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CDVC funds can be structured as for-profit, nonprofit, or "hybrid" organizations in which a for-profit CDVC fund is affiliated with a nonprofit organization.
According to a statement from the Community Development Venture Capital Alliance (CDVCA), an industry group for CDVC organizations, CDVC funds represent one of the "fastest growing sectors of community development finance.
Not unlike their traditional counterparts, CDVC funds seek to invest in businesses with solid business concepts, good management teams and high growth potential.
Unlike traditional venture capital funds, CDVC funds aren't restricted to high-growth areas or a particular stage of business development.
The CDVC model has several strengths that make this type of fund particularly appropriate for targeted economic development.
The CDVC model may experience difficulty raising capital and reaching scale, difficulty attracting experienced talent, and potentially prohibitive cost of operation.
One reason for the increase in financial institution investing is attractiveness of using CDVC investments as a way of meeting Community Reinvestment Act obligations.
Some CDVCs have developed innovative approaches to offset the costs of technical assistance.
Although Sutton is quick to recognize the invaluable service provided by CDVC during the ramp-up, he also stated that "production on the scale of CDVC and production for 2000 blocks and heads a day are totally different ballgames.
We have and will continue to work at CDVC with the refractory coatings.
When CDVC attempted to speed up the fill rate to achieve target cycle times, the result was increased porosity problems with the heads.
We are pleased to recognize these leaders who are moving forward the practice of CDVC investing to achieve both financial and community results.