March 1, 2021
Community Capital Corporation recently received formal CDFI (community development finance institution ) certification from the US Treasury Department. CCC commenced operations in 2019 and was initially funded by a $1.0 million contribution and a $5.0 million credit line from BDC Capital Corporation, a 68 year old economic development corporation based in Wakefield, MA. Throughout its existence, BDC Capital has provided capital for real estate development, working capital, equipment financing, acquisition, or debt restructuring to thousands of companies located in New England with a current portfolio of more than $700 million invested in more than 1,000 companies. In 2018, with the direction from the Board of Directors, BDC Capital began an initiative to more appropriately target capital investment in minority-owned businesses and businesses that target low to moderate income job creation. After considerable research, it was determined that BDC would help support the formation of a separate, not for profit CDFI whose focus was to target these markets as its primary mission. A task force was formed to conceptualize the new CDFI mission, to assist in the creation and documentation of the new entity, to recruit an independent governing Board of Directors, and to begin to build staff and loan/investment programs for the CDFI.