Capital For Change (C4C)

What Capital For Change (C4C) does

Capital for Change (C4C) is a nonprofit Community Development Financial Institution (CDFI) headquartered in Wallingford, Connecticut, established in 2016 through a merger of predecessor organizations. It operates as Connecticut's largest full-service CDFI, having deployed approximately $425 million of mission-driven capital into underserved communities since inception, with $18.5 million in net assets providing a loss-absorption cushion for social impact investors. C4C serves low- and moderate-income individuals, small businesses, nonprofits, housing developers, and public institutions through a vertically integrated suite of roughly 50 loan programs spanning residential energy efficiency, affordable housing development, small business lending, mobile home financing, and multifamily energy retrofits. Geographically, operations are concentrated in Connecticut with loan servicing extended across Southern New England and recent expansion into New Hampshire through an Eversource commercial clean energy partnership.

The product portfolio includes the Energy Conservation Loan (ECL), Connecticut Home Improvement Program (CHIP), HES Micro Loan, CHFA Mobile Home Mortgage, LIME Multifamily Energy Program, Connecticut Small Business Boost Fund, and the New Hampshire Commercial Clean Energy Loan. Underlying technology is built on the WebLOANS! servicing platform provided by Benedict Group, Inc., supporting origination, payment processing, escrow management, and compliance reporting. C4C differentiates itself through utility-based underwriting that weighs utility repayment history over traditional credit reports, enabling access for credit-challenged borrowers, and maintains a statewide contractor network of 100+ participating firms. Supporting services include homeownership counseling, a contracted loan servicing business ($8-$16 per loan per month) serving other CDFIs, state agencies, and housing developers, plus the recently launched Emerging Developer Resource Initiative (EDRI) for capacity-building.

C4C's revenue model is multi-pronged: net interest income from on-balance-sheet lending, recurring servicing fees from third-party portfolios, social impact investment (SII) deposits from individuals and institutions (raising an approximately $5M lending pool at returns of up to 4% for 10+ year terms), and grant funding from philanthropic and bank partners. Distribution is predominantly sales-led, combining direct outreach through the website, phone, and email with partner-driven referrals from state agencies (Connecticut Department of Housing, DECD, CHFA), utilities (Eversource, UI), and community organizations. The organization administers state-funded programs and holds CDFI Fund certification, NMLS#276717 licensing, Opportunity Finance Network membership, and Equal Housing Opportunity lender status.

Name

Capital For Change (C4C)

Legal name

Capital For Change, Inc.

Website

https://capitalforchange.org

Company type

Private

Founded year

2016

Operating status

Operating

Headcount range

11–50 employees

Short description

Capital for Change is a Connecticut-based nonprofit CDFI offering residential energy efficiency, affordable housing, small business, and mobile home loans to low- and moderate-income communities across Southern New England, supplemented by third-party loan servicing and social impact investment capital.

Ownership category

akta.pro rank

Product category

Community Development Lending

NAICS

Funds, Trusts, and Other Financial Vehicles (525)

SIC

Federal & Federally-Sponsored Credit Agencies (6111), Miscellaneous Business Credit Institution (6159)

akta.pro primary industry

Public Mortgage Insurance & Government Credit Guarantee Programs (FSALAKAD)

akta.pro secondary industries

Construction & Development (C&D) Lending — Commercial/Multifamily (FSALADAH), Land Acquisition, Lot Development & Construction Financing (AD&C) (FSALAHAI), New Construction-to-Perm (Single-Family Owner-Occupied) (FSALAHAA)

Keywords

• Community development lending
• Affordable housing financing
• Energy efficiency loans
• Small business loans
• Loan servicing services

Headquarters

HQ city

Hartford

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Others

Revenue model

1. Loan Interest Income: Interest income from various loan programs including residential energy efficiency loans (0-3% for ECL, 6.99-7.49% for landlord loans), commercial loans, and affordable housing financing. Loans range from $500 micro-loans to $1M+ commercial loans.
2. Loan Servicing Fees: Monthly fees ranging from $8.00 to $16.00 per loan per month for loan servicing clients including housing developers, CDFI lenders, state/municipal entities, and utility companies. Also includes one-time transfer/setup fees.
3. Social Impact Investment Deposits: Capital raised through social impact investing from individuals, faith-based groups, foundations, and financial institutions who invest in the SII Community Loan Pool. Investors receive interest payments annually or at term end with rates up to 4% for 10+ year terms.
4. Grant Funding: Grants received from financial partners including KeyBank Foundation ($200,000 CDFI Bicentennial Grant) and M&T Bank's Amplify Fund ($200,000) for supporting affordable housing, small business development, and community programs.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels6 records

Core offering

Capital for Change (C4C) is a Connecticut-based nonprofit Community Development Financial Institution that originates, services, and administers a broad portfolio of community development loans. Its core offerings span residential energy efficiency and home improvement loans for low- and moderate-income households, affordable multifamily and homeownership mortgage products for developers, fixed-rate small business and nonprofit loans, and outsourced loan servicing for housing developers, other CDFIs, state and municipal entities, and utilities across Southern New England.

Product overview

Capital for Change (C4C) operates as a full-service Community Development Financial Institution (CDFI) offering a comprehensive suite of loan products and services. The portfolio includes residential energy efficiency loans (HES Micro Loans, Energy Conservation Loans, Connecticut Home Improvement Program), mortgage products (CHFA Mobile Home Mortgages), commercial lending (Affordable Housing Financing, LIME Multifamily Energy Loans), small business and nonprofit lending (Connecticut Small Business Boost Fund, general nonprofit/small business loans), and specialized programs (Westville Land Subsidence Remediation, New Hampshire Clean Energy Loans). Supporting services include loan servicing for lenders, homeownership counseling, and a contractor network. The organization focuses on serving low- and moderate-income communities in Connecticut and parts of Southern New England.

Differentiator

Problem solved

Functional benefit

Products and services

• Home Energy Solutions (HES) Payment Plan Micro Loan 0% interest, 3-year micro loans from $500 to $3,000 repaid as a line item on the customer's monthly utility bill, for smaller energy-efficiency improvements by Eversource and United Illuminating residential electric customers.
• Landlord Loan Energy efficiency and property improvement loans of $3,000 to $40,000 at 6.99%-7.49% interest with 5-12 year repayment terms, targeted at landlords of 1-4 unit properties in Connecticut seeking to upgrade rental housing stock.
• Energy Conservation Loan (ECL) Energy-efficiency improvements financing of $500 to $35,000 at 0%-3% interest with up to 10-year repayment, targeted at low- and moderate-income Connecticut homeowners and funded by the State of Connecticut Department of Housing.
• Connecticut Home Improvement Program (CHIP) Home improvement financing of $500 to $35,000 at 0%-3% interest with up to 10-year repayment for low- and moderate-income Connecticut homeowners, funded by the State of Connecticut Department of Housing.
• CHFA Mobile Home Mortgage Mobile home purchase or refinance mortgages up to $150,000 in Connecticut state-licensed parks, at CHFA-set below-market fixed rates on 15- or 30-year terms with no down payment, application fee, prepayment penalty, or mortgage insurance.
• Affordable Housing Financing Acquisition, bridge, construction/rehabilitation, and permanent financing for developers creating and preserving affordable rental housing, supportive housing, mutual housing, cooperatives, and homeownership projects in Connecticut.
• LIME (Loans Improving Multifamily Energy) Program Energy efficiency financing for multifamily properties of 5 or more units where at least 60% of units are affordable to households at or below 80% of Area Median Income, delivered in partnership with the Connecticut Green Bank.
• Nonprofit and Small Business Loans Loans of $50,000 to $1 million for working capital, fixed-asset acquisition, commercial real estate acquisition, and leasehold improvements for Connecticut nonprofits and small businesses.
• Connecticut Small Business Boost Fund Small business and nonprofit loans of $5,000 to $100,000 at a fixed 4.5% interest rate with up to 60-month terms for Connecticut businesses with ≤100 FTEs, less than $8M annual revenue, and operating at least one year, supported by the Connecticut Department of Economic & Community Development.
• New Hampshire Commercial/Business Clean Energy Loan Unsecured simple interest loans of $2,000 to $100,000 at 0%-2.99% APR for qualifying clean energy upgrades including solar PV, battery storage, and energy efficiency measures for New Hampshire businesses with Eversource electric accounts.
• Loan Servicing Outsourced comprehensive loan servicing at $8-$16 per loan per month for housing developers, CDFI lenders, state and municipal entities, and utility companies financing affordable housing, small businesses and nonprofits, and energy efficiency across Southern New England, including remittance processing, collection, accounting, tax services, escrow analysis, and monthly reporting.
• Homeownership Counseling One-on-one counseling and workshops for homeowners and landlords, including Pre-Purchase Homebuyer Education Workshops, to prepare prospective buyers for homeownership and support existing homeowners and landlords.

Quantifiable outcome

• $425 million invested in Connecticut communities
• +4 more outcomes

Named customers7 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Eleven partnerships are on record, tiered core and minor.

• Connecticut Department of HousingcoreStrategic or Co-development PartnerState agency providing $19.5 million CT HOME FUNDS to increase and promote homeownership with emphasis on urban areas. C4C administers the Energy Conservation Loan/Connecticut Home Improvement Program ($8.5 million) and Time To Own rehabilitation program.
• Connecticut Department of Economic and Community Development (DECD)coreStrategic or Co-development PartnerState agency providing funding for Westville Land Subsidence Remediation Program administered by C4C, and Connecticut Small Business Boost Fund where C4C serves as a trusted lending partner.
• Connecticut Green BankcoreStrategic or Co-development PartnerPartnership to provide $960,000 LIME Loan for Heritage Commons energy efficiency upgrades, combining C4C's lending with Green Bank resources for multifamily energy improvements.
• EversourcecoreStrategic or Co-development PartnerPartnership for New Hampshire Commercial/Business Clean Energy Loan program providing low-cost financing for qualifying energy efficiency upgrades through C4C's 0%-2.99% APR fixed monthly payment financing.
• Connecticut Housing Finance Authority (CHFA)coreStrategic or Co-development PartnerC4C is an approved lender by CHFA offering mobile home purchase and refinance mortgages in state-licensed parks. CHFA sets income limits and provides below-market rates for these income-targeted programs.
• Connecticut Housing Finance Authority (CHFA)coreStrategic or Co-development PartnerCHFA is one of C4C's loan servicing clients. C4C serves as CHFA's original document custodian and provides comprehensive loan servicing for CHFA loan portfolios.
• Habitat for Humanity (Various Connecticut Affiliates)coreStrategic or Co-development PartnerHabitat for Humanity organizations throughout Connecticut are loan servicing clients of C4C for their affordable housing development loans.
• Opportunity Finance NetworkcoreStrategic or Co-development PartnerC4C is a member of the Opportunity Finance Network which sets standards and best practices for community development financial institution member organizations.
• Hartford Community Loan FundminorStrategic or Co-development PartnerCo-sponsor of the Emerging Developer Resource Initiative (EDRI) Program launched January 2025 in Hartford, CT, designed to equip small local developers with real estate development skills and community building tools.
• Torbello Real EstateminorStrategic or Co-development PartnerCo-sponsor of the Emerging Developer Resource Initiative (EDRI) Program providing mentorship and expertise for small local developers in Connecticut.
• Connecticut Energy Efficiency FundcoreStrategic or Co-development PartnerSponsorship by Connecticut Energy Efficiency Fund in partnership with Eversource, United Illuminating Company, Southern Connecticut Gas Corporation, and Connecticut Natural Gas Company enables HES Payment Plan loans at 0% interest.

Scale indicators11 records

Recent moves7 records

Expansion highlights5 records

Broad incumbents

• Reinvestment Fund: National CDFI financing affordable housing, healthy food access, and community development. Comparable as a multi-product CDFI lender, but significantly larger and broader in geographic and product scope than C4C.
• Enterprise Community Partners: National CDFI focused on affordable housing finance and community development. Comparable mission and overlap in affordable housing lending, but operates as a much larger national platform with broader programmatic scope.
• NeighborWorks America: National network supporting affordable housing and community development through affiliated local nonprofits. Comparable in CDFI-aligned mission and housing focus, but as a national network rather than a state-level direct lender.
• Local Initiatives Support Corporation (LISC): National CDFI with deep presence in Connecticut supporting affordable housing, small business, and community development. Comparable in product breadth and mission, but operates as a much larger national platform rather than a state-focused specialist.
• Low Income Investment Fund (LIIF): National CDFI financing affordable housing, education, and community facilities for low-income communities. Comparable as a CDFI lender serving LMI populations, but operates at significantly larger national scale with broader product lines.

Regional players

• Massachusetts Growth Capital Corporation (MGCC): Massachusetts state-chartered CDFI providing small business loans and community development financing in neighboring New England. Comparable operating model and target segments, but geographically focused on Massachusetts rather than Connecticut.
• Vermont Community Loan Fund: Vermont-based CDFI offering small business, affordable housing, and clean energy lending in northern New England. Comparable in mission, product breadth, and CDFI structure, but operates in Vermont rather than Connecticut.
• Coastal Enterprises Inc (CEI): Maine-based CDFI providing business loans, housing financing, and community development services in rural New England. Strong overlap in mission, product mix (small business + housing + energy), and CDFI certification, but focused on Maine markets.

Direct peers

• Community Economic Development Fund (CEDF): Connecticut-based CDFI providing small business loans, technical assistance, and community development financing. CEDF is a direct peer serving overlapping LMI and small business segments in Connecticut and is even a documented C4C lending partner on the Elm City Montessori deal.
• Hartford Community Loan Fund: Hartford-based CDFI focused on affordable housing and community development lending. Direct peer in the Connecticut CDFI ecosystem and a documented C4C partner on the EDRI emerging developer initiative.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat6 records

Key risks5 records

Key highlights6 records

Customer concentration

• YouTubeyoutube.com/channel/UCcapitalforchange
• Facebookfacebook.com/CapitalforChange
• LinkedInlinkedin.com/company/1680365
• Xx.com/c4c_ct

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds3 records

Investors3 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Capital For Change (C4C)