Portfolio Partner Profile
Greenline Ventures Small Business Capital Fund III
Greenline Ventures’ third Small Business Capital Fund (SBCF III) with Calvert Impact builds upon the success of our two previous SBCF Investment Funds that aim to provide loans to underserved small businesses throughout the United States. SBCF III leverages the New Markets Tax Credit (“NMTC”) program to provide small businesses with financing that is flexible and patient as it relates to collateral, security requirements, amortization, recourse, covenants, and interest rates/fees. Greenline's impact objectives for SBCF III include job creation and training programs for low-income workers, enhanced benefits packages, minority or women ownership, and reductions in environmental impacts.
Calvert Impact has been working with Greenline Ventures, a financial services company that specializes in capital markets solutions for economic development activities nationwide, since they launched the first SBCF in 2016. Greenline’s mission is to improve the flow of capital into underserved communities and motivate market rate capital to invest in community priorities. Since 2004, they have invested over $2.5 billion in businesses and projects throughout the country.
Featured Impact Story
Impact Story
VAP Steel
Funded out of SBCF III, Value Added Processing, Inc (VAP Steel) is a family owned, HUBZone-certified metal service center located in the distressed region of East Pittsburgh, PA. Founded in 1997, VAP Steel has grown into a vital contributor to the local economy, employing 39 full-time employees. The financing will enable VAP to expand operations and complete plant upgrades that will enhance workforce stability, create 15-20 new high-quality jobs and drive significant economic revitalization in a region in critical need of support.
“When Greenline stepped in to support our business, we were at a pivotal time in our growth. We had strong momentum, but were being held back by high-interest debt and lack of accessible working capital - despite clear, proven opportunities to scale. Greenline’s decision to partner with us allowed us to refinance that high-interest debt, significantly improving cash flow. That savings, combined with the working capital Greenline provided, gave us the fuel we needed to finish critical automation upgrades in our plant and invest in high-margin metal sales opportunities.
The results have been extraordinary. Since January 2025 our EBITDA has grown from $87K to over $230K in June. We’re now adding another shift to one of our main production lines to keep up with volume, and the improved equipment performance is driving higher output and profitability.
Greenline didn’t just provide capital - they believed in our vision and stepped in when it mattered most. Their partnership has been transformational - for our business, our people, our community, and our future.” - Jill Regets, CFO, VAP Steel.
Impact Story
DC Condo
American Housing is a real estate development firm specializing in workforce, affordable and market-rate transit oriented development in Northwest Washington, D.C. They are developing workforce and affordable for-sale condominiums in the Langston neighborhood of Washington, DC. Greenline’s loan was made to further American Housing’s effort to increase such targeted investment in this area of the city.
They received a loan in November 2024 through Greenline Ventures to fund ground up development of a 22-unit condo building. The developer plans to use the DC Housing Authority “Path to Homeownership” program which will utilize HDC vouchers to help lower-income people purchase the units. At least 20% of the housing units will be sold to people at or below 80% of area median income and the remainder of the units will be priced as workforce housing.
Impact Story
Princeton Place
Princeton Place is a 116,069 sq ft, 7-story skilled nursing facility (SNF) located in Albuquerque, NM that is licensed for 369 beds. The SBCF provided a $4MM subordinate loan to facilitate the acquisition of the SNF. The property is being purchased for a total of $60MM.
The new sponsors have a proven track record in operating similar facilities. They are focused on reducing expenses and renovating and opening a 60-bed dementia unit which will contribute to growth. As a result of the acquisition, 281 jobs are projected to be maintained (66% women, 77% minority) and 46 new jobs are projected to be created (65% of jobs are expected to pay at least $20/hour, include benefits, and training for higher skilled jobs). At least 75% of the newly created jobs are anticipated to be accessible to low-income individuals and 90% will not require a 4-year college degree. It is estimated that 1,100 low-income/Medicaid patients will be served each year.
Impact Story
Allen & Sons
Allen & Sons is an African American owned moving and storage company that has been in business for over 30 years and is based in Baltimore, MD. In 2023 the company received the Baltimore Business Journal’s Family-Owned Business Award. The recognition was based on their commitment to hiring workers from the community and using 100% minority owned contractors for their operations.
In 2024, Allen & Sons received an SBCF loan for the acquisition of a building that will be redeveloped to become a heavy truck repair shop. The rehabilitation of the building and site will provide for an aesthetically pleasing repair shop to complement the adjacent businesses in the industrial zoned neighborhood. In addition to providing service and maintenance for Allen & Sons trucks and other similar trucking companies, Allen & Sons will partner with Baltimore City Community College for the development and implementation of its CDLA Training Program and a specialized heavy truck apprentice program. 10 permanent jobs are projected to be maintained as a result of the financing. 100% of the employees are minorities and 90% are low-income individuals. 20 construction jobs are anticipated to be created in connection with the rehabilitation of the purchased building.
The information presented is provided by our portfolio partners for general informational purposes only. We have not independently verified for accuracy or completeness. The testimonials presented reflect the personal experiences and opinions of portfolio partners and their investees, and do not guarantee the same results for others.
Small Business
