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CommunityDevelopmentBanking-L is an active, free, ongoing e-mail discussion
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12-16-2002, 02:07 PM
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Community Investment
I received a call from a member of our Credit Union who has moved
out-of-town to manage a small non-profit. This non-profit has prudently set aside an endowment of about $5MM. They would like to place 20% of the funds in Community Investments, and have found nothing suitably ground-level in SRI mutual funds. Do you have any resources or community investment plans that might be of interest? Send your ideas to me and I'll compile them for the list. Bill Myers WMyers@alternatives.org --- <html><font size=1>[This E-mail scanned for viruses 12/16/2002 14:21:45]</font></html> This post transferred from the cdb-l mailing list 
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12-17-2002, 07:35 PM
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Community Investment
favorite CDFI
Trade assn I received a call from a member of our Credit Union who has moved out-of-town to manage a small non-profit. This non-profit has prudently set aside an endowment of about $5MM. They would like to place 20% of the funds in Community Investments, and have found nothing suitably ground-level in SRI mutual funds. Do you have any resources or community investment plans that might be of interest? Send your ideas to me and I'll compile them for the list. Bill Myers WMyers@alternatives.org ==---===---===---===---===<<<>>>===---===---===---===---== I am not sure if this is the kind of info you are looking for, but you may want to check out / pass along the Northern California Community Loan Fund based in San Francisco: www.ncclf.org. Anthony Chang Loan Officer Lenders for Community Development (v) 408-297-0204 x27 (f) 408-297-4599 (email) anthony@L4CD.com ==---===---===---===---===<<<>>>===---===---===---===---== If they would be interested in investing in affordable housing or child care for low-income families in NY, NJ and CT, they might consider an investment in Leviticus. Our investment opportunities begin at $1,000 and we pay a 2% return. More information on our website listed below. Happy holidays, Dave Raynor Executive Director Leviticus 25:23 Alternative Fund, Inc. 928 McLean Ave., Yonkers, NY 10704 (914) 237-3306 voice (914) 237-3916 fax draynor@leviticusfund.org ==---===---===---===---===<<<>>>===---===---===---===---== From: "Walsh, Kelly" <kwalsh@boh.com> You might try Access Capital Strategies http://www.businesscollaborative.com/AccessCapital.html ==---===---===---===---===<<<>>>===---===---===---===---== From: "Biemann, Elisabeth" <BBiemann@rockfound.org> I would contact Shari Berenbach at the Calvert Foundation regarding their community investment notes and other products aiming to invest funds in community economic development projects. She can be reached at: Shari.Berenbach@Calvert.com and (301) 951-4895. ==---===---===---===---===<<<>>>===---===---===---===---== From: "Pierre Ferrari" <newvaluepartners@mindspring.com> I would have thought the Calvert Foundation Community Fund might be appropriate. Pierre Ferrari New Value Partners Hot Fudge Venture Fund 810 Clifton Heights Lane, Atlanta, Ga. 30329 Inasmuch as ye have done it unto one of the least of these my brethren, ye have done unto me. Mat. 25:40 ==---===---===---===---===<<<>>>===---===---===---===---== From: "Cliff Rosenthal" <crosenthal@natfed.org> obviously, we could suggest a portfolio of investments in CDCUs or through the Federation. It would be most helpful to know the constraints -- type of investments contemplated, geographic area, limitations, etc. Cliff Clifford N. Rosenthal, Executive Director National Federation of Community Development Credit Unions (NFCDCU) 120 Wall Street, 10th Floor, New York, NY 10005 212-809-1850 ext. 216 ==---===---===---===---===<<<>>>===---===---===---===---== From: Becky Sherblom <beckys@mccd.org> Working capital for other nonprofit organizations so that they do not have a crisis whenever a grant or contract is a few days late in arriving. We have two religious organizations that have given us $10,000 loans at 2%, and that has made the difference in our cash flow so I don't have to worry about each payroll date. Similarly, a local foundation has just designed a PRI that will do working capital, up to $50,000 for up to 180 days, secured with a signed contract that needs to reimburse or that has a check on its way. ==---===---===---===---===<<<>>>===---===---===---===---== From: "Maryl Curran" <maryl@L4CD.com> rudolph steiner foundation www.rsfoundation.org They make great investments in a wide rang of grass roots community ventures across the US. ==---===---===---===---===<<<>>>===---===---===---===---== From: "Timothy Freundlich" <timothy.freundlich@calvert.com> Bill - a regular, targeted or customized Calvert Community Investment Note (http://www.calvertfoundation.org/ind...tes-index.html) might be a good fit. Also we do customized asset administration and program design for larger accounts wherein we bundle together a range of solutions (sometimes including our custom CI Note, sometimes not -- short discussion attached.). I'd be happy to talk with them, or have them call me. Best, Tim Timothy Freundlich Director, Strategic Development Calvert Social Investment Foundation www.CalvertFoundation.org | www.CalvertGiving.org West Coast Office: 1058 Page Street, San Francisco, CA 94117 Tel: 415-255-9687 Fax: 415-863-1227 ==---===---===---===---===<<<>>>===---===---===---===---== From: "Jeannine" <jacokesj@pcg21.org> If they are interested, Partners for the Common Good (PCG) is a community investment fund that places resources for socially motivated institutional investors into a diverse portfolio of community investment opportunities (including Alternatives Credit Union). PCG was actually created by an SRI mutual fund/asset management firm (Christian Brothers Investment Services) for the exclusive purpose of supporting community investments. PCG was created in 1989 and is the oldest domestic Community Investor Pool in the US. I would be happy to talk directly with them if they are interested. If they are just screening opportunities at this point, they can fund more information about PCG at our website at www.pcg21.org. ==---===---===---===---===<<<>>>===---===---===---===---== From: Timothy Spilker <Tim_Spilker@sbk.com> Mr. Myers - Jennifer Tescher and Gordon Hellwig, colleagues here at ShoreBank, shared your email regarding community investing options for nonprofit organizations. It's wonderful that the organization you mentioned is so committed to community investing - 20% is an outstanding target! I wanted to add ShoreBank to the mix as a potential investment option, and tell you a little about our work with nonprofit organizations. You may be familiar with ShoreBank - we are a for-profit, FDIC insured community development bank headquartered in Chicago with banks in Detroit, Cleveland and the Pacific Northwest. Since our founding in 1973, we've invested over $1 billion in underserved and low-income communities nationwide, and over $225 million in just the last year alone. ShoreBank has proved that a development bank can operate profitably for itself, it's investors and it's depositors while focusing exclusively on development and environmental lending. Lesser known is ShoreBank's commitment to nonprofit organizations - we bank over 250 nonprofits in Illinois and nationwide. Nonprofits bank with ShoreBank because first, we offer market rate, cost effective products and service designed with the needs of nonprofits in mind. Second, we provide the value of our mission - banking with ShoreBank is a way for mission-based organizations to invest in a way that's consistent with their values. Deposits from nonprofits are used to directly support our lending, meaning direct community impact without sacrificing return (through market rate products) or risk (through FDIC insurance). Specifically, we offer CDs with a variety of rates and terms, and for more liquid accounts, competitively priced money market accounts. Additionally, for larger, long-term investment balances (such as endowment dollars like the ones you mentioned), our Chief Investment Officer, David Oser, can create a customized fixed income investment portfolio based on your specific needs. All of this while supporting community investing. I'd be delighted to talk with you or the nonprofit you mention below about investment options for nonprofit organizations here at ShoreBank, and to answer any questions you might have. I have included a brief one-pager on ShoreBank, a description of David's services, and a description of our services for nonprofit organizations. Could we find a time to talk in more detail? My number is (773) 420-4678, and my email is "tim_spilker@sbk.com." Let me know - I hope to talk with you soon, Tim Spilker ==---===---===---===---===<<<>>>===---===---===---===---== From: "Chuck Karpf" <chuck@nepadd.com> Bill I have only recently become aware of this community development banking site and service(s). I am a 25 year veteran of commercial banking that left the industry 4 years ago. I have been working in community development work including starting community low income credit unions here in Nebraska. I helped to start the McPherson Community FCU in Tryon, NE and the Pioneer Community FCU in Palisade, NE (the Tryon CU has been operating for 18 months and the Palisade CU has just received it's charter). I am currently working at Panhandle Area Development District, a regional development agency that serves the 11 counties of the Nebraska Panhandle and am charged with implementing an economic development loan fund as well as a regional housing rehabilitation fund. In addition, a group that I work with is in the process of obtaining a community low income credit union charter to be located in Morrill, NE and serving Scotts Bluff and Sioux counties, the Nebraska Rural Community Federal Credit Union. My reasons for responding to your e-mail are 2 fold: 1) The community credit union will be able to use non-member deposits when chartered (the NCUA Austin Office thinks that will be in the 1st quarter of 2003); which, I think, would be a socially responsible investment and 2) The economic development loan fund and housing funds here at PADD may be of interest to the investor. We are currently putting them together from CDBG funds, an EDA grant, local matching funds from development districts and economic development tax funds, and a 1% USDA Rural Development loan. I also wanted to open a dialogue with you as I hope that the NRCFCU will develop into something similar to the Alternatives CU. Thanks for taking the time to look at this and (hopefully) respond. Regards, Chuck Karpf ==---===---===---===---===<<<>>>===---===---===---===---== From: "Kathy Stearns" <Kathys@communitycapital.org> Hi Bill: Hope all is well with you and everyone at Alternatives. Christina forwarded to me your email about a former CU Member who now manages a small foundation and is interested in putting 20% of the assets in a community development investment. I am very interested in seeing if we could encourage him/her to invest in NCCA. As you well know we have a financing fund (approaching $30 million) and we invest in a diverse group of CDFIs throughout the country including credit unions, housing lenders, microenterprise, facilities, rural, urban, etc. We have a strong balance sheet and can provide extensive data about how their capital will be strengthening CDFIs and, ultimately, benefiting disadvantaged communities. If they would rather invest directly in local CDFIs we can provide marketing, underwriting, and loan monitoring services to get their capital out to CDFIs who can make effective use of it in their communities. While they may be able to get a slightly higher return investing directly in CDFIs, they would be taking the direct risk of each CDFI (and have the transaction cost of each investment) both of which would be reduced if they invested in NCCA. However, we are more than willing to craft a strategy that works for them. I am not sure what information you need or would like at this point, but please let me know. We could really put an investment like this to use! Kathy Stearns Chief Financial Officer National Community Capital 215-923-4754 (x-207) ==---===---===---===---===<<<>>>===---===---===---===---== From: "Berenbach, Shari" <Shari.Berenbach@Calvert.com> I strongly encourage you to check out the Calvert Community Investment Notes (www.CalvertFoundation.org). Funds raised are then lent to non-profits all across the country. Investors can even target their note proceeds to a given region. Investors can choose one, three or five year terms and can select interest rates from zero, one, two or three percent. If you have the person call me, I can also advise them re: a program we have, called the Community Investment Management Account, that links the CI Note with a socially-screened money market fund, for added convenience. Of course, the organization is likely to spread its money across a few places, and may want to park some of the funding in Community Development Banks-- like Alternatives Federal Credit Union, Shorebank, Self-Help, CityFirst, Shorebank Enterprise Pacific, Louisville Development Corporation, Vermont Community Development Credit Union, Southern Development Bankcorporation, just to name a few of the outstanding local organizations seeking deposits. Or, for a modest fee, Calvert Foundation can manage a portfolio of CD's into insured depositaries. Let us know if there is any way we can help. Shari Berenbach Executive Director Calvert Foundation shari.berenbach@calvert.com phone 301-951-4895 NEW fax 301-654-7820 www.calvertfoundation.org Put these assets in your portfolio. Homes. Jobs. Lives ==---===---===---===---===<<<>>>===---===---===---===---== From: "Al Ripley" <alfred@self-help.org> Bill: I'm writing in regards to the non-profit you mention below that is seeking a Community Development investment option. Self-Help Credit Union is a Community Development Financial Institution with over 22 years of experience. We offer federally insured and market rate CDs and Money Market accounts that support our lending efforts. Do you think the non-profit you mention might be interested in making a deposit with us and if so how can I contact them? Thanks - Al ==---===---===---===---===<<<>>>===---===---===---===---== From: "Laurie Landeros" <lauriel@sbpac.com> Bill, I'd like to suggest ShoreBank Pacific's EcoDeposits program as an option. We don't offer mutual funds - just FDIC insured deposit products - but we're a community based bank with an environmental mission and decent rates. Thanks, Laurie Landeros EcoDeposits Manager ShoreBank Pacific www.eco-bank.com (88  326-2265==---===---===---===---===<<<>>>===---===---===---===---== From: Blaise Salmon <bsalmon@canada.com> Bill, Have you checked out Calvert Community Investments? www.calvertfoundation.org ==---===---===---===---===<<<>>>===---===---===---===---== From: Jed Emerson <J.Emerson@hewlett.org> They might look at some of the offerings of the Calvert Foundation....either Community Notes or related programs... You could contact Shari Berenbach, ED of Cal. Fdtn., to get more specific suggestions: shari.berenbach@calvert.com Best to you! J. ==---===---===---===---===<<<>>>===---===---===---===---== From: "Eric Bobby" <ebobby@cityki.com> Hi Bill, I hope you are well. When I saw this note, I thought of two things: 1) a potential investment in CityKi ($100K) - I can give you my thoughts in detail if you think it's appropriate or interesting; and 2) Urban Edge here in Boston. Urban Edge has always impressed me and has a reputation as being the leading CDC in Boston. I know the CEO fairly well and their development officer, Pat Ford. Feel free to contact Pat directly: Name: Pat Ford Company: Urban Edge Email: pford@urbanedge.org Work Address: 2010 Columbus Avenue, Roxbury, MA 02119 Work Phone: 617 983 4803 Work Fax: 617 522 5584 Very best, Eric ==---===---===---===---===<<<>>>===---===---===---===---== From: CarlaWeil@aol.com Would they be willing to invest directly with CDFI's who take investments, or do they need more secure and liquid vehicles? If they wished to put a portion of that 20% in such investments they can check with National Community Capital's website <www.communitycapital.htm>www.communitycapital.org to find a list of potential CDFI's that meet their regional and/or mission interests and then contact the CDFI's directly. Yours, Carla P.S. thanks for all your work managing this listserve it is a valuable resource. Carla Weil Executive Director Greater New Haven Community Loan Fund 171 Orange Street, New Haven, CT 06510 (203)789-8690 (203)865-6475 - fax ==---===---===---===---===<<<>>>===---===---===---===---== From: "Peter J. Gilmartin" <peter@njhousing.net> The Reinvestment Fund in Philadelphia. ==---===---===---===---===<<<>>>===---===---===---===---== Bill: May have something of interest. I am involved in a community loan fund that serves the loan income population in Springfield, MA. The Fund is located in Springfield's designated Enterprise Community and is presently looking to raise additional funding. The Fund is a collaboration between the Black and Latino communities and a local community development credit union. Please advise as to what information I may provide to aid the process. I appreciate any consideration. Regards, Glenn Davis, Loan Officer Community FOCUS Loan Fund 756 State St., Springfield, MA 01109 413-739-7211 ext. 119 413-732-9364 fax glendvis@aol.com ==---===---===---===---===<<<>>>===---===---===---===---== From: "Sharleen Williams" <williams@uhab.org> Dear Mr. Myers, My name is Sharleen Williams and I work for(UHAB)which is a non-profit organization that deals with preserving the low-inome housing in the New York city area. I'm a vista serving in this organization and I receive an email form David Gurr of the CNS information your plans for non-profit so am investigating because I want to know what are the requirement for an organization to be consider for the funds. Thanks -Sharleen Williams Member Service Specialist UHAB-Urban Homesteading Assistance Board 120 Wall Street, New York, NY 10005 williams@uhab.org 212-479-3318 ==---===---===---===---===<<<>>>===---===---===---===---== From: Jon Bishop <lfm@wccnica.org> Dear Bill, I am responding to your posting on Community Development banking. Have a look at the Calvert Foundadtion <www.CalvertFoundation.org> to see whether they offer something that might interest the credit union. I manage an international community investment fund that might be of interest if they are willing to consider individual funds. The fund is the NICA Fund sponsored by the Wisconsin Coordinating Council on Nicaragua <www.wccnica.org>. We take investments from socially responsible investors in North America and lend the funds to microfinance institutions in Nicaragua. We currently have a portfolio of $3.35 million lent out to 10 Nicaraguan institutions. The minimum amount to invest is $2,000. The interest rate is 0-3% for investments of $2,000 - $24,999 (the investor chooses the rate within this range), and 0-4% for investments over $15,000. The minimum term is two years and the maximum term is five years. I hope that this i helpful. I would be happy to answer any questions or provide more details. Thank you for your efforts in directing capital towards community investing. All the best, Jon Bishop Loan Fund Manager Wisconsin Coordinating Council on Nicaragua P.O. Box 1534, Madison, WI 53701 (60 257-7230(60 257-7904 (fax)lfm@wccnica.org ==---===---===---===---===<<<>>>===---===---===---===---== Hi Bill, In response to your request for a likely mutual fund for your credit union member and their non-profit's endowment, of course I would suggest the community loan funds. Any of us in effect offer a form of mutual fund in that the loans made to us are used to fund a number of different recipients (borrowers). If they are uncomfortable going with individual funds try NCCA or Calvert who then in turn invests in the loan funds. We at the Cooperative Fund of New England can always use more loans as we stay pretty lent out most of the time. Good luck and happy holidays Rebecca Dunn Executive Director Cooperative Fund of New England rdunn@cooperativefund.org website: www.cooperativefund.org ==---===---===---===---===<<<>>>===---===---===---===---== From: "FRANK BALLESTEROS" <FBALLESTEROS@ppep.org> Bill, nothing spectacular but I am currently raising funds to support a Bi-National Revolving Loan Fund to finance micro entrepreneurs on both sides of our border in Arizona. We (PMHDC) are supporting three microenterprise organizations in the three border communities in Mexico. The Bi-National Revolving Loan Fund will help low-income Mexican microentrepreneurs who want to import into the United States. The Bi-National Loan Fund is taking investments now. These funds are intended to help entrepreneurs who want to import or export and have not been able because of NAFTA. (520) 806-9513 ==---===---===---===---===<<<>>>===---===---===---===---== Boston Community Capital is an enormously successful combination of loan and equity funds, since 1985. I was on their original CLF loan committee. They now have some banks lending them funds to use, as well as the usual SR individuals, churches, etc. This past year BCC loaned about $32MM for affordable housing etc. Their loan loss ratio is less than .5 percent! But of course they do not offer much interest to their lenders. Contact Elyse Cherry, CEO, or Dick Jones, Pres. of BCLF (division). Address: 56 Warren Street, Suite 300, Boston, MA 02119. Ph: 617-427-8600 Stewart E. Perry 46 Shepard Street, Apt. 1, Cambridge, MA 02138 USA Home office tel: 617-497-7614 Residence tel: 617-497-4512 Email: stewartp@igc.org ==---===---===---===---===<<<>>>===---===---===---===---== From: David Reiling <david@universitybank.com> Hello Bill, University Bank offers a socially responsible bank account option. The non profit could open up any type of account at University Bank (checking, savings or CD) and designate their account deposits to our Urban Revitalization Fund. The bank in turn uses the deposits in the URF to loan money to support affordable housing, small businesses and non profit organizations in economically challenged neighborhoods. The non profit receives the same protections (FDIC insurance) as any other account. David C. Reiling President University Bank 200 University Ave. W., St. Paul MN 55103 651-265-5627 ==---===---===---===---===<<<>>>===---===---===---===---== From: "Dorian Buckner" <dorianb@shasta.com> Dear Mr. Myers: I am the Funds Development person at FaithWORKs Community Coalition, Inc. (FWCC) I received your e-mail from Al Pierce, a VISTA Coordinator here in Redding, CA. I am very much interested in finding out how FaithWORKs Community Coalition can benefit from your pre-established Community Investment Program, and in how the organization can create its own Community Investment Program, enlisting the financial contributions of multiple organizations and agencies in Shasta County. One major project for which FWCC is seeking funding for is the Family Transitional Housing Project (FTHP). This project intends to provide shelter for homeless and individuals and families, as well as to provide them with the human resources needed in order to obtain self-sufficiency, i.e. Substance Abuse, Mental Health, and Violent and Violent Behaviors counseling, financial planning, nutrition, and parenting classes, as well as job skills and retention courses. FWCC will continue to network with other local social service agencies and organizations, including the Shasta County Department of Social Services, to deliver a comprehensive transitional housing program. The types of courses and services offered are based upon what studies show most homeless people are dealing with, as well as on FWCC's experience as providers of human resources and services to the homeless and disadvantaged since 1996. Another is the Redding Loaves and Fishes Food Program, that will help over 400 families to curtail the Cash Aid cuts of 2003, which will have a dramatic impact on the income of the adults of many families, and thusly, on the levels of food security for themselves and their loved ones. The two aforementioned projects will have a significantly positive impact on Shasta County, helping to undermine homelessness, poverty, and hunger, while transforming lives with opportunities to become self-sufficient not only through learned skills and crucial provisions, but with volunteer experience at the Redding Loaves & Fishes food distribution center and at the FTHP. However, projects of such grandeur, if they are to have a long-lasting, long-term impact on the communities that they intend to improve, there must be long-term financial support or investments, such as the Community Investment program, which you proposed in your e-mail. Again, please let me know how FWCC can benefit in terms of Funds Development from your Community Investment program. This is something I've been thinking of for a while now- or at least a similar concept, so I'd love to get in on this, if it will help FWCC acquire the funds needed to administer its various programs and projects to help the underserved populations of Shasta County. Thank you very much for your consideration. Sincerely, Dorian Buckner Funds Development FaithWORKs Community Coalition, Inc. ==---===---===---===---===<<<>>>===---===---===---===---== From: Al Cantor <acantor@nhclf.org> Dear Bill -- I saw your note on the community banking list-serve about the non-profit seeking to invest 20% of its endowment in community investments -- and having some problems finding the right vehicles. You may have already been inundated with volunteers, but on behalf of the NH Community Loan Fund, I'd be happy to toss our hat in the ring. We are now in our twentieth year of investing in grassroots community efforts -- affordable housing (including a systems-changing effort to promote resident cooperative ownership of manufactured housing parks), enterprise development (including a micro-credit program), and community facilities lending, mostly in childcare centers. I'm eager to supply our annual report and more information to your colleague and the organization he represents. Though we lend only within New Hampshire, we have investments from around the country, from organizations that recognize our good work. Please let me know as to appropriate follow-up. Thanks very much! Al Cantor Vice President, Philanthropy New Hampshire Community Loan Fund 7 Wall Street, Concord, NH 03301 603-224-6669 ext. 254 Fax: 603-225-7425 acantor@nhclf.org www.nhclf.org ==---===---===---===---===<<<>>>===---===---===---===---== From: Nandana Mewada <nmmewada@yahoo.com> Mr. Myers, A good resource to find information would be the Social Investment Forum (SIF) website: www.socialinvest.org which provides good detail on various social finance options. There are some mutual funds that, while they do not exclusively invest in local community based investments, have a community investment component. These include, and are not limited to, Calvert and Parnassus Investments. The SIF website should provide more detailed information and most likely a comprehensive list of other such mutual funds. Best, Nandana Mewada ==---===---===---===---===<<<>>>===---===---===---===---== ==---===---===---===---===<<<>>>===---===---===---===---== ==---===---===---===---===<<<>>>===---===---===---===---== --- <html><font size=1>[This E-mail scanned for viruses 12/17/2002 19:44:53]</font></html> This post transferred from the cdb-l mailing list
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12-31-2002, 07:55 AM
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Community Investment
Here are a few additional responses to the request from a non-profit
requesting assistance in identifying community investments. Many were of the type, "This is my favorite community institution." There were also a number of references to trade associations and data and listing sources (Calvert Foundation appears several times). A few were from Brokers. Nancy Wasserman's comment is a good summary. "There is still no easily accessible, broadly accepted vehicle that works for the industry." Bill Myers ==---===---===---===---===<<<>>>===---===---===---===---== From: "James Simpson" <jesimps@earthlink.net> From: <BDodson95@aol.com> We're investigating a Neighborhood retail opportunity in the Enterprise Zone (EZ) where their some additional financial incentives are available. Need an equity partner. Our partnership has an exceptional 54 unit condo development (rehabilitation) on the east side. Over 36 units are pre-sold. Need construction financing. An equity partner would be helpful. Also want to develop a small business resource center/incubator at a prospective site in the EZ. Need an equity partner. WE may receive donation of two (2) large tracks of railroad property (35 acres) in the EZ. Have two (2) prospective tenants or purchasers. We will also have available New Markets Tax Credits for purchase by banks/investors for eligible commercial projects in low and moderate income areas (including the EZ) and throughout the Columbus MSA (six counties). This will be a significant undertaking over the next five years. Would like to discuss these opportunities with this party. Can you arrange it? ==---===---===---===---===<<<>>>===---===---===---===---== From: "Nancy Wasserman" <nwass@adelphia.net> Bill, Thanks for sending out all of the responses you received on the request re: how to help a non-profit with an endowment that wants to do the right thing. I was actively involved in community development finance before and as it received the "CDFI" appelation. I am now a few steps removed but still following the field. The responses lead me to the following observations which may be of interest to leaders in the field... 1) The need for various funds to advertise their worthiness indicates that there is still no easily accessible, broadly accepted vehicle that works for the industry. While Calvert and Community Capital and NFCDCU are all doing a great job, it seems that there remains a profound need for a unified CD investment vehicle that lets Suzy Investor either invest a portion of her assets in a CDFI mutual fund or lets her invest in existing mutual funds with extra "brownie points" for CD investment - Kind of a pro-active Sullivan Principles for communities. I know folks have been talking about this for years. Clearly, a demand for its creation by the investing public (as part of the response to Enron, etc.) would help make it happen. Are there nonprofits and other institutional and private investors willing to take the lead on this type of idea and generate larger resources for the entire industry? Or will we continue to compete among ourselves for the carefully considered investments of willing and dedicated socially-minded investors?? 2) The naivety of some of the responses to Bill (one of the industry's great forefathers!) reflected a huge lack of knowledge about the history of CDFI's and community development finance. Years ago, Martin Trimble and Mark Pinsky talked about writing a CDF primer that would talk about the long history of how communities addressed continuing needs for flexible access to capital. It seems that still has not happened. As the current wave of CDFI's practitioners reach 20, 25 and 30 years of operational history and as we begin to lose some of our pioneers (e.g. Chuck Matthei) we need to spend some time collecting the wisdom, telling the tales (as opposed to the lessons) and honoring the vision of folks who got things rolling. Thanks for the opportunity to throw some thoughts in the mix, Nancy * * * * * * * * * * * * * * * * Nancy Wasserman Sleeping Lion Associates, Inc. 17 Kent St. Montpelier, VT 05602 802 229-8096 nwass@adelphia.net ==---===---===---===---===<<<>>>===---===---===---===---== Is there any other information available on the potential investment? Loan/Equity Funds? Construction Projects? Van Hampton <Vandellh@theenterprisecenter.com> The Enterprise Center www.theenterprisecenter.com ==---===---===---===---===<<<>>>===---===---===---===---== What about Shorebank as an option. They are involved in neighborhood and small business development in several cities and ecologically responsible small businesses in the Pacific Northwest.. This has been a socially responsible, community development bank since the early 1970s and insures deposits up to $100,000 with the FDIC. amiller@stkate.edu ==---===---===---===---===<<<>>>===---===---===---===---== Partners for the Common Good Loan Fund invests its capital waiting for lending to borrowers, and its loan loss reserve funds in community development banks and credit unions around the country. This can be a source for the requestor. Jeannine Jacokes Washington, DC 20005 jacokesj@peg21.org Thanks, Bill, for being a channel of information! ==---===---===---===---===<<<>>>===---===---===---===---== I represent the proposed Community of Hope FCU in Jamestown, NY, a low-income, community development credit union expecting to get a charter number within weeks. We have satisfactorily completed the application process and await credit and criminal checks. We are not now ready to accept deposits but will be VERY shortly. Perhaps this non-profit would be interested in investing in a startup credit union in a city struggling with a multitude of economic problems. Details could follow. Thanks, Maggie Monroe-Cassel <mem@madbbs.com> ==---===---===---===---===<<<>>>===---===---===---===---== Hi Bill ... About the non-profit that wants to put 20% of their endowment into ground-level community investments ... I suggest that you add to the list ... CDs from banks certified by the Treasury Department as Community Development Financial Institutions (CDFIs). While the returns from these CDs may not be spectacular during up markets, these CDs produced safe and solid returns while the stock market plummeted. There are 51 CDFI banks. You can get a list of these banks on the CDFI Fund's website. http://www.cdfifund.gov/programs/cert/cert_cdfi.asp will take you to the specific page where one may download a list of CDFIs sorted by type or by state. Louisville Community Development Bank is one of the certified CDFI banks. In our case, deposits are used to fund developmental loans. Our loans are geographically restricted to 12 distressed, inner city neighborhoods. Our loans primarily go to businesses that will either locate or expand in our neighborhoods, thereby creating much-needed jobs for residents. Some of our loans also go for improving owner-occupied housing in these neighborhoods. We are the only bank in America that restricts its activities to distressed neighborhoods. Thus, when your member's non-profit's funds are loaned out, the non-profit is 100% guaranteed that their funds are being used to improve conditions in poverty riddled neighborhoods. How's that for a ground-level investment? You can learn more about us from our website: www.morethanabank.com Let me know if I can send you or CU member anything else. Or call if you have any questions. I'm working from home until December 26th ... home number is 502-456-3399 Happy Holidays !! Gary Gambrell <gambrell@insightbb.com> Vice President Louisville Community Development Bank ==---===---===---===---===<<<>>>===---===---===---===---== Also check out Boston Community Capital, www.bostoncommunitycapital.org. ********************************* Mary-Helen "M.H." Nsangou Associate Director Allston Brighton CDC Allston, MA 02134 www.allstonbrightoncdc.org ==---===---===---===---===<<<>>>===---===---===---===---== From: "Mikal McCartney" <mikal@emicromaryland.com> The Microenterprise Council of Maryland would have needs surrounding building capacity for microenterprise development in Maryland although it would be dependent on the expected return on investment, terms, etc.These are our present funding goals. 1. We would like to be able to give approximately 10 organizations a year operating grants of $75,000. 2.Some of our programs do lend money and could use loan funds that could be accessible at a very low interest rate. 3. The Council itself seeks funding for program operations, and providing training and technical assistance. ==---===---===---===---===<<<>>>===---===---===---===---== Bill, I'm sure our CDFI here in North Central PA -- like many others -- would welcome a 5-10 year investment of $10,000- $100,000 at 3% interest, to add to its revolving loan fund capital, to be re-lent to local microenterprises and very small businesses. Such investments might be channeled through National Community Capital, or invested directly in local loan funds. Since I am an advocate of worker co-ops, my own favorites would be CDFIs that support co-ops, e.g. Cooperative Loan Fund of New England, North Country Development Fund. Perhaps there is room for a socially responsible investment fund that invests in stocks of majority worker-owned companies. (Instead of just owning stock in their own company, employee-owners might more safely diversify their holdings in a mutual fund that invests in worker-owned firms, so long as that did not jeopardize their control of their own firm). Or how about an equity capital fund that invests in worker co-ops? If I knew of any, I would probably be willing to personally invest a small portion of my own retirement funds in such entities. I bet there may be thousands of others like myself who might be willing to do the same. Safer investments, as you know, would be CDs of federally insured depositories such as community development credit unions or progressive banks like South Shore. Regards, Frank Lindenfeld, <DrsL@epix.net> Rural Enterprise Development Corp. ==---===---===---===---===<<<>>>===---===---===---===---== Hi Frank and all, This sounds like something to be discussed at our GEO meeting this Sunday! And perhaps within the pages of the next newsletter...on the worker co-op list serve (Tim Huet was developing an analagous funding scheme when we met last July). cheers, LEN KRIMERMAN <lenmvgeo@mindspring.com> ==---===---===---===---===<<<>>>===---===---===---===---== As per Lyle Mitchell's posting on the co-op bus, have you considered investing in the Northcountry Cooperative Development Fund? The fund "is a cooperatively owned and operatied financial intermediary which exists to act as a catalyst for the development and growth of cooperatives" asit says on their newsletter. Their mission statement is "Investing in 'Economic Democracy through Cooperative Enterprise." NCDF has a better track record than most banks and exclusively lends money to cooperatives. Elizabeth Archerd Member Services Director Wedge Community Co-op Minneapolis, MN 55405 ==---===---===---===---===<<<>>>===---===---===---===---== The Office of the Comptroller of the Currency (OCC) recently published the "2001 Directory of National Bank Community Development Investments." The directory is an annotated list of investments that banks made under a special authority the U.S. Congress granted them to make investments in real estate, small businesses and other projects that benefit low- and moderate-income people or in areas that a government agency has designated for redevelopment. It's the authorization that allows banks to invest in CDFIs and to purchase Low-Income Housing Tax Credits, for example. This year's directory includes 121 investments made by thirty-five banks. The projects they invested in received approximately $995 million in funding from the banks and their community partners. Many activities described in the directory are eligible to be considered positively as qualified investments under the Community Reinvestment Act (CRA). Since 1965, the OCC has approved over 1,800 investments receiving $12.2 billion of funding from national banks and their community development partners. The 2001 directory (and those for several prior years) is available on the OCC's web site, http://www.occ.treas.gov/cdd/resource.htm#CDC The OCC is an independent bureau of the U.S. Treasury Department that licenses and supervises national banks. Paul Ginger Community Affairs Officer Office of the Comptroller of the Currency Chicago, IL 60605 www.occ.treas.gov ==---===---===---===---===<<<>>>===---===---===---===---== From: "Rita Gale Cruise" <galec@self-help.org> Mr. Myers, You may be interested in the work that we do at Self-Help and you would be able to designate how you want to money reinvested in community development. If you would like to talk about some of the projects or activities that we are doing in North Carolina and the Piedmont Triad specifically, we could arrange a time to meet. Also, you may check out the self-help.org website to see if we are a good match. In addition the website, we could maybe work out some other options for investment. I look forward to hearing from you in 2003. Peace, Rita Gale Cruise Regional Director Community for Self Help Greensboro, NC 27401 ==---===---===---===---===<<<>>>===---===---===---===---== --- <html><font size=1>[This E-mail scanned for viruses 12/31/2002 08:15:02]</font></html> This post transferred from the cdb-l mailing list
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