Common Future acquires Community Credit Lab
To Common future, we advance racial and economic equity by incubating, co-creating and funding community-driven solutions, and influencing key sectors to transfer power and capital to these communities. In our 20-year history, we’ve transferred $280 million to community investments across the United States.
Today, we acquire an organization that shares our belief that the people closest to the problem should lead the development of solutions and that capital should be used to build economic power in and with these communities: Community Credit Lab (CCL) .
Founded in 2019, Community Credit Lab is at the forefront of community-first investing, designing lending programs that equip community organizations with the infrastructure and institutional partnership to control and deploy capital in a way that centers their needs and ambitions . To date, Community Credit Lab has secured capital inflows and total commitments of $6 million in impact investments, recoupable grants and philanthropic funding, enabling CCL to facilitate $1.7 million in community loans. Affordable Consumer and Small Business Approved in the United States.
With this acquisition, there will be additional capacity and infrastructure for community-focused capital deployment initiatives and to develop ongoing analysis of what works to drive change among funders and investors.
“We envision a world where everyone, regardless of race or class, has power, choice and ownership of the economy. Yet we know that many people are excluded not only from building opportunities, but even developing solutions that can perpetuate the damage,” said Rodney Foxworth, CEO of Common Future. “There are very few organizations that work directly with community partners to facilitate capital on behalf of those most excluded from our economic and financial systems – and Community Credit Lab is best in class.”
Common Future and Community Credit Lab share a common quest to raise capital and influence to build economic power and self-determination in excluded communities. We collaborated on our character-based lending pilot project, expanding access to credit in BIPOC communities using non-traditional means to assess creditworthiness. Common Future raised $800,000 and Community Credit Lab was the facilitating partner, providing design support services to local partners and the infrastructure to deploy and manage the funds under the leadership of those partners.
“Community Credit Lab’s goal has been to make credit affordable and accessible to communities facing discrimination through lending programs designed to center borrowers’ experiences and reduce or abolish the poverty bonus,” said Sandhya Nakhasi, co-founder and executive director of CCL. “We view our role as a facilitator, from following community advice in creating lending programs to mobilizing the priority impact capital needed to pilot these programs; and as a platform to generate and share dialogue about systemic damage to the financial system and how we can influence regulatory transformation at scale. Common Future has the history, the connections, the know-how and, most importantly, the confidence to truly face the moment. We are excited to build on the powerful relationship we already have.
Rodney Foxworth will continue in his role as CEO of Common Future. Community Credit Lab’s four staff members, including its two co-founders Sandhya Nakhasi, Executive Director, and Ryan Glasgo, Chief Operating Officer, will become employees of Common Future and Common Future will retain Community Credit Lab as an affiliated entity.
About the common future: Common Future works to close the racial wealth gap. As a multiracial, Black-led organization, our diverse team of strategists, community organizers, financial activists and policy enthusiasts provide capital, operational support and strategic partnership to emerging solutions to combat the racial and economic injustice. This work has helped wealth holders transfer $280 million to communities of color, attracting capital and bringing attention to more than 200 community-based wealth-creating institutions. Learn more about Common future.
About the Community Credit Lab: Recognizing the pervasive inequalities of the current system, Community Credit Lab (CCL) seeks to remove structural barriers and reverse the poverty premium. To actualize economic justice, CCL shifts power by facilitating capital through affordable, personalized lending programs led by community partners. These lending partners represent their communities and people who repeatedly face discrimination in the mainstream financial system. CCL provides loan origination, loan servicing, loan servicing and capital facilitation support to help individuals and small business owners nationwide achieve their economic goals on their terms. Learn more about Community Credit Lab.