Governor Abigail Spanberger announced $2.48 million in strategic investments through Virginia’s Capital for Communities Fund (CCCF) to expand access to capital for underserved communities across the state. The funding will support six initiatives aimed at strengthening community lending, small business growth, housing development, and local economic revitalization. The program focuses on empowering Community Development Financial Institutions (CDFIs) and mission-driven lenders to reach unbanked and underbanked populations, helping ensure broader participation in Virginia’s economic growth.
Governor Spanberger emphasized that the initiative is designed to unlock opportunity for entrepreneurs, housing developers, and families by improving access to financing. State officials highlighted that the CCCF plays a key role in reducing lending barriers, supporting microloans, and enabling innovative financing solutions that help small businesses start and expand while strengthening community resilience.
Collectively, the six funded projects are expected to mobilize more than $3.8 million in additional capital, support over 562 businesses, create or retain more than 200 jobs, and facilitate the development of up to 250 housing units. The initiatives are structured to combine lending with technical assistance, ensuring that borrowers receive both financial support and capacity-building services to improve long-term success.
The awarded organizations include Bridging Virginia, which will expand its loan pool and support small businesses across multiple regions, and the Community Investment Collaborative, which will scale micro-lending and entrepreneurship programs expected to generate millions in future lending capacity. ECDC Enterprise Development Group will extend microloan services and restructuring support across Northern Virginia communities, while People Incorporated Financial Services will focus on rural entrepreneurship and downtown revitalization.
The Virginia Community Development Fund will prioritize affordable housing development and economic planning in distressed communities, supporting up to 150 new housing units. Meanwhile, the Local Initiatives Support Corporation will expand housing developer training and provide zero-interest loans to increase affordable housing supply across the state.
Together, these investments aim to strengthen Virginia’s community finance ecosystem by improving access to credit, supporting small businesses, expanding housing opportunities, and ensuring underserved regions can participate more fully in the state’s economic development.
