ELEMENTS OF CHANGE
Capital for Change | 2023 Annual Report
ELEMENTS OF CHANGE
Change is a powerful force that can guide us to unseen opportunities and inspire us to live and work in new ways. Whether it's a change in our personal lives or in the world around us, embracing the elements of change can lead to exciting possibilities. By staying open to different ideas and approaches, we are inviting the power of change to create a brighter future for ourselves and our communities.
>> To Our Partners
As we look back on our 2023 Fiscal Year, we’re pleased to share highlights of our work supporting our mission and continued growth. Capital for Change’s 2023 Annual Report illustrates our dedication to fulfilling our promise to the communities we serve. Over the course of the year, we have honored our pledge to racial equity through the support of entrepreneurial aspirations, the opportunity to build wealth for local businesses, preserve and rehabilitate affordable housing units in low and moderate income communities, stabilize neighborhoods, create jobs, and leverage partnerships. This work has always been the heart and soul of community development finance and will continue to guide us as a north star.
Our Commitment to Housing and Community Development
C4C provides financial assistance to both for-profit owners of neighborhood-scaled housing and non-profit housing developers. Building on the grant success of the prior year and the availability of new pooled bank funds, we added over $14 million in new commercial loans. This investment across the state participated in the creation or rehabilitation of 351 units of affordable housing supporting nearly 1,000 beneficiaries.
While most of our housing lending assists affordable rentals, C4C has continued our dedication to creating affordable homeownership. Currently, we are supporting Green Planet’s project to build affordable cottages for homeownership in Guilford; Ashlar Historic Preservation project to bring 12 units of affordable homeownership housing to Bridgeport and Beulahland Development’s ongoing work to renovate housing for homeowners in the Dixwell/Newhallville neighborhoods in New Haven.
Our Commitment to Small Businesses and Non-Profits
We continue to provide support to non-profit organizations, such as Junta, that provide services and programming to the community. In Fiscal Year 2023, C4C also launched its participation in the CT Boost program designed to benefit entrepreneurs of color who frequently lack access to capital with loans as small as $10,000. The loan capital provides community businesses and organizations with more of the essential funding needed to continue growing and making a difference in Connecticut.
We are very proud of what we accomplished delivering on our mission while remaining solid financial stewards. We extend our thanks to the Board of Directors, community partners, investors, donors, and employees. Your continued dedication and support allow us to continue delivering financial capital and impactful change to Connecticut's underserved communities.
Sincerely,
Diane Smith,
Chief Executive Director
Dorothy Adams,
Board Chair
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.
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.
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.
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