CornerSquare Community Capital
Who is CornerSquare Community Capital?
CornerSquare Community Capital is a partner and resource for community development financial institutions (CDFIs) and minority deposit institutions (MDIs) that want to give a little extra to their clients. We recognize that some small businesses and entrepreneurs have seen decades of underinvestment and aim to improve access to capital for those who need it most.
Our Vision
CornerSquare Community Capital was formed in 2020 to solve two problems.
First, CDFIs and MDIs typically lack the capital needed to provide small-business loans to people and communities with historically low levels of investment. These include people of color, veterans, women, and distressed and rural communities. Second, loans to lower-wealth borrowers are often riskier due to insufficient collateral, lower credit ratings, and lack of owner equity.
By participating - agreeing to underwrite a certain percentage - in loans deployed by CDFIs and MDIs, CornerSquare helps our partners stretch their capital so that they can make more loans – supporting small businesses and generating wealth – while also lowering the risk of default for these small lenders. This program is designed to be an evergreen, long-term capital solution.
CLIENT PROFILE
Asheville bakery creates sanctuary
Just about eight years ago, Susannah Gebhart launched OWL Bakery in Asheville by baking breads and sourdoughs for neighbors and a few community members. Six years later, her business had expanded into a second retail location and she knew it was time to bring in a new partner. That work eventually led her to work with CornerSquare Community Capital.
Latest Numbers
101
Total Number of Loans Made
$14,390,000
Total Amount of Loan Funds Distributed
$142,500
Average Loan Size
45%
WOMEN
45 Loans
44%
BLACK OR AFRICAN-AMERICAN
44 Loans
4%
LATINO OR HISPANIC
4 Loans
8%
RURAL
8 Loans
25%
RURAL
25 Loans
69%
VERY SMALL BUSINESS
68 Loans
LIFE OF PROGRAM
234 TOTAL LOANS APPROVED
$33,776,526 TOTAL LOAN VALUE
Fiscal Year 2023