VCC’s focus on strengthening communities throughout Virginia addresses essential needs. This includes support for health projects and programming. Two health-related initiatives were cited in the August 14, 2013 Bloomberg BNA Health Insurance Report, elevating our work to a national audience on a leading topic of conversation across America.
“The ABCs of Benefit Corporations in Health Care Innovation” by Christine C. Franklin supplies an overview of the various ways benefit corporations or Certified B Corporations enhance health care offerings since these socially conscious operators place people over profit. “Benefit corporations should be ‘naturals’ for health care,” Franklin writes. She describes how B Corporations can drive innovation whether they channel investments to encourage technological advances or support regulatory policy.
VCC offers a “creative and effective example” of this potential impact, according to the report. The unique structure of VCC—a nonprofit holding company of a for-profit bank, Community Capital Bank of Virginia—allows for flexible lending and programming practices, both currently applied to important health care opportunities. The VCC Real Estate Lending group has recently supplied a loan to Pioneer Health Services’ facility in rural Patrick County, a federally-designated Medically Underserved Area (MUA). The support will allow for a comprehensive modernization of the dated facility adding much-needed orthopedics, dialysis, and children’s dental surgery. VCC employed New Markets Tax Credits and Qualified Low-Income Community Investments loans to support the funding package to the overall benefit of the client.
VCC’s work on Healthy Foods is also cited in the article. In July, VCC launched the Virginia Fresh Food Loan Fund (VFFLF), an $11 million fund dedicated to building opportunities for healthy foods in urban and rural areas across the commonwealth. The VFFLF combines small business technical assistance as well as lending opportunities to increase the capacity of urban corner stores to sell and market healthy items and foster the expansion and formation of food hubs primarily located in rural communities.
VCC completed B Certification through B Labs in 2011.
Read more details about the VFFLF by clicking here, and how benefit corporations could well change the health care landscape in the future in the full Bloomberg BNA Health Insurance Report (click here).