury; increasing service area coverage of un- or underserved communities; and by building organizational capacity through outreach, research and development, support staffing, and administrative expenses.
- Expand or create new financial products and services to meet identified market needs, specifically those that support capital access, small businesses, new and rehabilitated housing units, and community development real estate projects.
- Create or implement technical assistance to borrowers.
