Community Capital New York, Inc.

Background

Community Capital New York, Inc. (CCNY) is a mission-driven Community Development Financial Institution (CDFI) dedicated to fostering economic opportunities for underserved and historically disadvantaged individuals and communities. Established in 1989, CCNY focuses on funding the development of affordable housing throughout New York State and providing flexible loans and technical assistance to small business owners in the Hudson Valley. The organization envisions an inclusive and equitable economy where all individuals can build wealth and contribute to a thriving community.

Key Strategic Focus

CCNY's strategic objectives include:

Affordable Housing Development: Offering pre-development loans and gap financing to developers to increase the supply of affordable housing.

Small Business Support: Providing microloans and small business loans, coupled with free business training and consulting, to entrepreneurs, particularly those who have faced challenges obtaining funding from traditional financial institutions.

Inclusive Lending: Prioritizing lending to people of color, women, veterans, individuals from rural areas, and entrepreneurs with lower incomes.

Financials and Funding

As of the fiscal year ending June 2023, CCNY reported:

Revenue: $3,053,463

Expenses: $2,023,496

Net Income: $1,029,967

Net Assets: $8,084,781

Notable sources of revenue include contributions totaling $1,294,297 (42.4% of total revenue) and program services generating $1,750,991 (57.3%).

In 2019, Empire State Development provided $1 million to CCNY for lending to small businesses in economically distressed areas in Westchester County.

Pipeline Development

CCNY has invested over $73.8 million in increasing the supply of affordable homes and fostering small business growth. This investment has led to the creation or preservation of over 5,400 units of safe, affordable housing and the creation or retention of more than 8,400 jobs.

Technological Platform and Innovation

CCNY employs a human-centered and relational approach to lending, emphasizing personalized support and guidance. Their services and loan products are offered in both English and Spanish, with bilingual loan officers available to assist a diverse clientele.

Leadership Team

Ian J. Benjamin: Interim President and Chief Executive Officer

Elissa Bard: Chief Operating Officer (through March 2023)

Kate Conlan: Chief Operating Officer

Tim McQueen: Vice President, Business Development and Outreach

Veronica Colman: Vice President of Business Advancement

Leadership Changes

In November 2022, Ian J. Benjamin assumed the role of Interim President and CEO. Elissa Bard served as Chief Operating Officer until March 2023.

Competitor Profile

Market Insights and Dynamics

The market for community development financial institutions is characterized by a focus on providing financial services to underserved communities, including affordable housing financing and small business lending. The demand for such services is driven by the need for economic development in low-to-moderate income areas and the support of minority and women entrepreneurs.

Competitor Analysis

Key competitors in this space include other CDFIs and nonprofit lenders such as Community Capital Bank, Ocean Capital, and Boston Community Capital's Venture Fund. These organizations offer similar services, including small business loans and affordable housing financing, targeting underserved communities.

Strategic Collaborations and Partnerships

CCNY collaborates with various funders and partners to achieve its mission. Notable funders include the TD Charitable Foundation, which provided $30,000 for the Small Business Program, and the Webster Bank Charitable Foundation, contributing $20,000 for the same program.

Operational Insights

CCNY's distinct competitive advantages include its personalized, relational approach to lending, bilingual services, and a strong focus on supporting traditionally underserved populations. Their comprehensive support system, combining financial assistance with business training and consulting, contributes to a higher business survival rate among clients compared to national averages.

Strategic Opportunities and Future Directions

CCNY aims to continue expanding its impact by increasing the availability of affordable housing and supporting the growth of small businesses in underserved communities. Future directions include developing innovative loan products, enhancing outreach efforts, and strengthening partnerships to further economic development and social justice initiatives.