With deep expertise in financing, impact investing, and strategic planning, she hopes to fuel transformative growth.
What happens when a diverse developer or entrepreneur can’t get financing for a project that will change a community for the better? Say a multifamily building with market-rate and affordable homes to alleviate a local housing crunch, or a shopping center to provide retail opportunities the community lacks and create more local jobs? That’s where Community Development Financial Institutions come in; they have the creativity, flexibility and funding programs to invest in people and projects often overlooked by traditional banks and funding sources.
Angela Zenon knows this all too well after spending almost 25 years in leadership roles at two prominent CDFIs—Virginia based Locus and New York based GrowAmerica—and more than five years managing real estate lending, development and investment activity at Carver Federal Savings Bank, Merrill Lynch and Faith Center for Community Development, all in New York. Through her work for these organizations, Angela has worked on both sides of the proverbial divide and developed an impressive range of skills that lend themselves to NJCC’s current work and goal to expand and strengthen its geographic reach in the next five years.
As a banker and analyst, she managed lending and investment activities in overlooked communities, structured and underwritten equity and debt transactions, worked with funds using New Market Tax Credits; and more. As a nonprofit executive, she has raised capital for economic development projects, including affordable housing and small business creation; directed enterprise growth; led public relations and marketing programs; developed and executed media strategies; and created a customer relationship management system.
Fundraising didn’t seem like the most logical next step for Angela, “The role called for traditional non-profit fundraising experience, and at that time I was serving as the chief growth strategist for a community investment bank where my focus was primarily on raising capital through deals, investments and underwriting loans,” she explained. “However, I had heard positive things about NJCC’s CEO, Bernel Hall, and the organization, so I was interested in meeting him, especially since I’m based in New Jersey.”
“That was on a Friday,” Angela recalled. “The next Monday, I came in and met with the executive team and we talked in depth about where the organization was and what they were looking for in a new Chief Development Officer. We discussed how investment banks need to invest in communities and fundraising solves a problem for them. We shared the same goal: to make a transformative impact in these communities.”
NJCC had developed a five-year strategic plan under Bernel’s leadership, and its mission spoke to Angela’s commitment to use real estate assets to drive opportunity in community development. “NJCC’s lines of business offered incredible opportunities to those they serve. It allows communities to build affordable housing and gives residents the opportunity to own their own homes,” she said. “And I was excited that NJCC is pursuing a Small Business Investment Company license. Being an SBIC allows them to raise capital to build all sorts of community assets, such as revitalizing manufacturing companies in the rust belt, financing employee-owned childcare centers, supporting nonprofit charter schools and fostering economic engines like retail.
“These are strategies to build wealth—generational wealth that can change peoples’ lives for their children and grandchildren too,” Angela said. “I not only realized it would be exciting to work on this, but also knew I had an ecosystem of experience that could help them grow. That’s what sold me on the position.”
In fact, Angela’s experience in affordable housing and small-business economic development position her as a champion for community growth. Her trusted relationships and negotiating skills through rugged economic and cultural terrain have cemented her reputation as a go-to resource to get complex deals done. “Understanding CDFIs from the sell side, where you’re putting money out, turns out to be incredibly helpful for a Chief Development Officer,” Angela said. “When I’m talking to investors, I understand the due diligence process—putting together a pitch deck, populating a data room and knowing the questions that will come —because I was on the other side of the table.”
Angela is focused on economic development by building strong relationships with banks, government entities, advisors, philanthropic organizations, public charities, foundations and alternative investors. While the Inflation Reduction Act and other federal relief measures have supported home ownership, small businesses and nonprofits, she believes it’s essential to expand the ecosystem of partners as COVID-19 relief programs wind down. Innovative products that enhance liquidity and secondary market solutions can drive sustainable economic growth and help NJCC reach its goal to have $1 billion in assets by 2028 and foster growth across the community development sector.
Angela is inspired by the opportunities that lay before her, from collaborating with the NJCC team to raising NJCC’s capacity to deliver on an ambitious agenda. “Chief development officer is a new role for NJCC, and while it’s the quarterback for raising capital across the organization, I am not doing it alone,” she noted. “We all support each other as partners at NJCC and have common goals—and the resources to carry them out.”
In her personal and professional life, Angela finds joy in supporting her own community and nurturing growth of all stripes. She lives in Bergen County, New Jersey, with her husband, José, and her 7-year-old son, José Jr. (J.J.) and is delighted that she now has the option to work with her colleagues in person. “Now I have a short drive to the office, which is a nice bonus of working at NJCC,” she said. Growth-oriented sports and activities keep her and her family busy year-round as well. “José and I chartered a dormant Cub Scout pack and are rebuilding it, and we coach a thriving basketball team,” she explained. She’s also passionate about genealogy research and has grown her family’s ancestral and relationship networks by sharing the hobby with new family devoted to the pursuit. But nothing takes precedence for her and her husband over encouraging her son’s personal growth, she allowed, noting “the highpoint of last summer was our trip to North Carolina for the National Junior Olympic Track & Field Championship, where we proudly watched J.J. compete in the 4×100 meter relay!”