Live Oak Bank Announces $2.5 Million Investment with Cape Fear Collective to Bring Affordable Housing to the Wilmington Region

Rhea-AI Summary

Live Oak Bank has announced a $2.5 million investment in Cape Fear Collective to enhance affordable housing in Wilmington. This initiative aims to scale solutions in housing, workforce development, and small business growth through Cape Fear Collective Ventures. The funds will acquire 20 residences to address local housing needs. Live Oak’s president expressed commitment to positively impacting the workforce and socio-economic status of the region. Cape Fear Collective focuses on leveraging data science for project management, ensuring social returns for investors.

Positive

• Investment of $2.5 million to support affordable housing.
• Acquisition of 20 residences in Wilmington contributes to the local housing market.
• Partnership with Cape Fear Collective aims for innovative social impact.

Negative

• None.

WILMINGTON, N.C., Feb. 04, 2021 (GLOBE NEWSWIRE) -- Live Oak Bank has announced a $2.5 million investment with Cape Fear Collective designed to support affordable housing solutions in the Wilmington region. The investment is part of a broader initiative through Cape Fear Collective Ventures, a social impact investment initiative aimed at raising capital to scale solutions in affordable housing, workforce development, small business growth and transportation challenges.

Live Oak’s investment has been used to acquire 20 residences to address affordable housing in downtown Wilmington and Pender County.

“Live Oak is proud to invest in the city we call home, and we believe that supporting Cape Fear Collective is an innovative way to positively impact our vital local workforce and advance the socio-economic status of all the residents of our region,” said Huntley Garriott, president of Live Oak Bank. “We look forward to partnering with Cape Fear Collective on future investments like this one.”

The goal of Cape Fear Collective Ventures is to deploy capital in communities with significant barriers to resources. The entire platform is powered by Cape Fear Collective’s cutting-edge focus on data science and project management which allows the fund to track progress, opportunity and priority shifts in real time to ensure the greatest social return on investment for partners and investors.

“We’re excited to mobilize private sector capital for social good, combining community impact with consistent financial returns to investors,” said Patrick Brien, CEO of Cape Fear Collective. “Social impact investing is a rapidly scaling market and we think that this hyper-local, nonprofit approach will support economic development across the region for years to come.”

“We have an opportunity to take private sector financing methods and apply them to a social mission. There is some real, sustainable magic to that,” Brien said.

To learn more about Live Oak’s commitment to corporate social responsibility, visit liveoakbank.com/corporate-social-responsibility/. To learn more about Cape Fear Collective Ventures visit capefearcollective.org/ventures/.

About Live Oak Bank
Live Oak Bank, a subsidiary of Live Oak Bancshares, Inc. (Nasdaq: LOB), is a digitally focused, FDIC-insured bank serving customers across the country. Live Oak puts a groundbreaking spin on service and technology to redefine banking. Our products help customers buy, build and expand their business, and high-yield savings and CD products to grow their hard-earned money. To learn more, visit www.liveoakbank.com. 

About Cape Fear Collective
Cape Fear Collective is a nonprofit using data science techniques to gain insights, mobilizing private sector capital through impact investing programs, and supporting cross-sector collaboration towards equitable systemic change in Southeastern North Carolina. Our work is centered on collaborating with community partners to leverage local assets, illuminate actionable insights, and catalyze innovative programming. To learn more, visit www.capefearcollective.org.

Contact:
Claire Parker
Live Oak Bank, SVP Corporate Communications
910.597.1592
claire.parker@liveoak.bank

Kevin Maurer
Cape Fear Collective, Director of Community Engagement
910.322.4924
kmaurer@capefearcollective.org

 

FAQ

What is the purpose of Live Oak Bank's $2.5 million investment?

The investment aims to support affordable housing solutions in Wilmington through Cape Fear Collective.

How many residences will Live Oak Bank acquire with its investment?

Live Oak Bank plans to acquire 20 residences to address local affordable housing needs.

What is Cape Fear Collective Ventures?

Cape Fear Collective Ventures is a social impact investment initiative focused on solving housing, workforce, and transportation challenges.

How does Live Oak Bank plan to impact the local workforce?

Live Oak Bank believes its investment will positively affect the local workforce and socio-economic conditions.

What is the significance of data science in Cape Fear Collective's initiative?

Data science helps Cape Fear Collective track progress and maximize social return on investment.