The Momentus Capital family of companies is a founding member of the new coalition dedicated to fighting economic disparity and accelerating economic opportunity.
ARLINGTON, Va. and SAN DIEGO, July 28, 2022 /PRNewswire/ — Momentus Capital is honored to be a founding member of the new Economic Opportunity Coalition (EOC).
vice president Kamala Harris announced today historic efforts to catalyze and align public and private investments – including the formation of the new EOC – to address economic disparities and accelerate economic opportunity in communities of color and other underserved communities.
The EOC is made up of 23 companies and foundations, including 14 Fortune 500 companies. Their goal is to focus their commitments in a few areas that will move the needle – aligning their major investments in communities of color with investments made by the Biden-Harris Administration.
“Momentus Capital is uniquely positioned to play an important role in representing mission-driven financial institutions on the Economic Opportunity Coalition,” said Ellis CarrPresident and CEO of Momentus Capital family of companies, which includes Capital Impact Partners, CDC Small Business Fundingand Venture capital lending technologies. “Our team has extensive experience in small business and community development, and the ability to offer a continuum of capital at every stage of growth to support economic mobility and wealth creation.”
“We are grateful to the Biden-Harris administration for their support of the Economic Opportunity Coalition. Working together in this public-private partnership will help create social and economic justice in disinvested communities,” Carr added. “This coalition will strengthen Momentus Capital’s work to provide communities with the opportunities they deserve to succeed and prosper. We can accomplish much more and much faster by combining our efforts strategically than we could by acting separately.
EOC founding members include Ariel Investments, Bank of America, BNY Mellon, Capital One, Citi, Discover, Ford Foundation, Goldman Sachs, Google, Key Bank, Kresge Foundation, Mastercard, McDonald’s, McKinsey & Company, Micron, Momentus Capital, Moody’s, Netflix, PayPal, PNC, The Rockefeller Foundation, TIAA and Upstart.
The EOC will coordinate between public, private and social sector organisations. It will develop and deploy products that solve problems getting resources to where they are needed most, and it will drive results for meaningful action.
Coalition members have made significant commitments in each of the four priority areas, including a number of investments since the formation of the group earlier this year:
- Invest in Community Development Financial Institutions (CDFIs) and Minority Depository Institutions (MDIs)
- Support entrepreneurship and minority-owned businesses
- Expand inclusive and equitable access to credit and other financial services that facilitate financial health
- Make infrastructure investments that create more community wealth
These pledges, which represent only a small fraction of the EOC’s total pledges, show the immense resources that these founding members bring to the table, but they recognize that they must do more.
Over the coming months, the EOC will build on investments made by the Biden-Harris administration and develop new solutions that reinvent how capital, technology and talent are deployed in underserved communities. They will be built with and for the community, building on existing strengths and assets to tackle the root causes of economic inequality.
The Momentus Capital family of companies is already working to transform the way investments and capital flow through communities. This includes:
- Financial capital: a range of flexible debt and equity products to meet the needs of Momentus Capital partners, as well as access to new markets and potential investors
- Knowledge capital: business advice, support and training to develop the skills and knowledge that can help partners move their businesses forward
- Share capital: connections to networks and people who can help Momentum Capital partners succeed
Among the recent programs and initiatives of the Momentus Capital family of companies:
- Launch of a Impact Investment Group to revive growth-stage businesses that will impact their communities. Equity investments represent less than 2% of CDFI portfolios in United States. This will fill a critical gap for companies like this that need more than traditional debt products.
- Coming! Momentum Capital is developing a first-of-its-kind, mission-driven investment bank to better connect investors to community organizations through community-centric securities offerings.
- Enable Detroita new loan product that empowers black entrepreneurs by focusing on character-based assessments rather than credit scores.
- Incapacitythat helps business owners who have been denied a commercial real estate loan, giving them the opportunity to build wealth, create jobs, and stay in the communities they serve.
- The Equitable Development Initiative, Housing Equity Accelerator Scholarshipand Growth of diversified real estate developersall of which provide training, mentorship, connections, and funding pathways to developers of color, helping them overcome racial barriers and systemic issues.
- Increase access to Companies+, an exclusive loan processing and portfolio management tool that has become one of the best resources for small businesses and community lenders. It has helped other local lenders create an impact in their communities by giving them access to high-level services that they otherwise could not manage on their own.
Drawing on 80 years of combined experience, a portfolio of nearly $3 billionand strong community engagement, the Momentus Capital family of companies has delivered over $23 billion in financing, created and preserved 250,000 jobs, and served 12,000 small businesses and five million people throughout their history.
More information is available on the Momentus Capital Fact Sheet (PDF).
About Momentus Capital
Momentus Capital transforms the way capital and investments flow through communities to provide people with the access to capital and opportunities they deserve.
Through our family of mission-driven organizations, including Capital Impact Partners, CDC Small Business Finance, and Ventures Lending Technologies, we work to reinvent traditional financial systems that have failed to address systemic issues of inequality, poverty, and poverty. economic empowerment and the widening racial wealth gap. .
Each organization under the Momentus Capital brand will continue to operate as a separate entity committed to serving its market and key customers, but with additional resources and product offerings.
We offer a continuum of financial, knowledge and social capital to help local leaders build inclusive and equitable communities and create generational wealth. This includes a comprehensive suite of lending products, impact investing opportunities, business training and advisory programs, and technology services that advance local solutions.
Drawing on 80 years of combined experience, a portfolio of nearly $3 billionand strong community engagement, the family of companies has delivered over $23 billion in financing, created and preserved 250,000 jobs, and served 12,000 small businesses and five million people throughout their history.
With its headquarters at Arlington, Virginiaand San Diego, CaliforniaMomentus Capital operates nationwide focusing on major urban areas and cities in Arizona, Michigan, Nevada, New York, Texasand washington d.c.
Learn more about momentuscap.org.