Planting Seeds for Equitable Opportunity
MESSAGE FROM LEADERSHIP
2021 is in the rearview mirror as we look optimistically forward to 2022.
The past year proved to be another challenging year in our community. The uncertainties caused by COVID and its subsequent variant strains kept us guessing about how to best move forward and exist beyond the pandemic. With the stalwart support of our Local Advisory Council and our generous funders, LISC Virginia was able to continue its work with programs specifically aimed at bridging the health, wealth, equity, and opportunity gaps that still exist in our community. We completed a three strategic plan and focused on post pandemic strategies that will better prepare the communities we serve for future social, environmental, and economic impacts. We have now shifted our focus from rapid response to resiliency and sustainability.
If we are to truly address systemic change and transformation, our work must be comprehensive, ambitious and bold. Our strategic plan calls for deploying $50 million of debt, equity and grants that will catalyzes $150 million in additional investment in communities of low wealth in central Virginia. We will continue to focus on the programmatic pillars of affordable housing, family wealth building, and economic development, but this body of work will incorporate strategies that also intentionally address racial equity and the social determinants of health.
The COVID pandemic has and will continue to impact the work we do and how we do it. Community development is localized neighborhood-driven work that entails community partnerships, engagement and visibility. Building and maintaining relationships within these neighborhoods has been challenging in a virtual environment, so reconnecting with our communities and partners through in-person outreach is a priority.
This report details our 2021 accomplishments and stories from those impacted by our work. But we are squarely in the midst of charging ahead in our post-pandemic world. There is much work still to be done.
We are confident that our 2022 goals are attainable with the right strategy and partners in place and invite you to join us in advancing a more equitable, inclusive Virginia where all residents have the opportunity to thrive!
Jane Ferrara, Executive Director LISC Virginia
If we are to truly address systemic change and transformation, our work must be comprehensive, ambitious and bold.”
PROGRAM HIGHLIGHTS
2021 was a year of recovery for small businesses, nonprofits, and families still feeling the effects of the pandemic. LISC deepened our work to provide financial resources and technical assistance designed to build resiliency and advance equity in the communities we serve.
PROGRAM UPDATE
Economic Development
LISC Virginia centers investment in minority- and women-owned businesses, revitalizes commercial corridors and main streets, and bolsters the business support ecosystem. We pair our small business capital with dedicated business coaching to maximize the impact on the small business and the community.
“MBL is excited about the valuable partnership we have established with LISC. It has been very instrumental to our Kiva Loan program. Their loan matching, referrals and support have contributed greatly to MBL’s success as a Kiva Hub. As we endorse and lend to small businesses connecting them with microloans, it allows them to successfully operate their businesses.” -- Metropolitan Business League, Sharon Anderson-Grooms
2021 demonstrated the resiliency of small businesses emerging from the pandemic. Our work continues to provide grants, loans, and capacity building for long-term sustainability. 2021 highlights include:
- The Metropolitan Business League became our first KIVA trustee, bringing $17,000 in KIVA loans to small businesses across Richmond, Hopewell, and Petersburg.
- SEED granted $166,000 to small businesses in Church Hill, and for the first time ever, along Hull Street in the Manchester community.
- Chesterfield County Microenterprise Grant Program provided 32 microenterprises with $317,290.
- Small Business Grants supported 58 businesses with $661,635 in funding.
- The Wells Fargo Open for Business loan program provided 0% loans to 7 small businesses totaling $250,000 in funding.
PROGRAM UPDATE
Financial Opportunity Centers
LISC Virginia’s Financial Opportunity Centers (FOCs) strive to meet the wealth-building needs of Virginia’s most financially vulnerable citizens. Annually, our FOCs work with hundreds of residents, helping them achieve financial stability. Working one-on-one with financial, employment, and benefits coaches, residents set their own financial goals and develop plans to achieve them.
“I have worked really hard and I am seeing a lot of great things happening for me. … I have been networking with countless people and thanks to the help I have received I feel confident in things that I am now doing.” -- SP, Financial Opportunity Center client
LISC Virginia’s service area steadily shifted to recovery in 2021. As the pandemic’s impact diminished the divide in economic recovery is more prevalent than ever. LISC Virginia expanded its FOC network in 2021 to meet the growing needs of the communities we serve.
opened- Piedmont Housing Corporation in Charlottesville and OnTrack RVA in the East End of Richmond.
increase in clients served through LISC Virginia FOCs.
increase in clients receiving improved credit (first time scored and improved)
increase in clients receiving income benefits.
PROGRAM UPDATE
Affordable Housing Lending
As a Community Development Financial Institution (CDFI), LISC Virginia works to provide flexible and affordable funding for development projects that address community needs like affordable housing, commercial activity, healthy food access, and education.
“Thanks to partners like LISC Virginia, the housing authority has moved consistently towards the reality that was envisioned…I look forward to many more joint endeavors between our organizations to further improve the landscape of Hopewell and the quality of life for its residents.” -- Hopewell Redevelopment and Housing Authority
As the pandemic rescinds the need for affordable housing has only expanded. LISC Virginia lending was ready to support the growing pipeline of affordable housing projects. 2021 highlights include:
in approved lending- includes 385 units supported.
in active processing- includes 391 units supported.
PROGRAM UPDATE
Capacity Building
LISC Virginia has historically played a crucial role in growing and establishing the Richmond region’s community development sector. We offer services that seek to increase the skills, knowledge or networks of organization seeking to improve their communities. Our services include not only technical and financial investments, but also by helping orient the public sector to better support community development corporations (CDCs) and their work.
Emerging from the COVID pandemic it was evident the need for community-based services would be unprecedented. In 2021 our capacity building support intended to address the historic challenges facing the communities we serve.
Total Capacity Building funded
Supported Organizations: Southside Community Development & Housing Corporation Better Housing Coalition ProjectHomes Pathways - VA, Inc. Neighborhood Resource Center, Inc. Storefront for Community Design Presbyterian Homes and Family Services Inc. National Institute of Minority Economic Development 2nd Chance Consulting LLC ReeSources Inc. Lewis & Associates LLC
BY THE NUMBERS
In 2021
invested
leveraged
affordable homes
Since 1990
invested
leveraged
affordable homes
OUR FUNDERS
2021 Private Sector Support
Altria Group
Bank of America Charitable Foundation
John Bolton
Bon Secours Health System
The Cameron Foundation
Capital One
Community Foundation for a greater Richmond
Kennon Cummings
Susan Dewey
Dominion Energy Charitable Foundation
Chad Eisele
Fulton Bank, N.A.
Conrad Garcia
Genworth Foundation
Jeffrie L. Hedrick
William Homiller
Chandra Hurst
InUnison
JPMorgan Chase Foundation
Laura Dillard Lafayette
Cindy Mims
Mike Mulvihill
R.E.B. Foundation
RBC Wealth Management
Richmond Association of Realtors®
South State Bank
Edward Turnbull
James E. & Barbara B. Ukrop
United Way of Greater Richmond & Petersburg
Virginia Housing
Wells Fargo Foundation
2021 Public Sector Support
City of Richmond
County of Chesterfield
County of Henrico
U.S. Department of Housing and Urban Development
LOACL ADVISORY COMMITTEE
Local Advisory Committee
William G. Homiller, Chair Partner Troutman Pepper
Chandra Hurst, Vice Chair VP Economic Equity Small Business Loan Officer Virginia Community Capital, Inc.
J. Conrad Garcia Partner Williams Mullen
Senator Rosalyn Dance Former VA Senator
Susan Dewey Executive Director Virginia Housing
Lynden P. Garland, AIA Project Manager Baskervill
Brian Guthrie Chief Financial Officer Capital One Advisors, LLC Card Partnerships
Jeff Hedrick Business Owner Arbor Pro of Virginia
Mark Johnson Vice President & Community Development Manager Truist
Sunday Jones Senior Project Manager Capital One
Laura D. Lafayette Chief Executive Officer Richmond Association of REALTORS® and the Central Virginia Regional Multiple Listing Service
Corey Lane Senior Account Manager Elevation
Michael Lomax Senior Vice President – East Coast Division Woodforest National Bank
Michael Mulvihill Principal Carter Ryley Thomas
Cassandra Naville Vice President, Relationship Manager Bank of America Merrill Lynch
Ned Turnbull Partner Williams Mullen
Sam Yung President Astrya Corporation