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Shannondoa Community Capital Fund tells Staunton council it is pursuing CDFI status and expanding business supports
Summary
Ryan Hall, executive director of the Shannondoa Community Capital Fund, updated Staunton City Council on SECF’s microloan work, partnerships with the Stanton Black Business Collective, regional incubation programs and a pending CDFI application that Hall said could unlock larger capital products for the city’s entrepreneurs.
Ryan Hall, executive director of the Shannondoa Community Capital Fund, told Staunton City Council on Jan. 8 that his organization has lent about $2.1 million across the Shannondoa Valley since 2008 and currently has nine Stanton loan clients with roughly $78,000 outstanding.
Hall described a pair of capacity‑building programs supported with local and regional partners: a Stanton‑funded small‑business intensive tailored to established downtown businesses and a Go Virginia–funded regional incubation program aimed at scalable companies. He said the small‑business cohort model has attracted interest from outside funders and has been piloted in neighboring localities.
Hall said SECF has been working toward federal Community Development Financial Institution certification and submitted an application with consultant support after receiving state grant funding to prepare the filing. "CDFI certification is kind of a seal of approval for federal funding entities as well as banks," Hall said, and he told council he expected a response in three to five months. He said CDFI status would allow SECF to pursue expanded loan products, including early‑stage pre‑construction funding for community development projects.
Hall also summarized SECF’s partnership with the Stanton Black Business Collective, saying SECF helped the group develop educational curriculum, produce a "profiles of success" booklet and support a pitch competition. He said the SBBC now holds the curricular materials and that additional local donor support and a contribution from a credit union are helping sustain programming.
Councilors asked about past capital projects SECF helped finance and program delivery. Hall pointed to a Highland County community center and a 2021 federal "build to scale" grant that supported regional projects; he said SECF can provide follow‑up and case studies for council and local businesses.
The presentation closed with an offer to field further questions and follow up with materials and contact information for businesses that want to engage with SECF’s programs.
