Washington, DC (PRWEB) August 08, 2012
DC Community Ventures (DCCV), a community development venture capital firm based in Washington DC, and The Washington Area Community Investment Fund (WACIF), a nonprofit community development loan fund, have announced a strategic partnership. Through this agreement DCCV will provide additional capital to enhance the size and availability of lending products offered to WACIF clients. WACIF will continue to maintain and service clients' lending relationships. As the initial investment under this partnership, DCCV recently closed a loan with New World Development Group (NWDG), a District construction company and existing WACIF customer, to provide increased working capital.
According to co-Managing Partner Karim Zia, "Partnering with WACIF will allow DC Community Ventures to extend the reach of its impact investing mission, to provide capital to underserved communities in the Washington DC area. Specifically, by tapping WACIF’s strong capabilities in underwriting, loan servicing and technical assistance, our fund is able to provide growth capital to smaller businesses than we would otherwise be able to reach. NWDG, a small minority-owned business with significant growth and hiring potential that has been constrained by the difficult conditions in the traditional commercial lending market, is a prime example of companies we look to help expand.”
Timothy A. Flanagan (Executive Director of WACIF) noted, "WACIF is thrilled to work with DC Community Ventures on providing access to capital and technical assistance to the entrepreneurs and small business owners in the DC area who need it most. WACIF originally funded NWDG, who came to WACIF through the Small Business Development Center in Anacostia. When NWDG outgrew WACIF's funding, we called DC Community Ventures, and they stepped up to the plate.” He added, "The capital that DC Community Ventures is providing for NWDG means jobs and opportunity in the District, it means more of our neighbors get a paycheck, and it means our small businesses can access the help they need right here in our community. WACIF looks forward to a continued partnership with DC Community Ventures, and many more deals to come."
About DC Community Ventures:
Established in 2011, DC Community Ventures is a community development venture capital fund that seeks to invest in companies in the Washington DC metro area that deliver both financial returns for the fund as well as social returns for the communities in which they operate. The Fund focuses mostly on mid- to late-stage investments, specifically in businesses that are currently generating profits or have significant profit potential. DC Community Ventures also seeks to co-invest with other VC funds, lenders and institutional investors in equity or debt investments. For more information, visit http://www.dccommunityventures.com.
About The Washington Area Community Investment Fund:
The Washington Area Community Investment Fund, Inc. (WACIF) is a nonprofit community development loan fund whose mission is to empower underserved communities and individuals in the Washington, DC metropolitan area by providing access to capital and technical assistance to small businesses, childcare centers, affordable housing developers, and community organizations. Since inception, WACIF has closed 253 loans totaling $16.7 million, helping leverage $147.7 million in financing for local low- and moderate-income entrepreneurs and nonprofit organizations. WACIF has assisted over 1,200 small businesses through one-on-one assistance, provided $45.6 million in access to capital in lending, and created more than 1,350 full- and part-time jobs. For more information, visit http://www.wacif.org.