Portfolio Partner Profile

Greenline Ventures Small Business Capital Fund III

Greenline Ventures’ third Small Business Capital Fund (SBCF III) with Calvert Impact builds upon the success of our two previous SBCF Investment Funds that aim to provide loans to underserved small businesses throughout the United States. SBCF III leverages the New Markets Tax Credit (“NMTC”) program to provide small businesses with financing that is flexible and patient as it relates to collateral, security requirements, amortization, recourse, covenants, and interest rates/fees. Greenline's impact objectives for SBCF III include job creation and training programs for low-income workers, enhanced benefits packages, minority or women ownership, and reductions in environmental impacts.

Calvert Impact has been working with Greenline Ventures, a financial services company that specializes in capital markets solutions for economic development activities nationwide, since they launched the first SBCF in 2016. Greenline’s mission is to improve the flow of capital into underserved communities and motivate market rate capital to invest in community priorities. Since 2004, they have invested over $2.5 billion in businesses and projects throughout the country.

Featured Impact Story

DC Condo - Greenline III screenshot

Impact Story

DC Condo

American Housing is a real estate development firm specializing in workforce, affordable and market-rate transit oriented development in Northwest Washington, D.C. They are developing workforce and affordable for-sale condominiums in the Langston neighborhood of Washington, DC. Greenline’s loan was made to further American Housing’s effort to increase such targeted investment in this area of the city.

They received a loan in November 2024 through Greenline Ventures to fund ground up development of a 22-unit condo building. The developer plans to use the DC Housing Authority “Path to Homeownership” program which will utilize HDC vouchers to help lower-income people purchase the units. At least 20% of the housing units will be sold to people at or below 80% of area median income and the remainder of the units will be priced as workforce housing.

Impact Story

Princeton Place

Princeton Place - Greeneline III screenshot

Princeton Place is a 116,069 sq ft, 7-story skilled nursing facility (SNF) located in Albuquerque, NM that is licensed for 369 beds. The SBCF provided a $4MM subordinate loan to facilitate the acquisition of the SNF. The property is being purchased for a total of $60MM.

The new sponsors have a proven track record in operating similar facilities. They are focused on reducing expenses and renovating and opening a 60-bed dementia unit which will contribute to growth. As a result of the acquisition, 281 jobs are projected to be maintained (66% women, 77% minority) and 46 new jobs are projected to be created (65% of jobs are expected to pay at least $20/hour, include benefits, and training for higher skilled jobs). At least 75% of the newly created jobs are anticipated to be accessible to low-income individuals and 90% will not require a 4-year college degree. It is estimated that 1,100 low-income/Medicaid patients will be served each year.

Impact Story

Allen & Sons

Allen & Sons is an African American owned moving and storage company that has been in business for over 30 years and is based in Baltimore, MD. In 2023 the company received the Baltimore Business Journal’s Family-Owned Business Award. The recognition was based on their commitment to hiring workers from the community and using 100% minority owned contractors for their operations.

In 2024, Allen & Sons received an SBCF loan for the acquisition of a building that will be redeveloped to become a heavy truck repair shop. The rehabilitation of the building and site will provide for an aesthetically pleasing repair shop to complement the adjacent businesses in the industrial zoned neighborhood. In addition to providing service and maintenance for Allen & Sons trucks and other similar trucking companies, Allen & Sons will partner with Baltimore City Community College for the development and implementation of its CDLA Training Program and a specialized heavy truck apprentice program. 10 permanent jobs are projected to be maintained as a result of the financing. 100% of the employees are minorities and 90% are low-income individuals. 20 construction jobs are anticipated to be created in connection with the rehabilitation of the purchased building.

Return to Portfolio:

Community Investment Note Portfolio

Sectors and Topics:

Small Business

Region(s):

North America

Countries:

United States

US States:

Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, Wyoming, District of Columbia, American Samoa, Guam, Northern Mariana Islands, Puerto Rico, U.S. Virgin Islands, Indian Country

First Year of Investment:

2022

Website:

https://www.greenlineventures.com//

Social Media:

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Calvert Impact Capital, Inc., a 501(c)(3) nonprofit and a subsidiary of Calvert Impact, Inc., offers the Community Investment Note. Calvert Impact Climate, Inc., a 501(c)(3) nonprofit and a subsidiary of Calvert Impact, Inc., offers the Cut Carbon Note. The Community Investment Note and Cut Carbon Note are subject to certain risks, are not mutual funds, are not FDIC or SIPC insured, and should not be confused with any Calvert Research and Management-sponsored investment product. The Community Investment Notes and the Cut Carbon Notes are debt securities subject to the terms, conditions and risks described in the current prospectus, prospectus supplement(s) and pricing supplements, as applicable, including risk of possible loss of the amount invested. Payment is dependent on the issuer’s financial condition at the time payment is due. Any decision to invest in these securities through this Site should only be made after reading the applicable prospectus, prospectus supplement(s) and pricing supplement or by calling 800-248-0337.

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