Virginia Community Capital
Virginia Community Capital is a Community Development Financial Institution (CDFI) with a mission to create jobs, energize places, and promote an enhanced quality of life for Virginians. With offices in Christiansburg, Norfolk, and Richmond, we offer innovative and flexible financing tools throughout the state. In addition, we provide professional advisory services to individuals and organizations in low-to-moderate income and underserved communities. Virginia Community Capital’s subsidiary bank, VCC Bank, is an FDIC-insured, certified CDFI bank. VCC Bank offers banking products tailored to community banks and socially conscious investors. We also provide personal and business deposit products, including checking, savings, and certificates of deposit.
Many bank executives are excited about the benefits created by Opportunity Zones. However, other banks are still wondering if participation in them is even feasible. CDBA's Jeannine Jacokes offers her insights in this special report from American Banker. The article also features CDBA members Dominik Mjartan of Optus Bank, Tom Nida of City First Bank, Adam Northup of Virginia Community Capital, and Bill Dana of the Central Bank of Kansas City, all of whom support stronger regulations for Opportunity Zone projects.
Last year, Congress introduced the Opportunity Zones program for economic development in distressed areas. These zones represent low income rural and urban areas that can benefit from private economic revitalization. For investors, the short term benefit of an Opportunity Zone is primarily the deferral of capital gains taxes, if the investment in the zone is maintained. Virginia Community Capital says it is cautious but optimistic of the positive effects of this program for areas like Franklin County.
Cities and towns all over the country are implementing innovative tactics to invigorate and revitalize their communities. On Dec. 13th, LOCUS' parent company Virginia Community Capital (VCC) will hold a conversation about these place-based trends with Bruce Katz, author of "The New Localism" and former Centennial Scholar at the Brookings Institute, and Erika Poethig, Vice President and Chief Innovation Officer of Urban Institute. The session will be moderated by Craig Carper, News Director of 88.9 WCVE Public Radio.