Vista Equity Partners Reinforces Commitment as Founding Member of Economic Opportunity Coalition (EOC) to Address Financial Inclusion
Vista Equity Partners, (“Vista” or the “Firm”), a leading global investment firm focused exclusively on enterprise software, data and technology-enabled businesses, today reinforced its commitment to the recently formed Economic Opportunity Coalition (EOC) as one of its founding members. In coordination with the White House National Economic Council, the Department of the Treasury, the Consumer Financial Protection Bureau, the Freedman’s Bank Forum and other industry stakeholders, Vista will continue its efforts to address economic disparities and accelerate economic opportunity in communities of color and other underserved communities
AUSTIN, Texas--(BUSINESS WIRE)--Oct 4, 2022--
Vista Equity Partners, (“Vista” or the “Firm”), a leading global investment firm focused exclusively on enterprise software, data and technology-enabled businesses, today reinforced its commitment to the recently formed Economic Opportunity Coalition (EOC) as one of its founding members. In coordination with the White House National Economic Council, the Department of the Treasury, the Consumer Financial Protection Bureau, the Freedman’s Bank Forum and other industry stakeholders, Vista will continue its efforts to address economic disparities and accelerate economic opportunity in communities of color and other underserved communities.
As part of the Economic Opportunity Coalition, Vista is committing to shift approximately 2% of the Firm’s cash balance to Community Development Financial Institutions (CDFIs) and Minority Depository Institutions (MDIs). Vista’s deposits, and those of other participating institutions, will allow MDIs and CDFI banks to leverage that capital to provide more loans to the low-to-moderate income communities they serve. Together, EOC members have committed to shifting $1 billion in capital to MDIs to increase access to affordable capital in communities of color.
Vista will also participate in the Coalition’s planning process to create a Community Equity Development Bank, which will offer a range of financial and technical services to expand the reach and capacity of CDFIs and MDIs. The EOC will also offer aid by matching CDFIs and MDIs to Coalition members that can offer in-kind professional resources and technical support to help scale their operations.
