FOR IMMEDIATE RELEASE
July 28, 2025
CONTACT
Linda Contreras
locus@fenton.com
Locus Names Pravina Raghavan as New CEO
Former CDFI Fund Director to Lead CDFI into Its Next Chapter Amid a Pivotal Moment for the Industry
Richmond, VA — Locus, a leading community development financial institution (CDFI) and national pioneer in unlocking community investment, announced today the appointment of Pravina Raghavan as its new Chief Executive Officer. Ms. Raghavan brings decades of experience in public-private partnerships, small business innovation, and economic development. She most recently served as the CDFI Fund Director at the U.S. Department of the Treasury and the Director of the Hollings Manufacturing Extension Partnership (MEP) at the National Institute of Standards and Technology (NIST). Ms. Raghavan will assume the CEO role effective Sept. 2.
Ms. Raghavan succeeds Interim CEO Clyde Cornett and will build on the organization’s long history of mobilizing capital to build stronger and more prosperous communities in Virginia and across the country. Prior to her leadership positions at the CDFI Fund and NIST, Ms. Raghavan held a senior executive role at Empire State Development, New York State’s Economic Development Agency and Public Benefit Corporation, where she led the Division of Small Business and Technology Development. Ms. Raghavan also previously served as the Deputy Associate Administrator in the U.S. Small Business Administration (SBA) and as the Senior Advisor to the Deputy Secretary in the Department of Commerce. She will bring her extensive expertise in the CDFI industry, monetary policy, small business development and government relations to Locus.
“We are excited to welcome Pravina as the next CEO of Locus,” said Clyde Cornett, Chief Financial Officer at Locus. “With Pravina leading, Locus is entering its next chapter with a strong, experienced leader, with a deep respect for the significant role CDFIs play in our financial system to put more capital into the hands of the people and communities that most need them. She brings not only subject-matter expertise but also the kind of leadership that inspires confidence among partners, funders and institutions alike.”
“I’m honored to take the helm of Locus at such a pivotal moment for the organization and the CDFI industry,” said Ms. Raghavan. “Now more than ever, communities are relying on institutions like Locus to unlock opportunity and drive lasting change. The people and places served by Locus have benefited from nearly two decades of the team’s expertise. I’m excited to build on the organization’s strong foundation of connecting people and communities to economic opportunity. I look forward to broadening and growing Locus’ sustained impact for years to come.”
“Pravina brings a wealth of experience, a bold vision and a deep commitment to our mission,” said Dixon Hanna, Chair of the Locus Board of Directors. “The Board is confident that under her leadership, Locus will continue to grow, innovate, and have greater impact in the communities we serve. We look forward to the exciting journey ahead.”
Locus was founded in 2006 with an investment from the Commonwealth of Virginia and then-Governor and current U.S. Senator Mark R. Warner. To date, Locus has achieved $4 billion in total impact across the affordable housing, clean energy, food systems, and small business sectors.
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About Locus
Locus (formerly Virginia Community Capital) is a $412 million nonprofit and parent organization for a family of social enterprises, which includes Locus Bank, Locus Impact Fund, Locus Capital, and the Community Investment Guarantee Pool, or CIGP. Locus Bank and Locus Impact Fund are certified community development financial institutions (CDFIs). The mission of Locus is to create access to capital by developing community partnerships and innovative tools that tackle systemic challenges and advance opportunities. Locus offers impact-driven solutions including lending, banking, guarantee design and management, and capital ecosystem coordination. Locus works with each community to build investment strategies that lift their assets and meet their unique needs. To date, Locus has achieved $4 billion in total impact across the affordable housing, clean energy, food systems, and small business sectors. To learn more, visit locusimpact.org.