Get to know our portfolio partners: Greenline Ventures

This is the first piece in our new series, “Get to know our portfolio partners,” where we asked organizations from across the Community Investment Note® portfolio to share favorite moments from their recent work and what they're looking forward to in the future.

Stay tuned for more highlights from our portfolio partners’ work on the ground!

Greenline Ventures is a financial services company that specializes in providing capital to underserved businesses. One of the ways in which Greenline gets capital to the people and communities who need it most is through their Small Business Capital Funds (SBCFs). Calvert Impact Capital has invested in these Funds since the first one launched in 2016.

Each of the three SBCFs leverage the federal New Markets Tax Credit program to provide small businesses with flexible capital. Through these Funds, Greenline seeks to support job creation and training programs for low-income workers, enhanced benefits packages, minority and women ownership, and reductions in environmental impacts.

We asked Greenline Ventures a few questions about their work and upcoming projects. Read on for their responses and visit their portfolio partner profiles for SBCF I, SBCF II, and SBCF III to learn more about their impact.

Can you share a recent highlight or favorite moment from your organization’s work?

Earlier this year we closed on a $4 million loan to a family-owned metal service center located in a distressed region of East Pittsburgh. During a recent quarterly catch up, we asked if they could share how the financing has impacted their operations. They sent the following message, which blew us away! They have quickly become one of our favorite borrowers to work with.

“When Greenline Ventures stepped in to support our metal manufacturing business, we were at a pivotal point in our growth. We had strong momentum but were being held back by high-interest debt and a lack of accessible working capital—despite clear, proven opportunities to scale. Greenline’s decision to partner with us allowed us to refinance that high-interest debt, significantly improving cash flow. Those savings, combined with the working capital Greenline provided, gave us the fuel we needed to finish critical automation upgrades in our plant and invest in high-margin metal sales opportunities.

The results have been extraordinary. Since January of this year, our EBITDA [earnings before interest, taxes, depreciation, and amortization] has grown from $87K to over $230K in June — and that growth continues. We’re now adding another shift to one of our main production lines to keep up with volume, and the improved equipment performance is driving higher output and profitability.

Greenline’s support also gave us the flexibility to take a risk on a trial order for a strategic metal sales program—which ultimately landed us a long-term purchase order that will generate $2.4M in new annual revenue and $500K in net profit starting this fall.

The impact goes beyond our core operations. This growth has created a ripple effect, directly benefiting our affiliated freight business, which is now expanding to meet rising demand. As it scales, it is hiring locally, training new CDL drivers, and increasing regional delivery capacity for essential goods—reinforcing the broader economic and workforce impact of this partnership.

Greenline didn’t just provide capital — they believed in our vision and stepped in when it mattered most. Their partnership has been transformational for our business, our people, our community, and our future.”

What is something special or unique about the work that your organization does?

We take a lot of pride in the fact that we are one of the first (and few) organizations within the New Markets Tax Credit (NMTC) industry to manage a revolving loan fund. While the industry is not known for its small business financing, we’ve seen firsthand how a loan fund can stretch a NMTC allocation beyond what might normally be possible. To date, $63.5 million of allocation that has been awarded to us has been utilized for our Small Business Capital Fund(s). After managing the recycling of loan proceeds, the total amount provided to underserved businesses has been closer to $98 million! We could not have done this without the continued support of Calvert Impact.

What is something exciting coming up for your organization, industry, and/or region?

We are beyond enthused to be starting the closing process for our 4th Small Business Capital Fund! We are very proud that after the new $20 million fund is capitalized, we will have raised a total of $83.5 million of capital to date – all of which is used to provide below market rate financing to underserved (and deserving) small businesses across the U.S. We are also gearing up to unwind our first Small Business Capital Fund which was originally launched in 2016. Since the inception of the fund, a total of $33.85 million (using $20 million of allocation) was provided to 27 different small businesses with locations across 18 states. A total of 836 jobs were created (54% for minorities, 35% for women, and 82% for low-income individuals). We are thrilled to mark this milestone in 2025!

Earlier this year (after many years of trying), the NMTC Program was finally permanently reauthorized, which ensures the program’s continuation with a $5 billion annual allocation of tax credits. It was a huge win for the industry overall!

To learn more about Greenline Ventures and read more stories about their impact, visit their portfolio partner profiles for SBCF I, SBCF II, and SBCF III

The responses presented in this article are for general informational purposes only and have not been independently verified for accuracy or completeness. The testimonials presented reflect the personal experiences and opinions of portfolio partners and their investees, and do not guarantee the same results for others.