Virginia Community Capital Celebrates 10 Years of Impact
Virginia Community Capital has released a new annual report marking its 10th anniversary. The bank was founded in 2006 with a mandate from the Commonwealth of Virginia to use $15 million in start-up capital to bolster economic development in underserved areas. Today, they have leveraged that initial investment into $766 million in financing dollars. Virginia Community Capital has originated $320 million in loans, financing 4,719 affordable housing units and 9 health care facilities. And they have financed local businesses like Essel Propack, a product packaging company that was able to expand in Virginia thanks to financing from Virginia Community Capital. The newly renovated facility retained 260 jobs and created 50 new jobs.