Outcomes of the Virginia Community Development Financial Institutions (CDFI) Fund (January 29, 2026)
Summary
A letter dated January 29, 2026 to the Governor, the Virginia Secretary of Commerce and Trade and the chairs of the Senate Finance and Appropriations Committee and the House Appropriations Committee. It documents outcomes of the Virginia Community Development Financial Institutions (CDFI) Fund as required by Section E of § 36-140.01 of the Code of Virginia. It states that in fiscal year 2025 seven certified CDFIs and two entities seeking CDFI certification deployed 191 loans, grants, and forgivable loans worth $16,989,798, leveraging an additional $16,012,225. It reports 21 new businesses created, 45 businesses retained and 57 businesses expanded. The letter closes with the name Maggie Beal, DHCD Director, and lists an attached CDFI FY25 Impact Statement.
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“Outcomes of the Virginia Community Development Financial Institutions (CDFI) Fund (January 29, 2026).”
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January 29, 2026
The Honorable Abigail Spanberger
Governor of the Commonwealth of Virginia
Patrick Henry Building
Richmond, VA 23219
The Honorable Carrie Chenery
Virginia Secretary of Commerce and Trade
Patrick Henry Building
Richmond, VA 23219
The Honorable Louise Lucas
Chair, Senate Finance and Appropriations Committee
201 North 9th Street, 13th Fl.
Richmond, VA 23219
The Honorable Luke E. Torian
Chair, House Appropriations Committee
201 North 9th Street, 12th Fl.
Richmond, VA 23219
Dear Governor Spanberger, Secretary Chenery, Chair Lucas and Chair Torian,
I am writing to provide documentation of the outcomes of the Virginia Community
Development Financial Institutions (CDFI) Fund as required in Section E of § 36-140.01 of the
Code of Virginia.
During a 2021 Special Session of the General Assembly, the CDFI Fund was established as a one-
time fund providing grants to CDFIs and Community Development Enterprises to provide
flexible and favorable financing to small businesses. It was designed to be highly targeted and
highly flexible to increase capital access to historically disadvantaged populations,
disproportionately economically impacted business districts, and business districts
Virginia Department of Housing and Community Development | Partners for Better Communities
Main Street Centre | 600 East Main Street, Suite 300 Richmond, VA 23219
www.dhcd.virginia.gov | Phone (804) 371-7000 | Fax (804) 371-7090 | Virginia Relay 7-1-1
economically dependent on tourism. The program aims to expand technical assistance and
financial services to borrowers. The fund was officially codified in Chapters 639 and 640 of the
2023 Acts of Assembly.
In fiscal year 2025, seven certified CDFIs and two entities seeking CDFI certification deployed
191 loans, grants, and forgivable loans worth $16,989,798, with those investments leveraging
an additional $16,012,225. In total, 113 new jobs were created, 251 jobs were retained, 21 new
businesses were created, 45 businesses were retained, and 57 businesses expanded.
A summary of the program impact can be found in the attached document. In the 2025 session,
General Assembly allocated $2,650,000 in the first year (including $150,000 in administrative
funding), and $150,000 for administration in the second year for this program. Applications for
the CCCF 2026 round closed January 7, 2026. Staff anticipates awards being announced by
summer 2026.
Sincerely,
Maggie Beal
DHCD Director
Attachments:
CDFI FY25 Impact Statement
COMMONWE ALTH OF VIRGINIA
COMMUNITY
DEVELOPMENT
FINANCIAL
INSTITUTIONS FUND
COMMONWEALTH CAPITAL FOR COMMUNITIES FUND
F Y25 IMPAC T STATEMENT
cccf@dhcd.virginia.gov dhcd.virginia.gov/cccf 804 371 7000
FY25 Results
21 57 45
New Businesses Businesses Businesses
Created Expanded Retained
113 251
New Jobs Jobs
Created Retained
$16,989,798 $16,012,225
Total value of loans Dollars leveraged
Job Type (by two-digit NAICS code) Created Retained
Accomodation and Food Services 20 3
Administrative Support, Waste Management, Remediation 0 0
Agriculture, Forestry, Fishing, and Hunting 0 0
Arts, Entertainment, and Recreation 4 0
Construction 11 86
Educational Services 4 3
Finance and Insurance 5 9
2 CDFI | FY25 Impact Statement
Job Type (by two-digit NAICS code) Created Retained
Health Care and Social Assistance 21 25
Information 0 3
Management of Companies 0 0
Manufacturing 9 6
Mining, Quarrying, and Oil and Gas Extraction 0 0
Other Services, Except Public Administration 3 10
Professional, Scientific, and Technical Services 9 16
Public Administration 0 2
Real Estate, Rental, and Leasing 22 75
Retail Trade 5.5 10
Transportation & Warehousing 0 1
Utilities 0 0
Wholesale Trade 0 2
Total 113.5 251
3 CDFI | FY25 Impact Statement
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