Providing Capital and Resources For Wilmington Communities
Cinnaire partnered with NCALL Loan Fund and True Access Capital to form the Equitable Wilmington CDFI Collaborative, created to promote inclusive growth in Wilmington’s West, East and Northeast neighborhoods and stimulate economic opportunity and mobility.
This Collaborative is supported by JPMorgan Chase through its PRO Neighborhoods initiative.
Equitable Wilmington provides lending resources and technical assistance for transformative projects such as building affordable housing, community facilities, and supporting small businesses in these key neighborhoods.
The goal of the Equitable Wilmington CDFI Collaborative is to foster social equity by providing community solutions, access to capital, and resources to allow all Wilmington neighborhoods to thrive. The collaborative is comprised of three local mission-driven lenders dedicated to fostering small business growth; developing safe, affordable homes; and supporting essential community facilities in the neighborhoods surrounding Wilmington’s Central Business District.
Since its inception in 2020,the Equitable Wilmington Collaborative has:
- Launched a Northeast Revitalization Fund to provide financial support for developers, business owners, landlords and other property owners with projects that have a high economic and revitalization impact in Northeast Wilmington.
- Provided a $3.6 million loan to support the expansion of the Latin American Community Center’s Early Development Center.
- Awarded a Capacity Building Fund grant to eight nonprofit organizations to expand their ability to sustainably meet the needs of their communities.
Equitable Wilmington Partners:
JPMorgan Chase & Co. provided a $4 million, three-year investment to Equitable Wilmington as part of its PRO Neighborhoods competition–a $125 million, five-year national commitment in neighborhood revitalization. This initiative helps equip community leaders with the tools needed to transform underserved neighborhoods into neighborhoods of opportunity—where diverse individuals and families at all income levels can live.
Cinnaire is a nonprofit financial partner that supports community and economic revitalization initiatives through creative investments, loans and development services. Since 1993, Cinnaire has invested $5.7 billion to develop 1,008 housing communities in 10 states, providing 63,000 affordable apartment homes for individuals and families. In its mission to change lives and transform neighborhoods into thriving communities, Cinnaire has helped to create or retain over 93,000 jobs and spur $10.1 billion in economic impact.
NCALL Loan Fund
The NCALL Loan Fund is a nonprofit community development financial institution with a mission to provide innovative lending and services targeted to affordable housing and community development. Since 2004, the Loan Fund has deployed more than $138 million in financing on the Delmarva Peninsula, resulting in the development of more than 860 affordable housing units; 400 rooms with supportive living services; 575,000 square feet of community facilities and 132,000 square feet of mixed-use/commercial space.
True Access Capital
True Access Capital is community development financial institution based in Wilmington, DE focused on driving community development and job growth by providing loans and technical assistance to underserved communities in Delaware and Southeastern Pennsylvania.
True Access Capital’s role in the collaborative has been to lead the small business and economic development activities.