Promoting growth in economically distressed communities by sparking investment that creates high-quality jobs and helps neighborhoods thrive.
MainStreet Community Capital finances businesses and not-for-profit organizations in economically distressed areas, providing underserved communities and individuals with long-term economic benefits, including quality jobs and services.
MainStreet Community Capital was formed in September 2021 by MainStreet Bancshares Inc., the parent company of MainStreet Bank, and certified as a Community Development Entity by the U.S. Department of Treasury.
With the launch of MainStreet Community Capital, MainStreet Bancshares Inc. and MainStreet Bank are further elevating our community development initiatives.
We will identify and address capital needs of qualified businesses in highly distressed census tracts—not just in our home markets in Virginia, the District of Columbia and Maryland, but also in West Virginia, Pennsylvania, North Carolina and South Carolina. MainStreet Community Capital will spark investment in high-impact projects that create quality jobs in communities with concentrated unemployment by working with equity investors and other lenders. Together, we can build a brighter future for the communities we serve.
The New Markets Tax Credit Program is the gold standard for breaking the cycle of disinvestment that plagues distressed communities, leaving them with vacant commercial properties and outdated facilities. We are excited about the potential to utilize the tax credit to help communities turn things around. When we build stronger communities, we all grow and thrive.
Leveraging the New Markets Tax Credit Program allows MainStreet Community Capital and the investors and lenders it works with to address the unmet needs of communities. This can best be done through the reduced costs and favorable terms of tax credit financing. MainStreet Community Capital focuses its work in the following areas of the New Markets Tax Credit Program:
MainStreet Community Capital has applied to obtain an allocation of New Markets Tax Credits, which would enable us to offer tax credits to investors in exchange for their qualifying equity investments in the Community Development Entity.
MainStreet Community Capital intends to raise tax credit equity as well as facilitate the use of leveraged debt to support community development via the New Markets Tax Credit Program.
Our service area encompasses Virginia, the District of Columbia, Maryland, North Carolina, Pennsylvania, South Carolina, and West Virginia, where we have been serving low-income communities for 20 years.
