CHANGE IN ACTION
Capital for Change | 2022 Annual Report
$199M+
Loan Amounts Originated
16,436+
17,374+
Loans
Originated
Housing Units
Developed or Impacted
3,193+
Jobs
Cretated
All-time Impact Numbers - * As of 4/2022
OUR VISION
" To be Connecticut’s premier community development financial institution, offering capital solutions that will create and sustain lasting, positive change to low-income communities, including broadened social and economic participation, economic growth, and environmental sustainability."
WELCOME
We are pleased to provide our 2022 Annual Report covering the Fiscal Year ending March 31, 2022. Rebounding from the impacts of COVID, Capital for Change (C4C) had a busy year channeling recovery funding and staff resources to support our mission.
In commercial lending, this rebound was evident in the 25 new loans totaling over $9 million that were closed for affordable housing projects and non-profit lending. Well over 60% of these loans were in low to moderate-income census tracts, and over 60% of the beneficiaries have been people of color.
Funding from grants and our financial business partners are helping to set the stage for growth in the coming year. In late 2021/early 2022, C4C received:
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$28.8 million in pooled funding support (MPLP3) from 14 partnering banks, which is up dramatically from 2018’s prior pooled funding (MPLP2) of $20 million with 11 partnering banks
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$2.4 million from the US Treasury in the form of two grants
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$500,000 CHFA tax credit grant funded by Eversource in support of affordable housing
Through the first three months of the current fiscal year, C4C is already ahead of last year’s pace in terms of commercial lending as we look to add to the nearly $70 million in loans funded since our merger in 2016.
Consumer energy efficiency financing programs delivered $28 million in new loans which was
$3 million higher than the previous year. With nearly 3,000 new loans added, these energy efficiency loans funded much-needed improvements and helped to reduce carbon emissions.
Along with more growth in the areas already mentioned, C4C will be expanding its work in the coming year with added emphasis on small business and non-profit lending as well as intensifying our focus on racial equity impacts. C4C will be working with DECD and NDC in the CT Small Business Boost Fund to deliver committed funds into the hands of local businesses. Many small businesses in CT were hit hard by COVID and C4C is eager to participate in delivering relief in conjunction with the state as C4C is doing with the Unite CT rental assistance program. In addition, C4C has developed internal initiatives to deliver more capital to BIPOC borrowers and developers.
Our successful impact now and in the future is linked to your continued support. Many thanks to all of you who believe and invest in our mission.
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Suzanne Tillman,
Interim Executive Director
Dorothy Adams,
Board Chair
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RACIAL EQUITY & INCLUSION
From its roots in the 1960s fighting racism in housing, Capital for Change (C4C) and its Board of Directors have focused on being an industry leader positively impacting racial equity and inclusion. C4C was intentionally designed to address and work to correct systemic racism in community lending and community development. C4C is committed to reaching out to and providing fair and equitable financing opportunities in Black and Brown communities, to combat and correct years of disregard and biased rejection. C4C strives to be the lender of opportunity by ensuring access to capital for underserved communities of color that want to grow businesses and build strong communities.
In furtherance of this commitment, C4C’s Board of Directors has established the Racial Equity and Inclusion (RE&I) Committee to guarantee a long-term strategy to ensure racial equity, accountability, and inclusion.
CONTACT
Inquiries
For any inquiries, please call: 203-860-233-5165 or fill out the following form.