The CDVC Industry Timeline

1946: First “Modern” VC Fund, American Research and Development Corporation, Founded

1958: Small Business Investment Act of 1958 Creates the SBIC Program

1964: U.S. Office of Economic Opportunity Created as Part of President Johnson’s War on Poverty

1968: Taconic and Ford Foundations Create the Cooperative Assistance Fund to Invest in and Lend to Minority Business Enterprises

1968: Kentucky Highlands Investment Corporation is Formed to Fight Poverty in Appalachian Kentucky

1969: Minority Enterprise Small Business Investment Company (MESBIC) Program Created

1989: Nick Smith, Prominent Local Attorney and Former Board Chair of CDVCA, Formed Northeast Ventures Corporation

1993: A Few CDVC Funds Begin Meeting

1993: Coastal Enterprises, Inc., a CDC and CDFI in Maine, Receives Grants From the Ford and MacArthur Foundations to Make Equity Investments in Businesses

1994: The Riegle Community Development and Regulatory Improvement Act Creates the CDFI Fund

1995: CDVCA is Incorporated as a Member-led Organization

1996: Congress Ends SSBIC Program

1996: Blue Dot Discussion at Sanabel Island; Woody Tasch Writes the Blue Dot Paper

1997: The Reinvestment Fund in Philadelphia Forms DVCRF Ventures and Boston Community Capital Forms Boston Community Venture Fund

1999: Rick Defieux, Partner in Edison Ventures, Teams with David Kirkpatrick to Found the Sustainable Jobs Fund (Renamed SJF Ventures)

2000: Congress Creates the NMTC Program to Spur Investment in and Lending to Businesses in Low Income Communities

2000: Bud Colligan, Founder of Macromedia and Partner in Accel Partners, Teams with Penelope Douglas to Found Pacific Community Venture Fund

2000: Congress Creates the New Markets Venture Capital Program

2001: CDVCA Forms Central Fund to Invest in and with CDVC Funds

2002: Sir Ronald Cohen, Founder of Apax Partners and the “Father of British Venture Capital,” Teams with Michele Giddens to Form Bridges Community Ventures in the UK

2002: Farm Bill Creates Rural Business Investment Program (RBIP)

2007: The Term “Impact Investing” is Coined at a Meeting Sponsored by the Rockefeller Foundation in Bellagio, Italy

2010: Congress Creates the State Small Business Credit Initiative (SSBCI) Program as Part of the Small Business Jobs Act Of 2010

2011: SBA Launches Impact Investment Program, Providing Special Treatment to Funds Seeking SBIC Licenses to Invest in Low Income Communities and in Socially Positive Businesses

2011: Early Stage Investment Program Created

2012: Congress Enacts the JOBS Act, Intended to Encourage Funding of Small Businesses through “Crowdfunding” by Easing Certain Securities Law Restrictions on the Offer and Sale of Securities

2014: Impact Fund Program Changes Announced