tag:blogger.com,1999:blog-27179771921517645392024-03-06T14:02:11.131-06:00Local Investing for ImpactWelcome to the blog for LOCUS Impact Investing, a social enterprise empowering place-focused foundations, family offices and other donors to invest their capital locally to build prosperous, vibrant communities. We'll feature regular, original content focusing on mission-aligned investing.LOCUS Impact Investinghttp://www.blogger.com/profile/13866392394367736399noreply@blogger.comBlogger12125tag:blogger.com,1999:blog-2717977192151764539.post-3967963875173023152018-07-31T11:49:00.001-05:002018-07-31T12:03:36.779-05:00Community Development Loan Funds: An Effective Partner for Local Impact Investing<br />
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<b>Bonny Moellenbrock</b></div>
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<b>Advisor, LOCUS Impact Investing</b></div>
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<span style="background-color: white; font-family: "calibri" , "helvetica" , "arial" , sans-serif; font-size: 16px; font-style: italic; font-weight: 700; white-space: pre-wrap;">- Bonny Moellenbrock, LOCUS' advisor, shares insights on how Community Development Loan Funds (CDLFs) can be used for impact investing.</span></div>
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This spring, the <a href="https://thegiin.org/">Global
Impact Investing Network (GIIN)</a> and investment firm <a href="https://symbioticsgroup.com/">Symbiotics</a> released <a href="https://thegiin.org/research/publication/private-debt">The Financial
Performance of Impact Investing Through Private Debt</a>, the latest in a
series of reports benchmarking impact investing opportunities in different
asset classes. For U.S. place-based investors, Community Development Loan Funds
(CDLFs) provide a particularly promising impact investing opportunity. <span style="mso-spacerun: yes;"> </span>The report analyzed data for the past five
years from 102 participating CDLFs across the country. Below I’ve shared some
of the highlights from this report relevant to foundations and others
interested in place-based investing.<o:p></o:p></div>
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<b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;">About Community Development Loan Funds <o:p></o:p></i></b></div>
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<b style="mso-bidi-font-weight: normal;">Community Development
Financial Institutions (CDFIs)</b> are mission-driven banks, credit unions,
venture capital funds, and loan funds that provide capital and financial
services to underserved communities to increase economic development and
opportunity. They are certified by the U.S. Treasury Department <a href="https://www.cdfifund.gov/">CDFI Fund</a>. <b style="mso-bidi-font-weight: normal;">Community Development Loan Funds</b> (CDLFs) are the most common type
of CDFI, providing financing and technical assistance for microenterprises,
businesses, commercial real estate, housing development, and community
facilities, all in economically distressed locations across the country. Most
are nonprofit organizations, focused on a particular state or region, and most
rely on grants and contributions in addition to returns from lending to fund
their operations.<span style="mso-spacerun: yes;"> </span><a href="http://www.locusimpactinvesting.org/">LOCUS Impact Investing’s</a> parent
company, <a href="http://vacommunitycapital.org/">Virginia Community Capital</a>,
is a $323m CDLF.<o:p></o:p></div>
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The report shows the diversity in CDLFs. Forty percent of
the funds analyzed focus on housing, 33% on local business financing, and the
rest provide financing for microenterprises and community facilities. Assets
under management range from $1 million to $1 billion, with the average and
median CDLFs at $55.2 million and $24.9 million, respectively. Growth of the
median has been a solid 12.4% since 2012.<o:p></o:p></div>
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The majority of capital invested in these funds – a significant
75% – is from institutional investors including pension funds, financial
institutions, non-governmental organizations, and foundations. The remaining is
provided by public funders (18%) and retail and other investors (7%). These
funders invest in notes or lines of credit with the CDLFs. Here at LOCUS, we
see an increase in foundations who care about a specific geographic region
investing in CDLFs for both a financial return and social impact in their
communities.<span style="mso-spacerun: yes;"> </span><o:p></o:p></div>
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<b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;">Community Development Loan Fund Performance, Risk and Impact<o:p></o:p></i></b></div>
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Impact Investors typically weigh fund performance, risk, and
the impact achieved in their investment decisions. Average interest rates paid
by CDLFs on notes have been very stable at 2.9% over the period; average interest
paid on the less-common lines of credit was also relatively stable at 3%. Housing-focused
funds paid the highest interest rates on notes, averaging at 3.0% or above.
Microenterprise funds paid the lowest interest rates on notes, with rates of
2.1% - 2.6% over the period. <o:p></o:p></div>
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Portfolio yields, a reflection of the interest rates CDLF’s
charge for loans, ranged from 5.2% to 5.4% on a weighted average basis over the
period. Microenterprise fund yields were highest at an average of 12.5%, and
housing-focused funds lowest at 4.2%, with businesses and community facilities
funds falling between. These discrepancies between portfolio yields and
respective interest rates reflect the higher costs associated with microenterprise
funds, which usually provide additional technical assistance to the
enterprises, versus the relatively lower expense ratios of housing-focused
funds. <o:p></o:p></div>
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CDLF’s demonstrated high portfolio quality, with write-offs
in 2016 at 0.6% of the portfolio outstanding. As one would expect, when broken
down by size, write-offs by small CDLFs were higher at 2.2% of portfolio
outstanding versus 0.2% for the largest CDLFs. Loan loss provisions at the end
of 2016 were at 4.9% of portfolio outstanding overall. <o:p></o:p></div>
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While most CDLF’s have a particular sector focus as noted
above, they also participate in other subsectors. Thus nearly 75% of the CDLFs
in the study provide loans in Financial Services (including individual loans
and microfinance) and Housing. Education, Healthcare, and Food &
Agriculture are other common sectors. Through these financial products, CDLFs
target a number of impacts. Employment generation (87% of CDLFs in the study),
affordable housing (71%), and food security (43%) are top impacts, with health
improvement, education, and financial inclusion also of notable interest. While
metric data in the study was very limited, the most common metrics tracked were
housing-related (units created or preserved, or people housed), the number of
jobs created or preserved, and students served. <o:p></o:p></div>
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<b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;">Key Takeaways for U.S. Place-Based Investors<o:p></o:p></i></b></div>
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Despite their long tenure, CDLFs have been somewhat under
the radar in the impact investing space. This report highlights the strong
opportunities that CDLFs provide for institutions and individuals interested in
place-based impact investing in their U.S. region. <b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;"><o:p></o:p></i></b></div>
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</span></span></span><!--[endif]--><b style="mso-bidi-font-weight: normal;">CDLFs
provide competitive, stable, low volatility returns with place-based impact.<o:p></o:p></b></div>
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With stable 2.9% returns with low volatility, CDLF’s are a strong fixed
income, place-based impact investment option. The vast majority of CDLFs in the
study were created over 25 years ago, and therefore have long tenures to
demonstrate their financial performance.<span style="mso-spacerun: yes;">
</span>Given this relatively long track record to support the financial case,
they are an excellent gateway for those new to impact investing and should
remain a key component of a place-based investing strategy for all impact
investors.<o:p></o:p></div>
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</span></span></span><!--[endif]--><b style="mso-bidi-font-weight: normal;">CDLFs are
an excellent resource and potential partner for place-based impact investors.<o:p></o:p></b></div>
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CDLFs
relatively long tenure also provides a deep understanding of their local
economy and its players and needs, especially in regards to the underserved,
low-income, or marginalized members of the local community. With economic
factors playing a key role in most social missions, from housing to education
and health, CDLF’s insights can be very informative to the strategies of place-based
foundations, philanthropists, and investors. As nonprofits, CDLFs are reliant
on grants and contributions for their programs and services, and such support
can be a great way to begin a partnership. For investors interested in
developing new impact investing innovations, CDLF’s financial expertise renders
them a great potential partner for new programs or products. <o:p></o:p></div>
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To learn more about CDFIs and CDLFs serving your community,
visit <a href="http://www.cdfi.gov/">The CDFI Fund</a> and the <a href="https://ofn.org/">Opportunity Finance Network</a> (CDFI trade
association). Learn how LOCUS Impact Investing can help you assess CDLF
opportunities in your region by visiting our <a href="https://locusimpactinvesting.org/what-we-do/local-investment-and-advisory-solutions-2.html">website</a>.<o:p></o:p></div>
<br />Chancehttp://www.blogger.com/profile/06374595840266728786noreply@blogger.com0tag:blogger.com,1999:blog-2717977192151764539.post-4453959322021836262018-07-10T08:54:00.000-05:002018-07-25T09:24:36.972-05:0040 Years in the Making<br />
<b>Sydney England</b><br />
<b>Client Development Manager, LOCUS Impact Investing</b><br />
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<b><i>- Sydney England interviews Sherry Magill and Chris Crothers of the Jessie Ball duPont Fund and discovers how place-based impact investments allowed a foundation to realize the vision of two extraordinary women.</i></b><br />
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Ms. Jessie Ball’s fortunes changed in 1920. It was during this year that Jessie, having returned to her childhood home in the Northern Neck of Virginia, reconnected with a long-time friend, Mr. Alfred I. duPont – of the distinguished duPont Family. Shortly thereafter, the two wed, and Jessie adopted the name that would become associated with enduring community philanthropy and commitment to place. Since her death in 1970, the Jessie Ball duPont Fund, a Jacksonville-based private foundation, has granted more than $350 million to nonprofits across the country – with the vast majority of those grant dollars going to communities that Ms. duPont once called “home.” Through good market fortune and prudent resource management, the Fund’s endowment has grown from a modest $48 million to $295 million – enabling the staff and trustees to think strategically about how best to serve the wishes expressed through Mrs. duPont’s will.<br />
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That is not to suggest that Jessie Ball duPont Fund President, Dr. Sherry Magill, hasn’t seen her fair share of trying economic conditions. Following the 2008 economic collapse, the Fund’s leadership watched as the portfolio dropped a staggering 28% virtually overnight. In the wake of the economic collapse, the Fund’s trustees began asking hard questions about their investment strategy. Sherry recalls, “We started to think about what business we were in. We weren’t in the investment business. We were in the business of helping communities.” After a number of internal conversations, the trustees agreed to allocate $10 million for direct community investments to “help communities” respond to the increased demand for social services brought about by economic dislocation.<br />
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With the help of a consultant, the Jessie Ball duPont Fund trustees and staff began an 18-month learning journey - primarily regarding the use of Program Related Investments (PRIs). One key takeaway from this period of structured learning was that the trustees would be best served to invest in nonprofit organizations that were accustomed to taking on debt. To this end, the trustees decided to begin making strategic PRIs to Community Development Financial Institutions (CDFIs) serving low-to-moderate income populations in Virginia, Delaware, and Florida – states where the Fund had grantmaking concentrations. These early impact investments (1) allowed the Fund to generate impact in the area of affordable housing, (2) spread their investment risk over the CDFIs’ multi-project portfolio, and (3) limited the investment monitoring demands placed on internal staff. Although the trustees had allocated the local investment dollars and modified the Investment Policy Statement to accommodate place-based investing, full deployment of their first PRI would not come until 2011. The Fund “stayed the CDFI course” for several years – executing more PRIs to CDFIs in an effort to, as Sherry describes it, “bring capital markets back to disinvested neighborhoods.” It was the Fund’s focus on disinvested neighborhoods that led them to what would become their largest local investment to date.<br />
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In December 2012, Sherry toured the long-abandoned Haydon Burns Library building in Jacksonville, Florida. Despite the graffiti and rumble, Sherry was convinced that this landmark could have a second act. Shortly thereafter, Sherry shared her vision with the trustees and once again, asked them to commit more of the Fund’s endowed resources to place-based investing. Many of the Fund’s assets within the traditional investment portfolio – fixed income, private equity and real estate – were economic and community development drivers domestically and abroad, but what percentage of those assets were bettering the places that Mrs. duPont held dear? Sherry states, “I can’t see impact with our investments in China or emerging markets. I can see the effect we’re having with our local investments.”<br />
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In June 2013, the Jessie Ball duPont Fund trustees approved their first Mission Related Investment (MRI) when they purchased and paid the back-taxes on the Haydon Burns Library for a total of $2.45 million. By combining the Fund’s $20 million investment with $5 million of New Markets Tax Credits, the capital stack was complete. Shortly thereafter, ground would break on the Jessie Ball duPont Center. According to the specs, the four-floor Jessie Ball duPont Center would feature nonprofit office spaces, a state-of-the-art conference center, communal kitchens, a rooftop garden, LED and solar infrastructure, a rain water retention system, a 1,500 square foot concourse and a 3,500 square foot Great Hall.<br />
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgtogHIwrNdPo3PIm1OUg7d4LS3hn4jNsz-T0by5lBXaombOO9W0fWDxWcRTRlA9x23KZBAqHk5eooUBDnBBPruc3gYue3EdDhPYn7lFc4AhUAaqsAWCElPtFrRxRxCEei_RsHRZ7BA8f8_/s1600/Shovels.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="532" data-original-width="678" height="500" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgtogHIwrNdPo3PIm1OUg7d4LS3hn4jNsz-T0by5lBXaombOO9W0fWDxWcRTRlA9x23KZBAqHk5eooUBDnBBPruc3gYue3EdDhPYn7lFc4AhUAaqsAWCElPtFrRxRxCEei_RsHRZ7BA8f8_/s640/Shovels.jpg" width="640" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Pictured: In January 2014 renovation of the Jessie Ball duPont Center officially began. Fund <br />
President, Sherry Magill, is pictured second from the right. (Photo by Mary Kress Littlepage)</td></tr>
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There was an immediate outpouring of demand for the subsidized nonprofit office space, but as usual, the Fund’s leadership paused to consider mission and goals. From the beginning, two of the goals of the Jessie Ball duPont Center were (1) to create a financial model that quickly allowed the building to reach a level of self-sufficiency and (2) to offer a rental pricing structure that allowed the nonprofit tenants to significantly lower their operating costs. With those goals in mind, the Fund’s leadership asked the question, “Which nonprofits provide the backbone for Jacksonville’s social safety net?” Sherry and the program staff went to work identifying organizations that comprised Jacksonville’s core nonprofit services - including family asset building campaigns, workforce training, policy and advocacy, emergency family services and after-school care. Jacksonville’s backbone nonprofits are similar to those found in communities across the country, including but not limited to Big Brother Big Sisters of Northeast Florida, Catholic Charities, Delores Barr Weaver Policy Center, Family Foundations, First Coast YMCA, Jacksonville Public Education Fund, Nonprofit Center of Northeast Florida and United Way of Northeast Florida.<br />
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Rather than delay the construction while the prospective tenants fundraised to complete their office buildout, the Fund’s leadership authorized that a series of PRIs could be issued to organizations. Those standard PRI terms – 7 years, fixed interest between 1-2%, balloon payments and no pre-payment penalty – allowed the construction timeline to remain intact and the nonprofit tenants to obtain below market-rate capital. To date, these nonprofit borrowers have remained in good-standing and are on track for repayment.<br />
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On June 6, 2015, the Jessie Ball duPont Center celebrated its grand opening. In attendance were leaders from the public, private and independent sectors. Sherry often shares that she believes that philanthropy is most impactful at the local level. As with the Jessie Ball duPont Center, Sherry states that philanthropy “has the enormous promise and the opportunity to bring folks together.”<br />
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On June 30, 2018, Sherry served her final day as President of the Jessie Ball duPont Fund. Throughout the past 26 years, Sherry has been a fierce advocate for the nonprofit community and those that they serve. Part of the vision behind the Jessie Ball duPont Center was restoring a sense of pride and dignity to nonprofit spaces. Sherry dedicated her life to living out the Last Will and Testament of Mrs. Jessie Ball duPont, a woman who often stated that “philanthropy without strategy is just charity.” Well if that is the case, I believe Mrs. duPont would be enormously proud of the trailblazing philanthropist who shepherded her legacy for so many years.<br />
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Thank you to Sherry Magill and Chris Crothers, Senior Program Officer of the Jessie Ball duPont Fund, for helping to share this story with the LOCUS team.<br />
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<b>The LOCUS team was able to provide due diligence services on two of the Fund’s prospective PRIs. If you are considering PRIs and want to learn more about the Jessie Ball duPont Fund or other foundations taking this approach to local impact investing, contact Sydney England at sydney@locusimpactinvesting.org or (804) 793-0985.</b><br />
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Chancehttp://www.blogger.com/profile/06374595840266728786noreply@blogger.com0tag:blogger.com,1999:blog-2717977192151764539.post-86766772588652102592018-06-04T09:14:00.001-05:002018-06-04T09:14:04.099-05:00Reflections from Mission Investors Exchange<br />
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<b>Deb Markley</b></div>
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<b>Senior Vice President, LOCUS Impact Investing</b></div>
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I attended my first <a href="https://missioninvestors.org/">Mission
Investors Exchange</a> (MIE) conference in Chicago (May 14-16), along with
several other members of the LOCUS team. I challenged myself and my colleagues
to listen and learn, with our place-focused foundation partners in mind. What
reflections or insights could we bring back and share that might be helpful to
a community foundation in Texas or a family foundation in West Virginia? Our
lead take-aways? </div>
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<b style="mso-bidi-font-weight: normal;">Place-focused investors
– community foundations, family foundations, individual donors – have an
important leadership role to play in mission investing.</b> </div>
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Place-focused
foundations are taking innovative approaches to get capital flowing where
traditional capital can’t or won’t go. They are demonstrating the power of
impact investing to create real change in communities, from inner city
neighborhoods to rural places. And their role in this broad and continually
evolving field appears to be growing. The five insights below reflect our
collective wisdom and, we hope, are valuable to foundations and other partners
who are exploring place-based impact investing.<o:p></o:p></div>
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<tr><td class="tr-caption" style="text-align: center;">Recently, the LOCUS Team attended <span style="background-color: white; font-family: "calibri" , "helvetica" , "arial" , sans-serif; font-size: 12px; font-weight: bold; text-align: left; white-space: pre-wrap;">MIE's 2018 National Conference</span><span style="background-color: white; font-family: "calibri" , "helvetica" , "arial" , sans-serif; font-size: 12px; text-align: left; white-space: pre-wrap;">, a meeting of leaders in the field of impact investing.</span></td></tr>
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<b style="text-indent: -0.25in;"><br />1. Lead with impact.</b><span style="text-indent: -0.25in;"> A common theme across
many sessions was the need to lead with impact – to start by asking the
question, “What difference are we trying to make?” Community foundations
specifically have a role to play in defining that impact. As rooted
philanthropic partners, they are in an ideal position to use the tools of </span><a href="https://www.cof.org/sites/default/files/documents/files/Framework%20for%20Community%20Leadership%20by%20a%20Community%20Foundation%202013.pdf" style="text-indent: -0.25in;">community
leadership</a><span style="text-indent: -0.25in;"> and </span><a href="http://www.cfleads.org/community-engagement/CFLeads-AspenInstitue-Resident-Engagement-Guidebook.pdf" style="text-indent: -0.25in;">resident
engagement</a><span style="text-indent: -0.25in;"> to help identify the change that’s needed. And, they can ensure
that any investment considerations include an equity lens so that the benefits
of impact investing are broadly distributed. One presenter called community
foundations the “conscience of impact investing."</span></div>
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<b style="text-indent: -0.25in;">2. Just do it! </b><span style="text-indent: -0.25in;">The growth in the MIE
conference bears witness to the explosive interest in the impact investing
field and the progress made in defining the field, providing tools and proof
points for potential investors, and beginning to measure impact. However, it’s
also very clear that even the largest foundations are still figuring this out!
There is no “one right way” to tackle impact investing. Every foundation
reaches a point where they need to pivot based on learning from doing – that
may scare some folks who would like a more defined roadmap. But, the message
delivered over and over again was to take one step at a time, no matter how
small, and keep asking “</span><span style="text-indent: -0.25in;">how
do I use all of my assets to create impact in my place?”</span><br />
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<b style="text-indent: -0.25in;">3. Build partnerships. </b><span style="text-indent: -0.25in;">There is strength
in numbers…and partnerships. Many promising stories included partnerships between
foundations and community development financial institutions (CDFIs). </span><a href="https://www.nwaf.org/" style="text-indent: -0.25in;">Northwest Area Foundation</a><span style="text-indent: -0.25in;"> combined grants with
a program-related investment to help </span><a href="http://www.oweesta.org/" style="text-indent: -0.25in;">First
Nations Oweesta Corporation</a><span style="text-indent: -0.25in;"> support the </span><a href="https://www.nwaf.org/2018/03/30/oweesta-launches-10m-native-cdfi-capital-pool/" style="text-indent: -0.25in;">capital
needs of Native CDFIs</a><span style="text-indent: -0.25in;">, bringing more capital into Native communities to
support entrepreneurs, affordable housing development and other
investments.</span><span style="text-indent: -0.25in;"> </span><span style="text-indent: -0.25in;">NWAF has a long history of
making PRIs – and </span><a href="https://www.nwaf.org/2018/05/23/pri-measurement/" style="text-indent: -0.25in;">measuring
their impact</a><span style="text-indent: -0.25in;">. Foundations are also working more closely with their donors
to drive investment into their communities. The </span><a href="https://www.nhcf.org/" style="text-indent: -0.25in;">New
Hampshire Charitable Foundation</a><span style="text-indent: -0.25in;"> offers an </span><a href="https://www.nhcf.org/what-were-up-to/investing-for-impact/" style="text-indent: -0.25in;">Impact
Investment Fund</a><span style="text-indent: -0.25in;"> to their donors who “want to keep their charitable dollars
local, create jobs and expand opportunity.” And, MIE and </span><a href="https://www.urban.org/" style="text-indent: -0.25in;">The Urban Institute</a><span style="text-indent: -0.25in;"> just released a report on
</span><a href="https://www.urban.org/sites/default/files/publication/98452/investing_together_emerging_approaches_in_collaborative_place-based_impact_investing_7.pdf" style="text-indent: -0.25in;">collaborative
place-based impact investing</a><span style="text-indent: -0.25in;"> that describes many different partnership
models being explored across the country. Many of these models offer ways for
foundations to leverage public, private and other philanthropic dollars with
their investments.</span><br />
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<b style="text-indent: -0.25in;">4. Explore <i><u>all</u></i>
available tools. </b><span style="text-indent: -0.25in;">There are many ways for a foundation to begin to explore
place-based, mission-aligned investing – and not all of them are complex! One
of the more interesting concepts was using a foundation’s assets to guarantee
other investments. A recent </span><a href="https://kresge.org/news/mission-money-markets-power-guarantee" style="text-indent: -0.25in;">blog</a><span style="text-indent: -0.25in;">
by The Kresge Foundation demonstrates how foundations can put their balance
sheets to work through guarantees. And, the Global Impact Investing Network
released a </span><a href="https://thegiin.org/research/publication/guarantees-issue-brief" style="text-indent: -0.25in;">brief</a><span style="text-indent: -0.25in;">
on this topic. There were also a number of examples of using strategic grants
in combination with direct investments for maximum impact. The </span><a href="https://www.appalachiafunders.org/" style="text-indent: -0.25in;">Appalachia Funders Network</a><span style="text-indent: -0.25in;"> is
working to establish a </span><a href="https://www.urban.org/sites/default/files/publication/98452/investing_together_emerging_approaches_in_collaborative_place-based_impact_investing_7.pdf" style="text-indent: -0.25in;">blended-capital
fund</a><span style="text-indent: -0.25in;">, combining grant and investment capital,</span><span style="text-indent: -0.25in;"> </span><span style="text-indent: -0.25in;">to fund deals and build the pipeline.</span><br />
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<b style="text-indent: -0.25in;">5. </b><b style="text-indent: -0.25in;">Invest in culture change. </b><span style="text-indent: -0.25in;">Mission-aligned
investing requires a change in mindset; it requires that staff and board buy
into a new way of doing foundation business. Some important questions need to
be asked and answered to affect this culture change – What are we trying to
impact? What risk-return tradeoffs are we willing to accept? With whom can we
partner? How will our investment criteria and committee need to change? These
are questions that need to be addressed by staff on both the program and
investment sides of the foundation. Learning together is the best way to create
an investing strategy that creates real impact.</span></div>
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The greatest value from MIE was the story sharing and
networking. As I understand it, the focus on place-based investing by
foundations is a growing interest of MIE and others – as more programming is
devoted to this topic, place-focused foundations should get even more value out
of the opportunity to learn with and from the innovators in the field. As a
zealous proponent of peer learning, these types of gatherings are important
opportunities to be inspired to action and to have a chance to build your own
practice through the lessons of others. However, you don’t have to wait for a
formal gathering to begin this networking. Regional associations of grant
makers are often good sources of information about innovators in your region.
The <a href="https://www.michiganfoundations.org/">Council of Michigan
Foundations</a>, for example, does a great job of lifting up inspiring stories
of foundations in the state. Check out this <a href="https://www.youtube.com/watch?v=46BpTbuj16I&feature=youtu.be">video</a>
of the Sturgis Area Community Foundation’s direct investing in the local
housing sector. As more foundations explore place-based investing, a clear
message from MIE was “you are not alone.” There are fellow travelers of all
asset sizes that can help you avoid re-creating the wheel and instead build on the
shoulders of those who’ve learned before.<o:p></o:p></div>
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I’ve spent almost 35 years working in community economic
development and the movement of mission-aligned, place-based investing is one
of the most exciting I’ve witnessed. My experience at MIE only helped confirm
that! As public dollars for development become more constrained, in size and
scope, there is real opportunity for place-focused foundations to use their
philanthropic capital to leverage public and private resources for community
impact. Yes, setting out in the direction of local impact investing takes
courage and conviction, and a touch of fearlessness. As one speaker said, “The
water has changed because you stepped into it.” Even if your first attempt
doesn’t work, you’ve made a difference by trying. <o:p></o:p></div>
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To learn more, you can explore MIE’s <a href="https://missioninvestors.org/">website</a>. If you want to know more
about how the LOCUS team might help on your journey, visit <a href="https://locusimpactinvesting.org/">locusimpactinvesting.org</a>. <o:p></o:p></div>
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<b>Deb Markley is part of the Local Impact Strategy Solutions team at LOCUS, helping place-focused foundations create greater impact through mission-aligned local investing.</b></div>
<br />Chancehttp://www.blogger.com/profile/06374595840266728786noreply@blogger.com0tag:blogger.com,1999:blog-2717977192151764539.post-64900399100590159802018-05-02T09:00:00.003-05:002018-05-04T08:40:06.790-05:00Making Local Wealth Stick<br />
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<span style="font-size: 12.0pt; line-height: 107%; mso-bidi-font-size: 11.0pt;"><b>By Travis Green and Deb Markley<br />Solutions Consultant and Senior Vice President, LOCUS Impact Investing</b><o:p></o:p></span></div>
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<span style="font-size: 12.0pt; line-height: 107%; mso-bidi-font-size: 11.0pt;">Across the United States, </span><a href="https://locusimpactinvesting.org/tools/nationaltow.html"><span style="font-size: 12.0pt; line-height: 107%; mso-bidi-font-size: 11.0pt;">LOCUS
estimates that $9 trillion will transfer</span></a><span style="font-size: 12.0pt; line-height: 107%; mso-bidi-font-size: 11.0pt;"> from one generation to the next by
2029. When you dig into the numbers, it’s clear that communities – rural and
urban, wealthy and poor – have assets. The challenge for community philanthropy
is how to turn that wealth into what a community really needs: housing, healthy
food, education, childcare, a growing economy.<o:p></o:p></span></div>
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<span style="font-size: 12.0pt; line-height: 107%; mso-bidi-font-size: 11.0pt;">Place-focused foundations have made great progress towards
capturing<span style="background-color: white;"> <span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial;"><a href="http://files.constantcontact.com/6aee8079601/bcba6b59-4bea-4b10-8a56-c49c9bb387b0.pdf">“just five percent”</a></span> </span>of that wealth. One example is the Central New York Community
Foundation’s </span><a href="https://cnycf.org/5forcny"><span style="font-size: 12.0pt; line-height: 107%; mso-bidi-font-size: 11.0pt;">Five for CNY</span></a><span style="font-size: 12.0pt; line-height: 107%; mso-bidi-font-size: 11.0pt;"> which challenges
residents to leave five percent of their estates to their hometowns. In
Nebraska, a similar effort, started in 2002, </span><a href="https://www.nebcommfound.org/wp-content/uploads/2017/11/NCF_Annual_Report_2017_Web.pdf"><span style="font-size: 12.0pt; line-height: 107%; mso-bidi-font-size: 11.0pt;">increased
planned gifts to the statewide foundation by $55 million</span></a><span style="font-size: 12.0pt; line-height: 107%; mso-bidi-font-size: 11.0pt;">. One
Nebraska town, Shickley, and its 337 residents, built an endowment of over $2 million
and expects another $2 million in planned estate gifts. That’s a lot of money
to support </span><a href="https://www.blogger.com/null" style="mso-comment-date: 20180501T0942; mso-comment-done: yes; mso-comment-reference: TG_1;"></a><a href="http://www.omaha.com/living/the-better-half/shickley-a-big-little-town-for-good-reasons/article_7c7b857c-7e21-11e7-81af-872e014bee25.html"><span style="mso-comment-continuation: 1;"><span style="font-size: 12.0pt; line-height: 107%; mso-bidi-font-size: 11.0pt;">early childhood education, playgrounds, and training</span></span></a><span style="font-size: 12.0pt; line-height: 107%; mso-bidi-font-size: 11.0pt;">. <o:p></o:p></span></div>
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<span style="font-size: 12.0pt; line-height: 107%; mso-bidi-font-size: 11.0pt;">What if communities, inspired by Shickley, successfully tapped
into that looming transfer of wealth? If community and other rooted foundations
managed to capture just five percent of that $9 trillion over the next decade,
what should they do to put those assets into productive use for America’s
communities?<o:p></o:p></span></div>
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<span style="font-size: 12.0pt; line-height: 107%; mso-bidi-font-size: 11.0pt;">Of course, foundations could do much more of what they do now
– make more and larger grants to desperately needed community causes. It could
also mean greater support for community amenities and quality of life initiatives.
But, with significantly larger endowments foundations could explore emerging roles
like </span><a href="https://scholarworks.gvsu.edu/tfr/vol8/iss3/10/"><span style="font-size: 12.0pt; line-height: 107%; mso-bidi-font-size: 11.0pt;">economic
development</span></a><span style="font-size: 12.0pt; line-height: 107%; mso-bidi-font-size: 11.0pt;"> and local impact investing.<o:p></o:p></span></div>
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<span style="font-size: 12.0pt; line-height: 107%; mso-bidi-font-size: 11.0pt;">There is another compelling reason for community philanthropy
to start doing things a little differently. Foundations are entering what
the <i style="mso-bidi-font-style: normal;">Chronicle of Philanthropy</i>
characterized as the “</span><span style="font-size: 12.0pt; line-height: 107%; mso-bidi-font-size: 11.0pt;"><a href="https://store.philanthropy.com/collections/reports/products/9-trillion-and-counting-how-charities-can-tap-into-the-transfer-of-wealth?cid=FEATUREDNAV">windfall
years</a>,</span><span style="font-size: 12.0pt; line-height: 107%; mso-bidi-font-size: 11.0pt;">” receiving more estate gifts from the Silent Generation and
Baby Boomers. According to the Federal
Reserve, just under half of Americans’ wealth is held in their businesses and
their homes. The fear is that as older Americans die, and their assets are
dispersed, much of the wealth will follow their children, in some cases leaving
the community. How can local and regional foundations provide leadership to
keep some of that wealth invested in the community from where it came? <o:p></o:p></span></div>
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjBF7_g1lgbDN17MxRVlT5DgqDdfS18kWo57Xf9ncXlJkunwwYJhzbAvISSgOzq5ldGk3P4kxL2SrhNlSsNXUD9qMi4e5R6RcUGnFb0Gf8rBszVQVhwyltZlOBa3YaIZtzdxAWaUezX-BPu/s1600/garden.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="479" data-original-width="720" height="424" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjBF7_g1lgbDN17MxRVlT5DgqDdfS18kWo57Xf9ncXlJkunwwYJhzbAvISSgOzq5ldGk3P4kxL2SrhNlSsNXUD9qMi4e5R6RcUGnFb0Gf8rBszVQVhwyltZlOBa3YaIZtzdxAWaUezX-BPu/s640/garden.jpg" width="640" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><span style="background-color: white;"><span style="color: blue;"><a data-link-type="web" href="http://www.bcf.org/" style="font-family: calibri, helvetica, arial, sans-serif; font-size: 11px; font-weight: bold; text-align: left; white-space: pre-wrap;" target="_blank">Baltimore Community Foundation</a><span style="font-family: "calibri" , "helvetica" , "arial" , sans-serif; font-size: 11px; text-align: left; white-space: pre-wrap;"> </span></span></span><span style="background-color: white; font-family: "calibri" , "helvetica" , "arial" , sans-serif; font-size: 11px; text-align: left; white-space: pre-wrap;">provided a bridge loan to Healthy Neighborhoods, a local CDFI, to help “green” the historic Reservoir Hill neighborhood. The plan for the neighborhood includes increasing the tree canopy, expanding community gardens, and rehabilitating vacant lots. </span></td></tr>
</tbody></table>
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<span style="font-size: 12.0pt; line-height: 107%; mso-bidi-font-size: 11.0pt;"><br />Fortunately, there are foundations out there creating a way
to keep wealth local. One leading example is <a href="http://www.bcf.org/">Baltimore Community Foundation</a>
which has committed to investing four percent of its endowed funds directly
into Baltimore. They believe they can match or beat the returns their fixed
income assets are receiving in the market. Because they were inexperienced in
investing locally, they decided to start by working through Community
Development Financial Institution (CDFI) partners, who are already experts in
this business. “We didn’t have anyone working in this area before, but people
from all departments stepped up,” said Patti Chandler, the foundation’s Vice
President of Finance and Administration. <o:p></o:p></span></div>
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<span style="font-size: 12.0pt; line-height: 107%; mso-bidi-font-size: 11.0pt;">The foundation is now searching for opportunities that
provide both social and financial returns in its own neighborhood. The
foundation has also connected with regional grant makers and anchor institutions
that are interested in promoting a local capital ecosystem. “This is still
early discovery for us, but we know that we can be a significant contributor in
strengthening prospective borrowers,” said Chandler.<o:p></o:p></span></div>
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<span style="font-size: 12.0pt; line-height: 107%; mso-bidi-font-size: 11.0pt;">The foundation has deployed $1 million in local impact
investments supporting affordable housing and community facilities. They are
particularly interested in investments that support wealth creation through
small businesses and home-ownership. “BCF is trying to improve education and
neighborhoods,” says Chandler. “Economic opportunity is a critical component of
success. This is an area where leveraging both grants and investments could
really make a difference in Baltimore.” Over the next few years, the goal is to
deploy a total of $6 million in local impact investments. That’s more than
twice as much money as the foundation’s endowment typically generates for
grant making annually. What’s most remarkable about these investments, though,
is that they are doing double duty. They are supporting valuable community work
and they are earning a financial return which then creates grant dollars to
support other critical community needs. <o:p></o:p></span></div>
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<span style="font-size: 12.0pt; line-height: 107%; mso-bidi-font-size: 11.0pt;">The community foundation’s donors have been fully engaged in
the process. Since endowed donor advised funds are invested in the same pool as
discretionary endowment, they automatically participate in the foundation’s
four percent commitment. Donors will also have the option this year to allocate
a portion of their non-endowed donor-advised funds to the growing and
diversified local impact investment portfolio.<o:p></o:p></span><br />
<span style="font-size: 12.0pt; line-height: 107%; mso-bidi-font-size: 11.0pt;"><br /></span>
<span style="font-size: 12.0pt; line-height: 107%; mso-bidi-font-size: 11.0pt;">In communities like Baltimore, families now have the option to make gifts that are invested in their hometown to support their hometown. Imagine if this became accepted - and expected - practice among place-focused foundations. While community philanthropy has a remarkable opportunity over the next decade to capture "just five percent" of that $9 trillion transfer of wealth, donors and community partners might want to encourage their foundations to "just <i style="font-weight: bold;">invest</i> five percent" <i style="font-weight: bold;">in their hometowns</i>.</span><br />
<br />
<b>- Travis Green and Deb Markley are part of the Local Impact Strategy Solutions team at LOCUS, helping place-focused foundations create greater impact through mission-aligned local investing.</b></div>
<i style="font-family: Calibri, sans-serif; font-size: 12pt;"><br /></i>Chancehttp://www.blogger.com/profile/06374595840266728786noreply@blogger.com0tag:blogger.com,1999:blog-2717977192151764539.post-61864278324849052502018-04-02T15:28:00.001-05:002018-04-03T14:33:01.493-05:00Be Bold, Be Strong, Be Big and Be Known<div class="MsoNoSpacing">
<b><span style="font-size: x-small;"><span style="font-family: "arial" , "helvetica" , sans-serif;">By Travis Green</span></span></b></div>
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<o:p><b><span style="font-size: x-small;"><span style="font-family: "arial" , "helvetica" , sans-serif;">Solutions Consultant, LOCUS Impact Investing</span></span></b></o:p></div>
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The staff of the <a href="http://aaacf.org/">Ann Arbor Area Community Foundation(AAACF)</a> has taken to calling their foundation “a community impact engine” where
the whole staff – finance, administration, development, program – works in
service of impact. “It’s a virtuous cycle… create impact, build endowment,
create more impact, build more endowment,” said Jillian Rosen, the foundation’s
Vice President for Community Investment.<o:p></o:p></div>
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It’s not just a good marketing line, either. In the last
three years, the foundation has witnessed remarkable growth even when adjusted
for market performance. Assets of the foundation have grown 80%, and, as a
result, the foundation’s grantmaking has almost doubled. The success came after
a process where the foundation asked, “How are we contributing to the overall
wellness of Washtenaw County?” Rosen said, “Endowment came as the answer.”<o:p></o:p></div>
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhiZNMHnNImIrEc33Lb0brs_-UBRVY0hmFgBAKU7vuppwcxf11tN_KKqqghSyMTcqpbcN-M-y0ETO6qjsJ421fE5iexLO_YHtK8NuVE3ERUv645_WoEip6U5UfOJtd43hE6CT-ADg5TKYLb/s1600/travis+1.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="1067" data-original-width="1600" height="422" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhiZNMHnNImIrEc33Lb0brs_-UBRVY0hmFgBAKU7vuppwcxf11tN_KKqqghSyMTcqpbcN-M-y0ETO6qjsJ421fE5iexLO_YHtK8NuVE3ERUv645_WoEip6U5UfOJtd43hE6CT-ADg5TKYLb/s640/travis+1.jpg" width="640" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">From AAACF's 2017 Annual Community Meeting, where President & CEO, <b>Neel Hajra</b>, announced donor's gifts that made impact investing possible in the form of a nonprofit loan program. Pictured left to right: <b>Brian Campbell</b>, AAACF Board Treasurer, <b>Tim Wadhams</b>, current Board Chair, <b>Michelle Crumm</b>, current Immediate Past Chair, and <b>Neel Hajra</b>.</td></tr>
</tbody></table>
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In 2015, the foundation embarked on three-pronged,
data-driven assessment of their work. First, with help from the Center for
Effective Philanthropy, they conducted a <a href="http://cep.org/assessments/donor-perception-report/"><span style="color: #0563c1;">survey to gather candid feedback from the foundation’s
donors</span></a>. Second, they interviewed professional advisors to see how
they viewed the foundation and to ask how they could be a better service in the
community. Finally, working with CF Insights, they <a href="http://www.cfinsights.org/Services/ExpertGuidanceandAnalysis.aspx"><span style="color: #0563c1;">identified six “aspirational peers”</span></a> or
foundations from similar communities that had experienced remarkable growth,
and spoke with them about their work and their approaches to asset development.<o:p></o:p></div>
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The result of their analysis was a 50-page briefing book
that was shared with the foundation’s board. “It gave our board confidence to
be bold and make change,” said Shelley Strickland, the foundation’s Vice
President for Development. To discuss strategic direction, board members and
staff had two “mini-retreats” with outside facilitators and eventually
committed on an internal four-part strategic framework that guides all work at
the foundation. Neel Hajra, the President & CEO, summarizes the framework
as an appeal to “Be bold, be strong, be big and be known.”<o:p></o:p></div>
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Rather than replacing the foundation’s previously
articulated community leadership goals of human services, education, and
cultural economic development, this new strategic framework was used to guide
the foundation on how it would do its work. The result: it’s moved the
foundation from being primarily donor driven to being primarily community
impact driven. “Something we do routinely, with every decision we make, we run
it through our strategic framework and look for impact first,” said Rosen.<o:p></o:p></div>
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Take the foundation’s work with scholarships as an example. Washtenaw
County is home to <i>five</i> institutions
of higher learning and exceeds the state and national rates of population with
advanced degrees. But when it came to helping kids in the community access
those institutions, the foundation’s existing scholarship funds were too
tailored and small. For the most part, they didn’t help the most at risk
populations get to and through college.<o:p></o:p></div>
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In response, the foundation launched the Community
Scholarship Program for local first-generation, youth of color, and low-income families, and the board agreed to
limit future scholarship giving to focus specifically on the new fund. With
that bold decision, a community member approached the foundation and committed
$1 million and another $250,000 in matches came in making it the largest
scholarship fund at the foundation. Current donors have supported the new
scholarship program and “we even had current donors convert existing
scholarship funds,” said Strickland.<o:p></o:p></div>
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AAACF board and staff now see their unique value being permanent
flexible community endowment. “Our flexibility is the most critical asset we
have,” said Rosen. “That was the largest culture shift that came out of our
process.” <o:p></o:p></div>
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“We may not be the right solution for everyone. If a donor
has something very specific they want to accomplish, we may provide the donor
service by helping them connect directly with another organization that fits
their strategy better. We take great pride in that,” said Strickland.<o:p></o:p></div>
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Motivated by their strategic framework, AAACF is now exploring
new tools to advance community impact. Supported by a new donor, the foundation
now offers loans to nonprofits that have moved their endowments to the
foundation. “We want to continue to add value with our philanthropic capital,”
said Strickland. The “Be Bold” step means that the foundation is becoming a
local investor, and the foundation is now exploring other local investment
opportunities. <o:p></o:p></div>
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<a href="https://www.blogger.com/null" name="_gjdgxs"></a><i><span style="font-family: "calibri" , sans-serif; font-size: 11pt; line-height: 107%;">The
movement of foundations from being donor driven to impact driven is a common
trend among community foundations exploring and adopting local impact
investing. It makes a foundation more likely to reach for the appropriate tool
– whether it be endowment building, grantmaking, convening, educating or
investing – to address a specific community challenge. Making that culture
change, like in Ann Arbor, is most successful when it includes foundation
staff, the board, donors and community partners. For more information about the
work of Ann Arbor Area Community Foundation visit AAACF.org. To learn how LOCUS
Impact Investing can support your foundation with culture change as a
prerequisite to local impact investing, contact Sydney England.</span></i><br />
<i><span style="font-family: "calibri" , sans-serif; font-size: 11pt; line-height: 107%;"><br /></span></i>
<span style="font-family: "calibri" , sans-serif; font-size: 14.6667px; line-height: 107%;"><b>- Travis Green is part of the Local Impact Strategy Solutions team at LOCUS, helping place-focused foundations create greater impact through mission-aligned local investing.</b></span>Chancehttp://www.blogger.com/profile/06374595840266728786noreply@blogger.com1tag:blogger.com,1999:blog-2717977192151764539.post-44864072765971819402018-03-05T15:22:00.001-06:002018-04-03T14:19:25.790-05:00In the Land of Big Trees - An Innovative Community Foundation Takes Steps To Invest In Place<b><span style="font-size: x-small;"><span style="font-family: "arial" , "helvetica" , sans-serif;">By Amber Larsen</span></span></b><br />
<b><span style="font-size: x-small;"><span style="font-family: "arial" , "helvetica" , sans-serif;">Executive Director, Intermountain Impact Investments</span></span></b><br />
<br />
<div style="margin-bottom: 8.0pt; margin-left: 0in; margin-right: 0in; margin-top: 0in;">
<span style="font-family: inherit;"><span style="background: white; color: #222222;">Place-based impact investing is about partnerships, best implemented
when regional funders work together to solve complex challenges in the place
they call home. Some of the most valuable stakeholders in this work are
community foundations. As organizations that work every day to create positive
outcomes for their region, these </span><a href="https://www.locavesting.com/how-to-raise-local-capital/community-foundations/"><span style="background: white; color: #1155cc;">“community fairy godmothers”</span></a><span style="background: white; color: #222222;"> as </span><a href="https://www.locavesting.com/"><span style="background: white; color: #1155cc;">Locavesting</span></a><span style="background: white; color: #222222;"> calls them, are the backbone of community development partnerships.</span><o:p></o:p></span></div>
<div style="margin-bottom: 8.0pt; margin-left: 0in; margin-right: 0in; margin-top: 0in;">
<span style="font-family: inherit;"><span style="background: white; color: #222222;">There are more than </span><a href="https://www.cof.org/community-foundation-locator"><span style="background: white; color: #1155cc;">750
community foundations</span></a><span style="background: white; color: #222222;"> across the U.S.; each year, the number
committing a portion of their endowments to mission-aligned investing
increases. This follows an upward trend as the industry builds understanding of
what </span><a href="http://hospitaltoolkits.org/investment/place-based-investing/"><span style="background: white; color: #1155cc;">impact investing looks like across asset classes</span></a><span style="background: white; color: #222222;">, as various partners share </span><a href="https://www.smartgrowthcalifornia.org/2017/12/new-risks-new-rewards-lessons-kresge-foundation-california-endowment-impact-investing/"><span style="background: white; color: #1155cc;">lessons learned</span></a><span style="background: white; color: #222222;"> and as industry leaders continue to clarify
the role </span><a href="http://www.rockpa.org/philanthropys-unique-role-impact-investing/"><span style="background: white; color: #1155cc;">philanthropic dollars</span></a><span style="background: white; color: #222222;"> play in the impact
investing capital stack.</span><o:p></o:p></span></div>
<div style="margin-bottom: 8.0pt; margin-left: 0in; margin-right: 0in; margin-top: 0in;">
<span style="font-family: inherit;"><span style="background: white; color: #222222;">One such leader is the </span><a href="http://www.hafoundation.org/"><span style="background: white; color: #1155cc;">Humboldt Area Foundation</span></a><span style="background: white; color: #222222;"> (HAF) which has
demonstrated the possibilities of place-based impact investing for over 10
years.</span></span></div>
<table cellpadding="0" cellspacing="0" class="tr-caption-container"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjR2hcORQpnSDbGTq10mhxqYItP51Pi9MQTXxpzhrLAUDmA4bx0MnetoE6Drws4xZv5-Y_Vgdn2L5IRVABK9TfMlKDUrg8mp0RF0G_zHml7z23vltjNgx8HlCkQd7YWc6QsB74d9ZNWnyoV/s1600/Carson+Block1.jpg" imageanchor="1" style="clear: left; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img alt="" border="0" data-original-height="1067" data-original-width="1600" height="424" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjR2hcORQpnSDbGTq10mhxqYItP51Pi9MQTXxpzhrLAUDmA4bx0MnetoE6Drws4xZv5-Y_Vgdn2L5IRVABK9TfMlKDUrg8mp0RF0G_zHml7z23vltjNgx8HlCkQd7YWc6QsB74d9ZNWnyoV/s640/Carson+Block1.jpg" title="Carson Block Building" width="640" /></a></td></tr>
<tr><td class="tr-caption" style="font-size: 12.8px; text-align: center;"><div style="margin: 0in 0in 8pt; text-align: left;">
<span style="font-family: inherit;"><span style="background: white; color: #222222; font-size: 9.5pt;"><b>The Carson Block Building Renovation:</b> In partnership with Arcata Economic Development </span></span><span style="background-color: white; color: #222222; font-family: inherit; font-size: 9.5pt;">and other funders, HAF participated that allowed the Northern California Indian Development Council to renovate this historic building in the heart of Old Town Eureka.</span></div>
</td></tr>
</tbody></table>
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<span style="font-family: inherit;"><span style="background: white; color: #222222;">HAF’s journey began in 2009 with a request from the </span><a href="http://opendoorhealth.com/opendoor/?page_id=398"><span style="background: white; color: #1155cc;">Open Door
Community Health Centers</span></a><span style="background: white; color: #222222;">, a local healthcare
provider that serves nearly 40% of the residents in HAF’s service area. The
Center had a $10MM shovel-ready grant to consolidate locations and bring in
forty-five additional physicians. However, the land they had targeted was
purchased before they were able to secure the grant. Starting over, they worked
with the City of Eureka to find a new location and were in search of a $2MM
bridge loan to purchase land. </span><o:p></o:p></span></div>
<div style="margin-bottom: 8.0pt; margin-left: 0in; margin-right: 0in; margin-top: 0in;">
<span style="font-family: inherit;"><span style="background: white; color: #222222;">When HAF staff discussed the investment opportunity with their board,
they realized they did not have an investment policy that included this kind of
investing. “I remember thinking, ‘This is a no brainer. It’s a safe loan.’ So
we went back and created an investment policy,” says Chief Financial Officer, </span><a href="http://www.hafoundation.org/About-Us/Staff"><span style="background: white; color: #1155cc;">Deborah Downs</span></a><span style="background: white; color: #222222;">. Together with the </span><a href="http://www.aedc1.org/about-aedc"><span style="background: white; color: #1155cc;">Arcata Community Development Center</span></a><span style="background: white; color: #222222;"> (AEDC),
HAF put together funding for half of the necessary land acquisition capital
which was then matched by Humboldt County </span><a href="https://humboldtgov.org/266/Headwaters"><span style="background: white; color: #1155cc;">Headwaters Fund</span></a><span style="background: white; color: #222222;">. The construction was completed in 18 months to meet the grant deadline
and the benefit to the community was immediate.</span><o:p></o:p></span></div>
<div style="margin-bottom: 8.0pt; margin-left: 0in; margin-right: 0in; margin-top: 0in;">
<span style="font-family: inherit;"><span style="background: white; color: #222222;">Another innovative place-strengthening investment for HAF was the </span><a href="https://interactivepdf.uniflip.com/2/102830/1088915/pub/html5.html#page/16"><span style="background: white; color: #1155cc;">Redwood Acres Kitchen</span></a><span style="background: white; color: #222222;"> a partnership between the </span><a href="http://rredc.com/"><span style="background: white; color: #1155cc;">Redwood Economic Development Commission</span></a><span style="background: white; color: #222222;"> and Friends of the Redwood Acres Fairgrounds. The partnership allowed
the nonprofit that manages the fairgrounds to utilize a combined grant and loan
program to remodel several building spaces into commercial kitchens. The
Redwood Acres Fairgrounds, like others in the state, has experienced funding
cuts in recent years. The nonprofit managers are using the kitchen program,
which maintains the organization’s commitment to food and agriculture, to
support small businesses that generate rental income, sustaining the
fairgrounds’ other important community operations.</span><o:p></o:p></span></div>
<div style="margin-bottom: 8.0pt; margin-left: 0in; margin-right: 0in; margin-top: 0in;">
<span style="font-family: inherit;"><span style="background: white; color: #222222;">With over 5% of HAF’s portfolio, currently $1.8MM, committed to regional
community development investments, the foundation has a goal of increasing
their allocation three-fold in the coming years. Currently, five of the loans
in their place-based impact investing portfolio are managed by AEDC, and the
foundation manages the remaining smaller loans on their own. “As a community
foundation, you don’t necessarily have [the] expertise [to manage a large loan]
and you worry about that fiduciary responsibility,” says Downs. CDFIs are
looking for money and ways to partner in their communities. “It really becomes
a perfect partnership.” </span><o:p></o:p></span></div>
<div style="margin-bottom: 8.0pt; margin-left: 0in; margin-right: 0in; margin-top: 0in;">
<span style="font-family: inherit;"><span style="background: white; color: #222222;">This strategy to partner for reduced transaction costs is common in the
place-based impact investing world. “Delegating the due diligence and
management of the funds to a central intermediary and collaborating with other
investors for collective impact reduces the costs of managing and monitoring
these impact and location-specific portfolios and compounds the impact,” says </span><a href="https://cornerstonecapinc.com/2016/11/place-based-impact-investing-how-to-invest-in-your-own-backyard/#_ftn2"><span style="background: white; color: #1155cc;">Lauryn Agnew</span></a><span style="background: white; color: #222222;"> of </span><a href="http://baiii.org/"><span style="background: white; color: #1155cc;">Bay Area Impact Investing Initiative.</span></a><span style="background: white; color: #222222;"> Another
reason to partner with CDFIs is they are limited in where they can lend. CDFIs
are operating under specific lending criteria from sources like USDA and SBA,
explains Downs. One of the things “we are providing, is the funding that they
can use for a nonprofit.” </span><o:p></o:p></span></div>
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiZiuQ3LwfhHea1MxLAf6E3P76HdWFK_sNDq0rSf_bWwxUGEctn4i2wV6mIQfg2OnElELIel-zZ92KYVlM5S415x7FpBNSG_gP4z_gizBv8_Fjs2Exkf3cGQB24FXwJ5Z196pcKQIZB7_-0/s1600/Arcata+Fire.jpg" imageanchor="1" style="clear: left; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" data-original-height="1067" data-original-width="1600" height="212" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiZiuQ3LwfhHea1MxLAf6E3P76HdWFK_sNDq0rSf_bWwxUGEctn4i2wV6mIQfg2OnElELIel-zZ92KYVlM5S415x7FpBNSG_gP4z_gizBv8_Fjs2Exkf3cGQB24FXwJ5Z196pcKQIZB7_-0/s320/Arcata+Fire.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><div style="text-align: left;">
<b>Pictured: </b>McKinleyville Fire Station, another one of the </div>
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noteworthy projects HAF has collaborated on.</div>
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<span style="font-family: inherit;"><span style="background: white; color: #222222;">Other projects Humboldt Area Foundation and their partnering
CDFI, AEDC, have collaborated on include the McKinleyville Fire Station, </span><a href="http://www.aedc1.org/stories/carson-block"><span style="background: white; color: #1155cc;">Carson Block
Building Renovation</span></a><span style="background: white; color: #222222;"> and </span><a href="https://interactivepdf.uniflip.com/2/102830/1088324/pub/html5.html#page/7"><span style="background: white; color: #1155cc;">Arcata Bay Crossing Supportive Housing</span></a><span style="background: white; color: #222222;">. </span><a href="http://www.aedc1.org/staff-and-board%5C"><span style="background: white; color: #1155cc;">Ross Welch</span></a><span style="background: white; color: #222222;">, Executive Director of AEDC, is working with the California
County Consortium to find more ways to bring local funders together. He
sees a lot of potential for this kind of work, especially with commercial
lending. “A community building isn’t much different than [another commercial
building]. What’s neat [is] if you can combine a grant with some low-cost
interest and some deferred,” says Welch. “We can do it. If I can get the money
from a foundation or a local investor, I’m ready to do it again.”</span><o:p></o:p></span></div>
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<span style="font-family: inherit;"><span style="background: white; color: #222222;">The Humboldt Area Foundation has recently encouraged growth in their </span><a href="https://interactivepdf.uniflip.com/2/102830/1088915/pub/html5.html#page/7"><span style="background: white; color: #1155cc;">Opportunity Funds</span></a><span style="background: white; color: #222222;">, designed as: <i>Flexible
money available for changing community needs including program work,
initiatives, and responsive grants</i>. The foundation envisions Opportunity
Funds providing support for the program work needed to initiate more community
lending. “We are working toward program outcomes that pair with lending
activities. Programs put us into contact with the needs. Then we can integrate
the opportunity funds if needed. Particularly if things are a little riskier,”
says Downs. “Instead of outright granting, we will lend at a reduced rate and
then some of it will be returned and we can re-lend.” This strategy has been
well received by donors says Patrick Cleary, Executive Director of HAF. “They
like knowing their funds are being invested locally rather than all on Wall
Street.” </span><o:p></o:p></span></div>
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<span style="font-family: inherit;"><span style="background: white; color: #222222;">The strategy of pairing grants with place-focused investments is
becoming more recognized as a tested blueprint to catalyze meaningful change.
As more and more foundations provide leadership around community and economic
development challenges, the opportunity for local investing grows. This is the
opportunity that LOCUS continues to explore, providing tools and support to
empower foundations to begin their own place-based impact investing journey.</span><o:p></o:p></span></div>
<div style="margin-bottom: 8.0pt; margin-left: 0in; margin-right: 0in; margin-top: 0in;">
<span style="background: white; color: #222222;"><span style="font-family: inherit;">“We can see the future...a combination of work on the ground, granting
when we can and also providing loan funds,” concludes Deborah Downs. The key is
to start small. Start somewhere. And partner for success.</span></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 12px;"><b>- Amber is the Executive Director of Intermountain Impact Investments. She is currently working with LOCUS to evaluate the potential for place-based impact funds in the rural western United States.</b></span></span></div>
<b><span style="font-size: x-small;"><span style="font-family: "arial" , "helvetica" , sans-serif;"></span></span></b>Chancehttp://www.blogger.com/profile/06374595840266728786noreply@blogger.com0tag:blogger.com,1999:blog-2717977192151764539.post-1683327939607454832018-01-24T14:36:00.001-06:002018-01-24T14:36:39.900-06:00The Rise of Place-Based Impact Investing<b><span style="font-size: x-small;"><span style="font-family: "arial" , "helvetica" , sans-serif;">By Deb Markley</span></span></b><br />
<b><span style="font-size: x-small;"><span style="font-family: "arial" , "helvetica" , sans-serif;">Senior Vice President, LOCUS Impact Investing</span></span></b><br />
<b><span style="font-size: x-small;"><span style="font-family: "arial" , "helvetica" , sans-serif;">Co-Founder and Managing Director, Center for Rural Entrepreneurship</span></span></b><br />
<b><span style="font-size: x-small;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span></span></b>
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Impact investing – achieving social and environment impact
alongside financial returns – is a rapidly growing global industry. <a href="https://thegiin.org/assets/2017%20Survey%201%20Pager.pdf">GIIN</a>
reported a 17% increase in dollars invested and a 20% increase in number of deals
between 2016 and 2017 alone. Within the “big tent” of impact investing is an
even more important phenomenon from a community perspective – the rise of
place-based impact investing. As defined in the Healthcare Anchor Network’s <a href="http://hospitaltoolkits.org/investment/place-based-investing/">Place-based
Investing Toolkit</a>, “place-based investing creates healthy and thriving
communities by increasing available capital for positive social, economic, or
environmental impacts across a wide range of areas” … from affordable housing
to business development. And, place-focused foundations are increasingly
important partners in bringing flexible capital to community investments. <o:p></o:p></div>
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<b>This is the LOCUS niche
and we are encouraged by the research, focus and action in this field. Here are
highlights of the more significant happenings related to place-based impact
investing:<o:p></o:p></b></div>
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- The <a href="https://www.urban.org/">Urban Institute</a>, in
collaboration with the John D. and Catherine T. MacArthur Foundation and
Mission Investors Exchange (MIE) is creating a <a href="https://www.urban.org/policy-centers/research-action-lab/projects">toolkit</a>
to advance and inform the practice of place-based impact investing. Teri
Lovelace, LOCUS President, is excited to be engaged in the shared-knowledge
convening related to this work that is happening in early February.</div>
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- <a href="https://missioninvestors.org/mission-forward">MIE’s
2018 Mission Forward! Annual Conferenc</a>e will highlight on the ground impact
investments and the leadership role of philanthropy. LOCUS and its parent CDFI, <a href="http://www.vacommunitycapital.org/">Virginia Community Capital</a>, have
been longtime members of MIE and will be supporting the 2018 conference in
Chicago this May.</div>
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- The <a href="http://hospitaltoolkits.org/investment/">Healthcare
Anchor Network</a> is working with 30 healthcare systems to explore how they
can effectively shift resources to place-based investments as a way of
addressing economic and environmental disparities in local communities. LOCUS
is providing technical support to this network.</div>
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- BALLE is preparing to launch its third <a href="https://bealocalist.org/local-foundation-circle/">Local Economy
Foundation Circle</a>, a “cohort-based group of community, health and
place-based private foundations that are committed to moving their money away
from Wall Street investments and into direct alignment with their community
missions.”<o:p></o:p></div>
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Place-focused funds and foundations in communities large and
small are committing to place-based investing strategies ranging from:<o:p></o:p></div>
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<ul>
<li>§<span style="font-size: 7pt; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; text-indent: -0.25in;">
</span><a href="http://www.dupontfund.org/fund-invests-3-million-self-help-organization-expands-jacksonville/" style="text-indent: -0.25in;">Jessie
Ball duPont Fund’s</a><span style="text-indent: -0.25in;"> $3 million </span><a href="https://www.cof.org/page/new-examples-permissible-program-related-investments" style="text-indent: -0.25in;">PRI</a><span style="text-indent: -0.25in;">
in Self Help, an experienced national </span><a href="https://www.cdfifund.gov/Documents/CDFI_infographic_v08A.pdf" style="text-indent: -0.25in;">CDFI</a><span style="text-indent: -0.25in;">, to
expand their savings, loan and other financial products to meet the needs of
low-wealth households in the Jacksonville, FL area.</span></li>
<li>§<span style="font-size: 7pt; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;">
</span><a href="http://www.aedc1.org/stories/open-door-community-health" style="text-indent: -0.25in;">The Humboldt
Area Foundation’s</a><span style="text-indent: -0.25in;"> participation in an innovative loan agreement that helped
develop and build the Eureka Community Health and Wellness Center in Eureka, CA
– bringing state-of-the-art health care to this rural region. </span><span style="text-indent: -0.25in;"> </span></li>
<li>§<span style="font-size: 7pt; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;">
</span><a href="https://www.arcf.org/" style="text-indent: -0.25in;">The Arkansas
Community Foundation’s</a><span style="text-indent: -0.25in;"> </span><a href="https://www.communitiesu.org/images/CU.ARCF.loan.pdf" style="text-indent: -0.25in;">$1 million PRI to
Communities Unlimited</a><span style="text-indent: -0.25in;">, a CDFI using these resources to make small
businesses loans in rural and low income communities in the state.</span></li>
<li>§<span style="font-size: 7pt; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;">
</span><a href="https://www.cflouisville.org/grants-partnerships/impact-investing/" style="text-indent: -0.25in;">The
Community Foundation of Louisville’s Impact Capital Fund</a><span style="text-indent: -0.25in;">, investing $1.1
million in community projects that created/retained 137 jobs, housed 30
individuals in affordable housing units, created/retained 68 early childhood
education spots and supported the creation of 72 new businesses.</span></li>
<li>§<span style="font-size: 7pt; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;">
</span><a href="https://swifoundation.org/what-we-do/business-development/" style="text-indent: -0.25in;">Southwest
Initiative Foundation</a><span style="text-indent: -0.25in;"> – one of six Initiative Foundations in the state and
a member of REDPIN (see below) and the 2</span><sup style="text-indent: -0.25in;">nd</sup><span style="text-indent: -0.25in;"> BALLE Local Economy
Foundation Circle – small business loan program, supporting 700 businesses and
creating or retaining 8,590 jobs since 1986!</span></li>
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This list is only the tip of a rising tide of institutions
turning their attention – and their capital – to the places they call home. The
LOCUS team is working to build resources and tools to empower more
place-focused foundations to start down the path toward local investing for
impact. As foundations hear more and more about the “big tent” of impact
investing, we are hearing questions like “what does that mean for my foundation
and my community?” and “how do I get started?” We’ve heard these questions in
the Rural Economic Development Philanthropy Innovators Network (REDPIN) we are
facilitating with Janet Topolsky, <a href="https://www.aspeninstitute.org/programs/community-strategies-group/">Aspen
Institute Community Strategies Group</a>. We’ve participated in the discussions
about solutions as part of the BALLE Local Economy Foundation Circle. And,
we’ve had the chance to work with and learn from a range of partners including
the <a href="https://www.wacofoundation.org/">Waco Foundation</a>, the <a href="https://cfgc.org/">Community Foundation for Greater Chattanooga</a>, <a href="http://www.tcfrichmond.org/">The Community Foundation Serving Richmond
and Central Virginia</a> and the <a href="http://www.drfonline.org/">Danville
Regional Foundation</a>.</div>
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Place-based investing is on the
rise. As LOCUS moves forward in 2018, we’ll share more about what we are seeing
and learning in this newsletter. We encourage you to share your stories and
your questions with <a href="mailto:Teri@locusimpactinvesting.org">Teri@locusimpactinvesting.org</a>.<o:p></o:p></div>
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<div class="separator" style="clear: both; margin: 0px; text-align: center;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhXQpeIs6ID7RE9VFmCCJmil3mkEAnKpr8FxBHy-T7iXiSHRMRkV77f523xTS7XAFNPRHiPrnEmw1MA_CgJNSi7mWLaPDqoJdr2m_x1x31ogYWmvmOnSKSKIYf0Kb2LYtBtf0IvaERG0ul0/s1600/deb.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="200" data-original-width="150" height="200" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhXQpeIs6ID7RE9VFmCCJmil3mkEAnKpr8FxBHy-T7iXiSHRMRkV77f523xTS7XAFNPRHiPrnEmw1MA_CgJNSi7mWLaPDqoJdr2m_x1x31ogYWmvmOnSKSKIYf0Kb2LYtBtf0IvaERG0ul0/s200/deb.jpg" style="cursor: move;" width="150" /></a><span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 9pt; line-height: 13.8px;">Deb Markley is Co-Founder and Managing Director of the Center for Rural Entrepreneurship and Senior Vice President of LOCUS Impact Investing.<span> </span><span style="color: blue;"><b><a href="https://locusimpactinvesting.org/contact/sign-up.html" target="_blank">Join</a></b><span> </span></span>the LOCUS mailing list to learn more about local investing for impact.</span></span></span></div>
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Chancehttp://www.blogger.com/profile/06374595840266728786noreply@blogger.com0tag:blogger.com,1999:blog-2717977192151764539.post-54846371597989090102017-09-26T13:34:00.003-05:002017-09-26T14:29:11.714-05:00The Future Role of Philanthropy: Mission-Aligned Investing <!--[if gte mso 9]><xml>
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<span style="font-family: "arial" , sans-serif;">By Guest
Blogger, Robert Thalhimer </span><a href="mailto:bobby@themonumentgroup.net"><span style="font-family: "arial" , sans-serif;">bobby@themonumentgroup.net</span></a></div>
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Name="index 9"/>
<w:LsdException Locked="false" Priority="39" SemiHidden="true"
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<w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" Name="toc 2"/>
<w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" Name="toc 3"/>
<w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" Name="toc 4"/>
<w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" Name="toc 5"/>
<w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" Name="toc 6"/>
<w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" Name="toc 7"/>
<w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" Name="toc 8"/>
<w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" Name="toc 9"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Normal Indent"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="footnote text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="annotation text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="header"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="footer"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="index heading"/>
<w:LsdException Locked="false" Priority="35" SemiHidden="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="table of figures"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="envelope address"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="envelope return"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="footnote reference"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="annotation reference"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="line number"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="page number"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="endnote reference"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="endnote text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="table of authorities"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="toa heading"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Bullet"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Bullet 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" Priority="10" QFormat="true" Name="Title"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Signature"/>
<w:LsdException Locked="false" Priority="1" SemiHidden="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text Indent"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" Priority="11" QFormat="true" Name="Subtitle"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="FollowedHyperlink"/>
<w:LsdException Locked="false" Priority="22" QFormat="true" Name="Strong"/>
<w:LsdException Locked="false" Priority="20" QFormat="true" Name="Emphasis"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Plain Text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="E-mail Signature"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Top of Form"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Normal (Web)"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Acronym"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Address"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Cite"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Code"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Definition"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Keyboard"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Preformatted"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Sample"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Typewriter"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Variable"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Normal Table"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="No List"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Elegant"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Subtle 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Subtle 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" Priority="39" Name="Table Grid"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" Name="Placeholder Text"/>
<w:LsdException Locked="false" Priority="1" QFormat="true" Name="No Spacing"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading"/>
<w:LsdException Locked="false" Priority="61" Name="Light List"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 1"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 1"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 1"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 1"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 1"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 1"/>
<w:LsdException Locked="false" SemiHidden="true" Name="Revision"/>
<w:LsdException Locked="false" Priority="34" QFormat="true"
Name="List Paragraph"/>
<w:LsdException Locked="false" Priority="29" QFormat="true" Name="Quote"/>
<w:LsdException Locked="false" Priority="30" QFormat="true"
Name="Intense Quote"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 1"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 1"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 1"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 1"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 1"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 1"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 1"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 1"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 2"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 2"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 2"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 2"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 2"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 2"/>
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<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 2"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 2"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 2"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 2"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 2"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 2"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 2"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 3"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 3"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 3"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 3"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 3"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 3"/>
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<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 3"/>
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<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 3"/>
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<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 3"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 3"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 4"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 4"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 4"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 4"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 4"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 4"/>
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<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 4"/>
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<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 4"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 4"/>
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<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 4"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 4"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 5"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 5"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 5"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 5"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 5"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 5"/>
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<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 5"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 5"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 5"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 5"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 5"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 5"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 5"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 6"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 6"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 6"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 6"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 6"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 6"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 6"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 6"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 6"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 6"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 6"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 6"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 6"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 6"/>
<w:LsdException Locked="false" Priority="19" QFormat="true"
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<w:LsdException Locked="false" Priority="21" QFormat="true"
Name="Intense Emphasis"/>
<w:LsdException Locked="false" Priority="31" QFormat="true"
Name="Subtle Reference"/>
<w:LsdException Locked="false" Priority="32" QFormat="true"
Name="Intense Reference"/>
<w:LsdException Locked="false" Priority="33" QFormat="true" Name="Book Title"/>
<w:LsdException Locked="false" Priority="37" SemiHidden="true"
UnhideWhenUsed="true" Name="Bibliography"/>
<w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" QFormat="true" Name="TOC Heading"/>
<w:LsdException Locked="false" Priority="41" Name="Plain Table 1"/>
<w:LsdException Locked="false" Priority="42" Name="Plain Table 2"/>
<w:LsdException Locked="false" Priority="43" Name="Plain Table 3"/>
<w:LsdException Locked="false" Priority="44" Name="Plain Table 4"/>
<w:LsdException Locked="false" Priority="45" Name="Plain Table 5"/>
<w:LsdException Locked="false" Priority="40" Name="Grid Table Light"/>
<w:LsdException Locked="false" Priority="46" Name="Grid Table 1 Light"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark"/>
<w:LsdException Locked="false" Priority="51" Name="Grid Table 6 Colorful"/>
<w:LsdException Locked="false" Priority="52" Name="Grid Table 7 Colorful"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 1"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 1"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 1"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 1"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 1"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 2"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 2"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 2"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 2"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 2"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 2"/>
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<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEihgB21jqsX4SuFTvQMrunkDXX6qv2ZSrMKtMjlPCF5i6bbJrXb6Cdm-ciQIWodWUNzx3Qk58RlpLZbwP1M-DIOq_MFtPhHkmVro7xWOhwO9wUzG8_CftYlvaZ1Ww9yX8Gv-zEwd7NN1Won/s1600/bobby-thalhimer-monument-group.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="467" data-original-width="700" height="133" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEihgB21jqsX4SuFTvQMrunkDXX6qv2ZSrMKtMjlPCF5i6bbJrXb6Cdm-ciQIWodWUNzx3Qk58RlpLZbwP1M-DIOq_MFtPhHkmVro7xWOhwO9wUzG8_CftYlvaZ1Ww9yX8Gv-zEwd7NN1Won/s200/bobby-thalhimer-monument-group.jpg" width="200" /></a></div>
<div class="MsoNormal">
<span style="font-family: "arial" , sans-serif;">With customary
optimism, Warren Buffett recently waxed enthusiastic about our nation’s future.
He noted that for centuries we have grown with half our workforce—women—on the
sidelines. Similarly, we might think optimistically about the future role for
philanthropy, which typically budgets based on 5% or less of its assets for
accomplishing its goals. What if we were to unleash the power of the capital
itself?</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "arial" , sans-serif;">Innovative
foundations such as Ford, Heron, Kresge, Gates and Rockefeller are leading the
way, investing a percentage of their assets in affordable housing, enterprises
that create employment in low-income communities and other revenue-producing
ventures that serve a philanthropic purpose. What lofty purposes might we
accomplish, should this nascent trend catch fire with charitable foundations
more broadly? How would communities be transformed if place-focused
foundations starting using more of their assets to invest locally to build
vibrant, prosperous places?</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "arial" , sans-serif;">Nationally,
groups such as Mission Investors Exchange and Confluence Philanthropy are
focused precisely on fueling the flames of direct impact investment. Yet, most
charitable foundations don’t have the staffing resources or the “banking”
financial expertise to implement impact investing strategies to the
satisfaction of their boards of trustees.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "arial" , sans-serif;">Enter LOCUS Impact
Investing, a social enterprise owned by a nonprofit CDFI financial institution.
LOCUS works with charitable foundations that wish to engage in the rapidly
evolving field of place-focused direct investments — those foundations wanting
to make a difference in their communities while earning a return on their funds.
LOCUS is experienced at assessing the landscape for deals, conducting due
diligence, and servicing and monitoring the investments.<span style="mso-spacerun: yes;"> </span>LOCUS’ charitable foundation clients benefit
from outsourcing this specialized financial back office work without having to expand
their own staff. </span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "arial" , sans-serif;">Think about the
magnitude of foundations’ impact once they unleash the power of their assets
beyond just 5%. Local mission-aligned investing can provide more than just a
financial return; it can also unleash new possibilities to transform communities
with new jobs, revitalized main streets, and access to safe and affordable
housing.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "arial" , sans-serif;">LOCUS is helping
to unlock this philanthropic capital for local investing for impact one
foundation at a time. <span style="mso-spacerun: yes;"></span>What hurdles do
you face in making impact investments? You might think about calling LOCUS to
see if their team of consultants and experts can help.</span><br />
<br />
<span style="font-family: "arial" , sans-serif;"><span style="color: #b45f06;"><b><a href="https://locusimpactinvesting.org/contact/sign-up.html" target="_blank">Join</a></b></span> the LOCUS mailing list to stay informed. </span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "arial" , sans-serif;">Bobby Thalhimer
is senior consultant at The Monument Group, </span><a href="http://www.themonumentgroup.net/"><span style="font-family: "arial" , sans-serif;">www.themonumentgroup.net</span></a><span style="font-family: "arial" , sans-serif;">, located in Richmond, Virginia, which
provides strategic advice to the philanthropic sector.<span style="mso-spacerun: yes;"> </span></span></div>
<span style="font-family: "arial" , sans-serif;"><br /></span>LOCUS Impact Investinghttp://www.blogger.com/profile/13866392394367736399noreply@blogger.com0tag:blogger.com,1999:blog-2717977192151764539.post-78103838869256896402017-08-29T13:57:00.001-05:002017-08-29T13:57:30.934-05:00Recipe for Prosperity = One Foundation + One CDFI + Entrepreneurial Opportunity<!--[if gte mso 9]><xml>
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<style>
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{mso-style-name:"Table Normal";
mso-tstyle-rowband-size:0;
mso-tstyle-colband-size:0;
mso-style-noshow:yes;
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<![endif]-->
<br />
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-family: Arial,Helvetica,sans-serif;">By Deb Markley</span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
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<span style="font-family: Arial,Helvetica,sans-serif;">It is clear
from our work on the ground that creating a more prosperous, vibrant community
is a team sport! It takes many players whose visions converge to create
businesses, jobs and wealth that make our communities more sustainable over
time. Increasingly, those interests converge around <b style="mso-bidi-font-weight: normal;">impact investing</b> – “investments made into companies, organizations,
and funds with the intention to generate measurable social and environmental
impact alongside a financial return”<sup>1</sup>. Impact investing has received
much attention over the past years, especially with the Ford Foundation’s <a href="https://www.fordfoundation.org/the-latest/news/ford-foundation-commits-1-billion-from-endowment-to-mission-related-investments/">announced
plan</a> to commit $1 billion from its endowment to mission-related investments
and the Kresge Foundation’s <a href="http://kresge.org/news/kresge-board-commits-350-million-social-investments">$350
million commitment</a> to social investments. For the place-focused foundation
partners we work with, local impact investing presents new opportunities but
also some challenges. What exactly is it? How might community foundations get
involved? What does impact investing look like?</span></div>
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<span style="font-family: Arial,Helvetica,sans-serif;">To
contribute to this conversation, here’s a story about impact investing with
three central actors – the <a href="http://www.dupontfund.org/">Jessie Ball duPont
Fund</a>, a philanthropy established to invest in places and organizations important
to the late Mrs. <span style="mso-spacerun: yes;"></span>duPont; <a href="http://www.vacommunitycapital.org/" target="_blank"><span style="color: blue;"></span></a><a href="https://draft.blogger.com/null" target="_blank"></a><a href="https://draft.blogger.com/null" target="_blank">Virginia Community Capital</a></span>, a
community development financial institution (CDFI) working to make a difference
in underserved communities in the state; and the Haynie Family Farm in
Reedville, VA, a multi-generational family farm established shortly after the
Civil War by the Rev. Robert Haynie, a freed slave and first African-American
landowner in his Northern Neck (Virginia) county. </div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhF8irMVj3vggPA2-fPmBoXFHFESz_lPxPq9BPeqps0Bz_PjnC05hyspsFLU6lw6L2f7fpvGl0407ykevrPmRuObDiD_EH_pyp16RrdWUTgYDrjng4b7DF5TM7Jss9D-L-1r3wWXJy-Dlbc/s1600/Haynie+Family+Farm.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1600" height="360" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhF8irMVj3vggPA2-fPmBoXFHFESz_lPxPq9BPeqps0Bz_PjnC05hyspsFLU6lw6L2f7fpvGl0407ykevrPmRuObDiD_EH_pyp16RrdWUTgYDrjng4b7DF5TM7Jss9D-L-1r3wWXJy-Dlbc/s640/Haynie+Family+Farm.jpg" width="640" /></a></div>
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<span style="font-family: Arial,Helvetica,sans-serif;">The Haynie
Family Farm has grown far beyond the acreage and vision of its founder. Three
generations of the Haynie family now farm thousands of acres of farmland
scattered across several counties. They also operate several small businesses. However,
agriculture is a challenging business. In some ways, the <a href="http://www.lancasterfarming.com/news/southern_edition/p-j-haynie-leads-haynie-farms-into-the-future/article_166958d6-1b5a-5f36-9c8c-f78c9a4f0a56.html">story</a>
of the Haynie Family Farm is not unlike that of other farm families who make a
living in an unpredictable and sometimes harsh industry. But, there’s more to
the Haynie story.</span></div>
<span style="font-family: Arial,Helvetica,sans-serif;">
</span><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
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<span style="font-family: Arial,Helvetica,sans-serif;">As
African-American farmers in the south, the Haynie family experienced challenges
that white farmers did not. The story of Ricky Haynie, who now farms the land
with his son, and the discrimination he faced trying to access capital and
other support through the USDA was chronicled in 2004 in the <a href="http://www.washingtonpost.com/wp-dyn/articles/A58673-2004Sep29.html">Washington
Post</a>. The financial ruin inflicted upon the family by an institution
charged with helping farmers is difficult to accept. But, the family survived.
In 2014, the family knew they needed financial assistance and they needed a
partner who would help them keep the family farm vibrant for the next
generation.</span></div>
<span style="font-family: Arial,Helvetica,sans-serif;">
</span><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
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<span style="font-family: Arial,Helvetica,sans-serif;">Enter the
other two actors in our story. First, the Jessie Ball duPont Fund who cared
about the Northern Neck of Virginia, the site of Mrs. duPont’s childhood home.<span style="mso-spacerun: yes;"> </span>After the 2008 recession, the Fund leadership
began to think about how they might deploy investment assets along with grant
dollars to help communities that were suffering economically. As Sherry Magill,
CEO & President, was quoted in a recent <a href="http://www.dupontfund.org/funds-investments-reaping-rewards-in-virginia-delaware-2/">Fund
report</a>, “Could we invest a portion of our portfolio in local places and receive
a social as opposed to a market return?” In 2011, trustees agreed to set aside
$10 million from the funds endowment for <a href="http://grantspace.org/tools/knowledge-base/Grantmakers/pris">Program
Related Investments</a>. PRIs are made by foundations to support their
charitable activities – in this case, to expand access and create opportunities
in communities that Mrs. duPont cared about. The key difference between a PRI
and an outright grant is that the foundation expects the investment to be returned
at some point. As foundations move into the local mission-aligned investing space,
they are looking for the right partners who can use investments to further the
foundation’s mission. </span></div>
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<span style="font-family: Arial,Helvetica,sans-serif;">That’s where
Virginia Community Capital enters the story. VCC works throughout the state to
provide both capital and advisory services to businesses, housing developments
and other investments that have a positive impact on communities. As a CDFI,
they are particularly focused on bringing their capital and services to people
and places that have struggled to gain access to capital. In VCC, the Jessie
Ball duPont Fund found the right partner. In 2011, VCC received a $1.5 million
PRI from the Fund to support economic development efforts in low- or
moderate-income communities, including the Northern Neck. </span></div>
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<span style="font-family: Arial,Helvetica,sans-serif;">In 2014, VCC
made a loan to the Haynie Family Farm, drawing on resources provided through
the PRI, enabling the family to take the next steps toward a more stable and
sustainable future. They found the right financial partner in VCC, who through
a PRI from an <span style="mso-spacerun: yes;"></span>enlightened philanthropic
fund, was committed to the Northern Neck area.<span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"></span>The impact of the loan is
measured beyond the financial return on investment. It helps to strengthen a
multi-generational family farm and increase the odds that it will be around for
the next generation. It helped to create or retain 35 jobs directly associated
with the farm and its operations. It maintains a vital business in the region. And,
its helps to restore some faith that capital access decisions can be based
solely on merit and not race. </span></div>
<span style="font-family: Arial,Helvetica,sans-serif;">
</span><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
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<span style="font-family: Arial,Helvetica,sans-serif;">This is a
story about a series of value-added relationships where the right mix of
ingredients (aka partners) resulted in a recipe for successful community
prosperity. VCC helps the Jessie Ball duPont Fund achieve its impact investing
objectives and put endowment dollars to use helping communities. The Fund
provides needed capital that helps VCC strengthen its commitment in the
Northern Neck region. And, ultimately, VCC deploys the Fund’s investment to
help the Haynie family strengthen their farming operation and their place and
impact in the community. </span></div>
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<span style="font-family: Arial,Helvetica,sans-serif;">This story
illustrates one path that foundations may choose as they consider a role in local
impact investing – finding a trusted, mission-aligned CDFI partner to help
deploy investment dollars. Did you follow a similar path or blaze another? How
are you engaged in impact investing? I’d like to hear your stories! </span></div>
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<span style="font-family: Arial,Helvetica,sans-serif;"><sup>1</sup>
<a href="https://locusimpactinvesting.org/resources/writings.html" target="_blank"><span style="color: blue;">A Short Guide to Impact Investing</span></a>, Case Foundation. </span></div>
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<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgX2ctpJ7wiUc3F8Gnx9gPNl2K8go8ILAg29VPw3yMNZpy-NUiBiyvZj6Rgoi8L5Y17c18BmSYg0v9h7l8Plkx__BR5w1uy3LtxtliPKbKglC_bJaEt4bliplPjuJG1EG2zdpaF3ZFMOaZC/s1600/deb.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="200" data-original-width="150" height="200" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgX2ctpJ7wiUc3F8Gnx9gPNl2K8go8ILAg29VPw3yMNZpy-NUiBiyvZj6Rgoi8L5Y17c18BmSYg0v9h7l8Plkx__BR5w1uy3LtxtliPKbKglC_bJaEt4bliplPjuJG1EG2zdpaF3ZFMOaZC/s200/deb.jpg" width="150" /></a></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt; line-height: 115%;">Deb Markley is Co-Founder and Managing
Director of the Center for Rural Entrepreneurship and Senior Vice President of
LOCUS Impact Investing. <a href="https://locusimpactinvesting.org/contact/sign-up.html" target="_blank"><span style="color: blue;">Join</span></a> the LOCUS mailing list to learn more about local
investing for impact.</span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 9.0pt; line-height: 115%;">Our next blog will feature a
foundation story of local investing for impact.</span></div>
<br />
LOCUS Impact Investinghttp://www.blogger.com/profile/13866392394367736399noreply@blogger.com1tag:blogger.com,1999:blog-2717977192151764539.post-32475282689249875672017-07-11T11:34:00.000-05:002017-07-11T11:56:40.287-05:00My Search for Rural Community Prosperity Solutions<!--[if gte mso 9]><xml> <o:OfficeDocumentSettings> <o:AllowPNG/> </o:OfficeDocumentSettings> </xml><![endif]--><br />
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Name="index 4"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="index 5"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="index 6"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="index 7"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="index 8"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="index 9"/> <w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" Name="toc 1"/> <w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" Name="toc 2"/> <w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" Name="toc 3"/> <w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" Name="toc 4"/> <w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" Name="toc 5"/> <w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" Name="toc 6"/> <w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" Name="toc 7"/> <w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" Name="toc 8"/> <w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" Name="toc 9"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Normal Indent"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="footnote text"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="annotation text"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="header"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="footer"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="index heading"/> <w:LsdException Locked="false" Priority="35" SemiHidden="true"
UnhideWhenUsed="true" QFormat="true" Name="caption"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="table of figures"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="envelope address"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="envelope return"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="footnote reference"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="annotation reference"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="line number"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="page number"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="endnote reference"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="endnote text"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="table of authorities"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="macro"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="toa heading"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Bullet"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List 2"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List 3"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List 4"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List 5"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Bullet 2"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Bullet 3"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Bullet 4"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Bullet 5"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number 2"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number 3"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number 4"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number 5"/> <w:LsdException Locked="false" Priority="10" QFormat="true" Name="Title"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Closing"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Signature"/> <w:LsdException Locked="false" Priority="1" SemiHidden="true"
UnhideWhenUsed="true" Name="Default Paragraph Font"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text Indent"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 2"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 3"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 4"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 5"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Message Header"/> <w:LsdException Locked="false" Priority="11" QFormat="true" Name="Subtitle"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Salutation"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Date"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text First Indent"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text First Indent 2"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Note Heading"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text 2"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text 3"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text Indent 2"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text Indent 3"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Block Text"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Hyperlink"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="FollowedHyperlink"/> <w:LsdException Locked="false" Priority="22" QFormat="true" Name="Strong"/> <w:LsdException Locked="false" Priority="20" QFormat="true" Name="Emphasis"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Document Map"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Plain Text"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="E-mail Signature"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Top of Form"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Bottom of Form"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Normal (Web)"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Acronym"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Address"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Cite"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Code"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Definition"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Keyboard"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Preformatted"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Sample"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Typewriter"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Variable"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Normal Table"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="annotation subject"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="No List"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 1"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 2"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 3"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 1"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 2"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 3"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 1"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 2"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 3"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 4"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 1"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 2"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 3"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 1"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 2"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 3"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 4"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 5"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 1"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 2"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 3"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 4"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 5"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 6"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 7"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 8"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 1"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 2"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 3"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 4"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 5"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 6"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 7"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 8"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 1"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 2"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 3"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Contemporary"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Elegant"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Professional"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Subtle 1"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Subtle 2"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 1"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 2"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 3"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Balloon Text"/> <w:LsdException Locked="false" Priority="39" Name="Table Grid"/> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Theme"/> <w:LsdException Locked="false" SemiHidden="true" Name="Placeholder Text"/> <w:LsdException Locked="false" Priority="1" QFormat="true" Name="No Spacing"/> <w:LsdException Locked="false" Priority="60" Name="Light Shading"/> <w:LsdException Locked="false" Priority="61" Name="Light List"/> <w:LsdException Locked="false" Priority="62" Name="Light Grid"/> <w:LsdException Locked="false" Priority="63" Name="Medium Shading 1"/> <w:LsdException Locked="false" Priority="64" Name="Medium Shading 2"/> <w:LsdException Locked="false" Priority="65" Name="Medium List 1"/> <w:LsdException Locked="false" Priority="66" Name="Medium List 2"/> <w:LsdException Locked="false" Priority="67" Name="Medium Grid 1"/> <w:LsdException Locked="false" Priority="68" Name="Medium Grid 2"/> <w:LsdException Locked="false" Priority="69" Name="Medium Grid 3"/> <w:LsdException Locked="false" Priority="70" Name="Dark List"/> <w:LsdException Locked="false" Priority="71" Name="Colorful Shading"/> <w:LsdException Locked="false" Priority="72" Name="Colorful List"/> <w:LsdException Locked="false" Priority="73" Name="Colorful Grid"/> <w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 1"/> <w:LsdException Locked="false" Priority="61" Name="Light List Accent 1"/> <w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 1"/> <w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 1"/> <w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 1"/> <w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 1"/> <w:LsdException Locked="false" SemiHidden="true" Name="Revision"/> <w:LsdException Locked="false" Priority="34" QFormat="true"
Name="List Paragraph"/> <w:LsdException Locked="false" Priority="29" QFormat="true" Name="Quote"/> <w:LsdException Locked="false" Priority="30" QFormat="true"
Name="Intense Quote"/> <w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 1"/> <w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 1"/> <w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 1"/> <w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 1"/> <w:LsdException Locked="false" Priority="70" Name="Dark List Accent 1"/> <w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 1"/> <w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 1"/> <w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 1"/> <w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 2"/> <w:LsdException Locked="false" Priority="61" Name="Light List Accent 2"/> <w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 2"/> <w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 2"/> <w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 2"/> <w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 2"/> <w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 2"/> <w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 2"/> <w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 2"/> <w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 2"/> <w:LsdException Locked="false" Priority="70" Name="Dark List Accent 2"/> <w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 2"/> <w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 2"/> <w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 2"/> <w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 3"/> <w:LsdException Locked="false" Priority="61" Name="Light List Accent 3"/> <w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 3"/> <w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 3"/> <w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 3"/> <w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 3"/> <w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 3"/> <w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 3"/> <w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 3"/> <w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 3"/> <w:LsdException Locked="false" Priority="70" Name="Dark List Accent 3"/> <w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 3"/> <w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 3"/> <w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 3"/> <w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 4"/> <w:LsdException Locked="false" Priority="61" Name="Light List Accent 4"/> <w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 4"/> <w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 4"/> <w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 4"/> <w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 4"/> <w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 4"/> <w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 4"/> <w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 4"/> <w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 4"/> <w:LsdException Locked="false" Priority="70" Name="Dark List Accent 4"/> <w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 4"/> <w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 4"/> <w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 4"/> <w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 5"/> <w:LsdException Locked="false" Priority="61" Name="Light List Accent 5"/> <w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 5"/> <w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 5"/> <w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 5"/> <w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 5"/> <w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 5"/> <w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 5"/> <w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 5"/> <w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 5"/> <w:LsdException Locked="false" Priority="70" Name="Dark List Accent 5"/> <w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 5"/> <w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 5"/> <w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 5"/> <w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 6"/> <w:LsdException Locked="false" Priority="61" Name="Light List Accent 6"/> <w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 6"/> <w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 6"/> <w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 6"/> <w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 6"/> <w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 6"/> <w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 6"/> <w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 6"/> <w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 6"/> <w:LsdException Locked="false" Priority="70" Name="Dark List Accent 6"/> <w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 6"/> <w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 6"/> <w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 6"/> <w:LsdException Locked="false" Priority="19" QFormat="true"
Name="Subtle Emphasis"/> <w:LsdException Locked="false" Priority="21" QFormat="true"
Name="Intense Emphasis"/> <w:LsdException Locked="false" Priority="31" QFormat="true"
Name="Subtle Reference"/> <w:LsdException Locked="false" Priority="32" QFormat="true"
Name="Intense Reference"/> <w:LsdException Locked="false" Priority="33" QFormat="true" Name="Book Title"/> <w:LsdException Locked="false" Priority="37" SemiHidden="true"
UnhideWhenUsed="true" Name="Bibliography"/> <w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" QFormat="true" Name="TOC Heading"/> <w:LsdException Locked="false" Priority="41" Name="Plain Table 1"/> <w:LsdException Locked="false" Priority="42" Name="Plain Table 2"/> <w:LsdException Locked="false" Priority="43" Name="Plain Table 3"/> <w:LsdException Locked="false" Priority="44" Name="Plain Table 4"/> <w:LsdException Locked="false" Priority="45" Name="Plain Table 5"/> <w:LsdException Locked="false" Priority="40" Name="Grid Table Light"/> <w:LsdException Locked="false" Priority="46" Name="Grid Table 1 Light"/> <w:LsdException Locked="false" Priority="47" Name="Grid Table 2"/> <w:LsdException Locked="false" Priority="48" Name="Grid Table 3"/> <w:LsdException Locked="false" Priority="49" Name="Grid Table 4"/> <w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark"/> <w:LsdException Locked="false" Priority="51" Name="Grid Table 6 Colorful"/> <w:LsdException Locked="false" Priority="52" Name="Grid Table 7 Colorful"/> <w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 1"/> <w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 1"/> <w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 1"/> <w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 1"/> <w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 1"/> <w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 1"/> <w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 1"/> <w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 2"/> <w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 2"/> <w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 2"/> <w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 2"/> <w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 2"/> <w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 2"/> <w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 2"/> <w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 3"/> <w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 3"/> <w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 3"/> <w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 3"/> <w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 3"/> <w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 3"/> <w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 3"/> <w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 4"/> <w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 4"/> <w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 4"/> <w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 4"/> <w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 4"/> <w:LsdException Locked="false" Priority="51"
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<b><span style="font-family: "arial" , "helvetica" , sans-serif;">By Don Macke</span></b><br />
<b><span style="font-family: "arial" , "helvetica" , sans-serif;">Co-Founder, Center for Rural Entrepreneurship</span></b><br />
<b><span style="font-family: "arial" , "helvetica" , sans-serif;">Senior Vice President, LOCUS Impact Investing</span></b><span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-family: "arial" , "helvetica" , sans-serif;"> </span></span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-family: "arial" , "helvetica" , sans-serif;">One way or another, my entire professional career has centered on helping communities find solutions to growing stronger economies, building better quality of life and, yes, finding the dollars to capitalize these visions. Finding the financial resources necessary for community building is increasingly challenged; that is why I have come to believe that philanthropic impact investing represents such a promising solution.</span></span><br />
<br />
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-family: "arial" , "helvetica" , sans-serif;">I grew up rural. My early childhood was spent in Mullen, a community of about 500 people located in the heart of Nebraska’s Sandhills’ ranching country. <table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgTUdSRWQ1y9I_NTr38xA-3vVUZoKWpvUqJg7yyNM_KYYXD7vCCnnqE2u4_DApaNOufNwYrTyy0SFu_HSiUsP5xdnfzZrsQRpeTiuMOWAXwpWxNn0iDuXbwvwC9U4ewkMY-rrKeh_fTyaLu/s1600/Mullen+Sandhills.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="329" data-original-width="516" height="255" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgTUdSRWQ1y9I_NTr38xA-3vVUZoKWpvUqJg7yyNM_KYYXD7vCCnnqE2u4_DApaNOufNwYrTyy0SFu_HSiUsP5xdnfzZrsQRpeTiuMOWAXwpWxNn0iDuXbwvwC9U4ewkMY-rrKeh_fTyaLu/s400/Mullen+Sandhills.jpg" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Photo credit: www.mullennebraska.org</td></tr>
</tbody></table>
</span></span></div>
<span style="font-family: "arial" , "helvetica" , sans-serif;">By the way, Mullen was founded in 1890, peaked in population in 1920 and has been losing people ever since – a familiar refrain in so many rural communities. I began working with communities during high school in the 1970s and I’ve continued focusing on rural development ever since. I worked in the Nebraska legislature, for one of our governors, operated as a for-profit consultant and, for the past 16 years, worked with Deb Markley at the <a href="http://www.energizingentrepreneurs.org/" target="_blank"><span style="color: blue;">Center for Rural Entrepreneurship</span></a>. I’ve worked throughout North America and the Caribbean – from Collingwood, Ontario Canada to the island of St. Croix to nearly every regional economy in the continental United States. I believe that prosperous places or communities are foundational to a thriving society. And, I believe that economic development is more than growing jobs or GDP; it must also create economic opportunities for all residents in our communities. This is why I’ve become such a passionate champion of entrepreneur-focused economic development and devoted much of my career to developing and sharing <a href="https://www.energizingentrepreneurs.org/solutions/get-started/interest-form.html" target="_blank"><span style="color: blue;">tools</span></a> with communities so they can get better at building entrepreneurial ecosystems.</span><br />
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgitCLVekD7fycm5-W1je9zrbLXy7SDdz5x5p_WgO3L_5Gz49AcEG4uzDzCr2cs3ssocIrP_Xdl5y9ki-eABJ-RcqbIE6fltN8KAeD9rbcD9i2MaZvIHgMPeJM2n-4EJm1OPVHLziEzg51A/s1600/Don+picture+002.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="1164" data-original-width="1600" height="465" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgitCLVekD7fycm5-W1je9zrbLXy7SDdz5x5p_WgO3L_5Gz49AcEG4uzDzCr2cs3ssocIrP_Xdl5y9ki-eABJ-RcqbIE6fltN8KAeD9rbcD9i2MaZvIHgMPeJM2n-4EJm1OPVHLziEzg51A/s640/Don+picture+002.jpg" width="640" /></a></td></tr>
<tr align="left"><td class="tr-caption">Gov. Nelson signing his first executive order creating the state Rural Development Commission. Standing left to right: Jerry Hoffman, Julie Engel Holmquist, Don Macke, Martha Gadberry, Steve Buttress. Seated left to right: Sen. Joyce Hillman, Gov. E. Benjamin Nelson, Lt. Gov. Maxine Moul.</td></tr>
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-family: "arial" , "helvetica" , sans-serif;">Finding the money to support community economic development has always been a challenge in rural America. But over time, this challenge has become harder as the federal government, state governments, corporations and national foundations have pulled out of rural America. It was this search for funding that took me down the community foundation trail. I was working for Lt. Governor Maxine Moul in Nebraska and we were looking for funding solutions. Max sent me to meet Bernie Christensen with the <a href="https://sdcommunityfoundation.org/" target="_blank"><span style="color: blue;">South Dakota Community Foundation</span></a>. <table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: left; margin-right: 1em; text-align: left;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiUnud4U4v6cDVp0PqhYxLqtPyw1-cyqgAoCftd2a1lZEjtkSptHKf4iLzSXL85RGSa0yg9mk-kOtEB9UnCUB1NFmShpXsS2D7fjztyg31Z19dv6HW3oL_LhThUekYlgteuI7YEH87OmEMi/s1600/Bernie+Christiansen.jpg" imageanchor="1" style="clear: left; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" data-original-height="468" data-original-width="520" height="288" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiUnud4U4v6cDVp0PqhYxLqtPyw1-cyqgAoCftd2a1lZEjtkSptHKf4iLzSXL85RGSa0yg9mk-kOtEB9UnCUB1NFmShpXsS2D7fjztyg31Z19dv6HW3oL_LhThUekYlgteuI7YEH87OmEMi/s320/Bernie+Christiansen.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Bernie Christianson at the stick near Vermillion, SD.</td></tr>
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Bernie took me out on his pontoon boat on a lake near Pierre and educated me on the why, what and how of community foundations. I was convinced. When I returned to Nebraska, we moved to create the <a href="http://www.nebcommfound.org/" target="_blank"><span style="color: blue;">Nebraska Community Foundation</span></a>. Today I believe NCF is the most important development resource for rural communities in Nebraska.</span></span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-family: "arial" , "helvetica" , sans-serif;">As I look to the future, it is hard for me to see any likely scenario where the pattern of disinvestment in rural America by our federal government, state governments, corporations and national foundations will change. In America, each community has the primary responsibility for its own development. With external disinvestment, rural communities and regions must find new ways to capitalize their development or they will decline and eventually die.</span></span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-family: "arial" , "helvetica" , sans-serif;">My search for solutions has taken me to places where there are regional and local philanthropic institutions, like the Nebraska Community Foundation, the <a href="http://www.appalachianky.org/" target="_blank"><span style="color: blue;">Foundation for Appalachian Kentucky</span></a> or the <a href="http://www.greaterminnesota.net/" target="_blank"><span style="color: blue;">Minnesota Initiative Foundations</span></a>.<span style="color: red;"> </span>Where these institutions exist, I often find hope. I see support for rural communities to vision, craft smarter development strategies and find the capital necessary to support economic development and quality of life amenities like early childhood education centers found in <a href="http://www.omaha.com/living/the-better-half/years-ago-red-cloud-nebraska-seemed-all-but-dead-now/article_1fc76026-d11c-501d-867d-f41600832545.html#tncms-source=article-nav-next" target="_blank"><span style="color: blue;">Red Cloud, Nebraska</span></a>. Because of the changes we have seen in these places, at the Center we have become champions of rural community philanthropy and, hopefully, a resource to those in rural America seeking to meet their capital needs through this self-help game plan. Our <a href="https://www.energizingentrepreneurs.org/solutions/community-development-philanthropy/transfer-of-wealth.html" target="_blank"><span style="color: blue;">Transfer of Wealth research</span></a> documents philanthropic potential and our community development philanthropy resources can help rural places energize this potential into reality.</span></span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-family: "arial" , "helvetica" , sans-serif;">Rural communities, and particularly remote rural places, are low density and high cost markets. The impact of this reality is that many things we see as easily doable in urban America, like impact investing, are much harder in rural America. Over the past two years, I have become much more serious about the potential for philanthropic impact investing. I believe that these tools are essential to filling the gaps being left by the retraction or instability of more traditional funding sources such as the public sector. A primary reason why our Center Board, Deb and I welcomed the opportunity to merge into <a href="http://www.vacommunitycapital.org/" target="_blank"><span style="color: blue;">Virginia Community Capital</span></a><span style="color: red;"> </span>and become partners in <a href="https://locusimpactinvesting.org/" target="_blank"><span style="color: blue;">LOCUS Impact Investing</span></a> was the opportunity to bring impact investing to more foundations that are located in or focused on rural America. LOCUS represents another evolution of promising solutions for rural America that I have sought throughout my career, mobilizing impact investing in support of community economic development strategies in rural and urban places.</span></span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-family: "arial" , "helvetica" , sans-serif;">Bottom line, after 40+ years of doing this work, I am stilling searching for the right set of solutions for rural places. I believe impact investing is an emerging and powerful solution and that LOCUS can help rural places make it happen. My work continues. </span></span></div>
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-family: "arial" , "helvetica" , sans-serif;"> </span></span><br />
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<tr><td class="tr-caption" style="text-align: center;"><span style="font-family: "arial" , "helvetica" , sans-serif;">Don Macke</span></td><td class="tr-caption" style="text-align: center;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: small;">Watch for our next blog post where we’ll begin to share stories that demonstrate the power and opportunity behind local investing for impact – the institutions taking the lead, the deals being done and the impact achieved.<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="color: blue;"><span style="color: blue;"> </span></span></span></span></span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: small;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="color: blue;"><a href="https://locusimpactinvesting.org/contact/sign-up.html" target="_blank"><span style="color: blue;">Join</span></a></span><span style="color: blue;"> </span>the LOCUS mailing list to learn more about local investing for impact!</span></span></span></div>
LOCUS Impact Investinghttp://www.blogger.com/profile/13866392394367736399noreply@blogger.com0tag:blogger.com,1999:blog-2717977192151764539.post-89618733084293564572017-06-29T10:32:00.000-05:002017-06-29T10:32:28.605-05:00Why investing in community matters<!--[if gte mso 9]><xml>
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</xml><![endif]--><b><span style="font-size: x-small;"><span style="font-family: "arial" , "helvetica" , sans-serif;">By Deb Markley</span></span></b><br />
<b><span style="font-size: x-small;"><span style="font-family: "arial" , "helvetica" , sans-serif;">Senior Vice President, LOCUS Impact Investing</span></span></b><br />
<b><span style="font-size: x-small;"><span style="font-family: "arial" , "helvetica" , sans-serif;">Co-Founder and Managing Director, Center for Rural Entrepreneurship</span></span></b><br />
<br />
<span style="font-family: "arial" , "helvetica" , sans-serif;">I was raised
in a small town in south Jersey – a place where every adult was a potential
caregiver, problem solver and especially disciplinarian for all of us as kids;
a place where people took on leadership roles – civic, school, church – and
took care of one another. I have vivid memories of my grandfather, a skilled
tradesman who didn’t have much, giving of his time and talents to help families
who had even less. That image defined for me what it means to be part of a small-town
community.</span><span style="font-family: "arial" , "helvetica" , sans-serif;"> </span><br />
<br />
<span style="font-family: "arial" , "helvetica" , sans-serif;">When I had
to choose my career path, I was drawn to rural economic development because of
the pivotal role of community. I even shifted my focus from international to
U.S. rural development because I felt I needed to be working in my own “place”
– where my roots and commitment were deep. I was strongly influenced by
community development principles – that the people in a community should decide
their own future; that they should have control over their own assets and the
wealth that is generated from them; that everyone’s voice and future matter.</span><br />
<span style="font-family: "arial" , "helvetica" , sans-serif;"></span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif;">
</span><br />
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-family: "arial" , "helvetica" , sans-serif;">Sixteen
years ago, I had the opportunity to found the <a href="https://www.energizingentrepreneurs.org/" target="_blank"><span style="color: blue;"></span></a><a href="https://www.blogger.com/null" target="_blank">Center for Rural Entrepreneurship</a>
(CRE) with my colleague, Don Macke. We felt CRE was needed to help rural
communities craft more asset-based, entrepreneur-focused economic development
strategies. Too many rural places struggled to achieve prosperity using an
industry recruitment model. We saw the need to develop new tools and new
partnerships with community innovators to learn what works – and what doesn’t –
and to share what we learned with other rural places. It’s been an interesting
and rewarding journey so far. We’ve learned a lot but one thing hasn’t changed
– the importance of engaging and empowering the <b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;">community</i></b> to dream about
a different future and then create and implement a realistic but aspirational
strategy that helps them get there.</span><br />
<br />
<span style="font-family: "arial" , "helvetica" , sans-serif;">That’s the
work that drives me to get on yet another airplane to partner with another
group of committed community leaders – to share with them, learn from them and
be inspired by them. I like to
think what we do at the Center is to help communities re-discover or re-connect
with a more positive, vibrant vision of what’s possible. There is nothing more
rewarding to me than seeing a group of community leaders begin to see their
place through new eyes – as a place where opportunities outweigh problems and
where there is energy and commitment to work together to change the future. It
happens all the time and keeps me energized about our work.</span><span style="font-family: "arial" , "helvetica" , sans-serif;"> </span><br />
<br />
<span style="font-family: "arial" , "helvetica" , sans-serif;">But, I still
have a concern about the future that drives me to a new chapter in my work with
CRE and LOCUS Impact Investing. For much of my journey in community economic
development, the public sector has been a strong partner with communities. From
regionally targeted programs of the <a href="http://www.arc.gov/" target="_blank">AppalachianRegional Commission</a> to grant and loan programs managed by <a href="https://www.rd.usda.gov/">USDA Rural Development</a> to innovative state
programs like <a href="https://www.networkkansas.com/" target="_blank">NetWork Kansas</a><a href="https://www.blogger.com/null">,</a>
these public dollars were fuel for community economic development, providing
resources to help communities invest in themselves and achieve a brighter
future. That capacity is more limited and less reliable today. Where will the
resources come from to fill this emerging gap? Again, the solution in my eyes
lies in the community – in local investment by rooted anchor institutions and
individuals who care about place. </span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<span style="font-family: "arial" , "helvetica" , sans-serif;">
</span><br />
<table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: left; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhZNO2zOsJSxCI4JVF8-gBs8zFu1ZVfEVj69P57vtWrkN0p1aCP7tlHZuoFWSiCuH68tMMbVijl41z89kF-BkGRmuXV8Y7-OJYWvLR7AF1UvRTHLagpXVLok9HdL5QGXRZGtGQxiri9HQg_/s1600/WV3.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="900" data-original-width="1200" height="300" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhZNO2zOsJSxCI4JVF8-gBs8zFu1ZVfEVj69P57vtWrkN0p1aCP7tlHZuoFWSiCuH68tMMbVijl41z89kF-BkGRmuXV8Y7-OJYWvLR7AF1UvRTHLagpXVLok9HdL5QGXRZGtGQxiri9HQg_/s400/WV3.jpg" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><div style="text-align: center;">
<span style="font-size: small;"><span style="font-family: "calibri" , sans-serif; line-height: 115%;">Community
leaders in West Virginia launching their entrepreneurial communities work in May
2017 (supported by the <a href="http://wvhub.org/">WV Hub</a>).</span></span></div>
</td></tr>
</tbody></table>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<span style="font-family: "arial" , "helvetica" , sans-serif;">
</span><br />
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-family: "arial" , "helvetica" , sans-serif;">That’s why
I’m so excited and encouraged by the energy around <a href="http://www.advancingcdp.org/">community development philanthropy</a><span class="MsoCommentReference"><span style="font-size: 8.0pt; line-height: 115%;"> <span style="font-size: small;">and</span> </span></span><a href="https://locusimpactinvesting.org/" target="_blank"><span style="color: blue;">place-focused impact investing</span></a>. In
these uncertain times, communities must be able to invest in themselves. As we
continue to define our role in this emerging field, we are looking to the
innovators in this area, to learn from them and share their stories. I am
excited to develop new tools and services that can help place-focused
foundations take stronger leadership and investment roles in the places they
care about. Strong institutions, committed community leaders and a robust
commitment to community engagement and local investing are the best tools to
help communities weather these uncertain times and prosper. </span> </span><br />
<br />
<span style="font-family: "arial" , "helvetica" , sans-serif;">I wake up
every day excited by our work for one simple reason – the communities we serve.
When community leaders give their time, talent and treasure to work toward a
brighter tomorrow, they deserve partners who respect and match their
commitment. Those community leaders – and the places they call home – that’s
why I do this work.</span><br />
<br />
<span style="font-family: "arial" , "helvetica" , sans-serif;">What drives
you to invest in your community? I’d like to hear your stories! </span><br />
<span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span></div>
<span style="font-family: "arial" , "helvetica" , sans-serif;"></span><br />
<div style="text-align: left;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"></span><br />
<div class="separator" style="clear: both; text-align: center;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhXQpeIs6ID7RE9VFmCCJmil3mkEAnKpr8FxBHy-T7iXiSHRMRkV77f523xTS7XAFNPRHiPrnEmw1MA_CgJNSi7mWLaPDqoJdr2m_x1x31ogYWmvmOnSKSKIYf0Kb2LYtBtf0IvaERG0ul0/s1600/deb.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="200" data-original-width="150" height="200" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhXQpeIs6ID7RE9VFmCCJmil3mkEAnKpr8FxBHy-T7iXiSHRMRkV77f523xTS7XAFNPRHiPrnEmw1MA_CgJNSi7mWLaPDqoJdr2m_x1x31ogYWmvmOnSKSKIYf0Kb2LYtBtf0IvaERG0ul0/s200/deb.jpg" width="150" /></a><span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 9.0pt; line-height: 115%;">Deb Markley is Co-Founder and Managing
Director of the Center for Rural Entrepreneurship and Senior Vice President of
LOCUS Impact Investing. <span style="color: blue;"><b><a href="https://locusimpactinvesting.org/contact/sign-up.html" target="_blank">Join</a></b> </span>the LOCUS mailing list to learn more about local
investing for impact.</span></span></span></div>
<span style="font-family: "arial" , "helvetica" , sans-serif;">
</span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span></div>
<div class="MsoNormal" style="margin-bottom: 0in; text-align: center;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 9.0pt; line-height: 115%;">Our next blog will feature Don Macke’s
career journey!</span></span></div>
LOCUS Impact Investinghttp://www.blogger.com/profile/13866392394367736399noreply@blogger.com0tag:blogger.com,1999:blog-2717977192151764539.post-5279358953625245102017-06-08T14:51:00.002-05:002017-06-15T11:18:59.737-05:00How did a recovering attorney find her passion in local investing for impact?<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEidDX27dvvfUrNPYI7bBMExm5GjwLq1iwPKLyNQ5crOsdKUyjvBbHWn6T_UaqQkTvx9LYGuymUbKQeOWc2DIb6jw5jSD9AT7nRGEIGP3k3PcM0x4FlnNuZtOtAzsqF2JwrcleDyUdwXhZwt/s1600/iStock-510721201+200+x+148.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="148" data-original-width="200" height="296" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEidDX27dvvfUrNPYI7bBMExm5GjwLq1iwPKLyNQ5crOsdKUyjvBbHWn6T_UaqQkTvx9LYGuymUbKQeOWc2DIb6jw5jSD9AT7nRGEIGP3k3PcM0x4FlnNuZtOtAzsqF2JwrcleDyUdwXhZwt/s400/iStock-510721201+200+x+148.jpg" width="400" /></a></div>
<br />
<div class="separator" style="clear: both; text-align: center;">
</div>
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: x-small;"><b>by Teri Lovelace, LOCUS President</b></span></span><br />
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<w:LsdException Locked="false" Priority="39" SemiHidden="true"
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<w:LsdException Locked="false" Priority="39" SemiHidden="true"
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<w:LsdException Locked="false" Priority="39" SemiHidden="true"
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<w:LsdException Locked="false" Priority="39" SemiHidden="true"
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<w:LsdException Locked="false" Priority="39" SemiHidden="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" Priority="62" Name="Light Grid"/>
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<w:LsdException Locked="false" Priority="31" QFormat="true"
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<w:LsdException Locked="false" Priority="32" QFormat="true"
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<w:LsdException Locked="false" Priority="33" QFormat="true" Name="Book Title"/>
<w:LsdException Locked="false" Priority="37" SemiHidden="true"
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<w:LsdException Locked="false" Priority="39" SemiHidden="true"
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<w:LsdException Locked="false" Priority="41" Name="Plain Table 1"/>
<w:LsdException Locked="false" Priority="42" Name="Plain Table 2"/>
<w:LsdException Locked="false" Priority="43" Name="Plain Table 3"/>
<w:LsdException Locked="false" Priority="44" Name="Plain Table 4"/>
<w:LsdException Locked="false" Priority="45" Name="Plain Table 5"/>
<w:LsdException Locked="false" Priority="40" Name="Grid Table Light"/>
<w:LsdException Locked="false" Priority="46" Name="Grid Table 1 Light"/>
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<w:LsdException Locked="false" Priority="48" Name="Grid Table 3"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark"/>
<w:LsdException Locked="false" Priority="51" Name="Grid Table 6 Colorful"/>
<w:LsdException Locked="false" Priority="52" Name="Grid Table 7 Colorful"/>
<w:LsdException Locked="false" Priority="46"
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<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 1"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 1"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 1"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 1"/>
<w:LsdException Locked="false" Priority="51"
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<w:LsdException Locked="false" Priority="52"
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<w:LsdException Locked="false" Priority="46"
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<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 2"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 2"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 2"/>
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<div class="MsoNormal" style="line-height: 200%; margin-bottom: 12.0pt; margin-left: 0in; margin-right: 0in; margin-top: 12.0pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 12.0pt; line-height: 200%;">Ever felt like your chosen profession or career didn’t quite
reflect your inner values? You know that
feeling when you’ve made choices but you’re not exactly “planted” in the right
pot.<span style="mso-spacerun: yes;"> </span>You feel it inside, that small
nagging discontentment urging you to do more for a greater good, but the path
is unknown, uncertain and very scary. I
chased careers, education and certifications to find the elusive alignment between
heart and mind that I desperately craved.<span style="mso-spacerun: yes;"> </span>And each unique professional experience brought me a bit closer to what
I know now as my true passion</span><span style="background: white; color: #333333; font-size: 12.0pt; line-height: 200%;">—</span><span style="font-size: 12.0pt; line-height: 200%;">social
finance and mission investing.<span style="mso-spacerun: yes;"> </span></span></span><br />
<br />
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 12.0pt; line-height: 200%;">As a merger & acquisition (M&A) attorney with a MBA,
capital markets and capital flows fascinated me, particularly their contradictory
nature. Capital permits creativity, creates
wealth, transforms businesses and expands opportunities.<span style="mso-spacerun: yes;"> </span>Yet, as powerful and empowering as capital
can be, it never seemed to flow easily or readily to those communities,
businesses and people most in need</span><span style="font-size: 12.0pt; line-height: 200%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">.<span style="mso-spacerun: yes;"> </span>I was
a fundraiser for our 80+ year-old local community house, modeled after the 1920’s
settlement house movement that embodied the <span style="background: white; color: #333333;">idea that poverty must be treated systemically—that the
causes, not just the symptoms, must be addressed.<span style="mso-spacerun: yes;"> </span>T</span>his experience galvanized in me the
essential need for <b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;">community</i></b></span><b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;"><span style="font-size: 12.0pt; line-height: 200%;"> investments</span></i></b><span style="background: white; color: #333333; font-size: 12.0pt; line-height: 200%;">—not just charity—</span><span style="font-size: 12.0pt; line-height: 200%;">in vital services like childcare, pre-K education, affordable
housing, senior care and job creation for the working poor.<span style="mso-spacerun: yes;"> </span> </span></span></div>
<div class="MsoNormal" style="line-height: 200%; margin-bottom: 12.0pt; margin-left: 0in; margin-right: 0in; margin-top: 12.0pt;">
<br />
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 12.0pt; line-height: 200%;">I was lucky enough to work at our local community foundation,
The Community Foundation Serving Richmond and Central Virginia, </span><a href="http://www.tcfrichmond.org/"><span style="font-size: 12.0pt; line-height: 200%;">www.tcfrichmond.org</span></a><span style="font-size: 12.0pt; line-height: 200%;">, with incredibly thoughtful donors, deeply committed to the community.<span style="mso-spacerun: yes;"> </span>From these philanthropic visionaries, I saw a
longing for vibrancy of place and prosperity for all.<span style="mso-spacerun: yes;"> </span>I saw firsthand that traditional grantmaking,
although critically important, could not solve pressing social issues like
housing, access to living wage jobs and quality childcare. Annual 5% payouts
from private foundations were necessary but were they sufficient to create jobs?
Ensure safe housing? Provide access to fresh foods?<span style="mso-spacerun: yes;"> </span>Not really.<span style="mso-spacerun: yes;"> </span>While working at the foundation, a donor challenged me asking, “Teri, do
you have <b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;">any place</i></b> for me to invest my charitable assets to do good
locally and receive a return?”<span style="mso-spacerun: yes;"> </span>I was
stumped.<span style="mso-spacerun: yes;"> </span> </span></span><br />
<br />
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 12.0pt; line-height: 200%;">In my search to answer this donor’s question, I discovered a
different kind of financial institution unlike the corporate finance world I
had left behind. These CDFIs</span><span style="background: white; color: #333333; font-size: 12.0pt; line-height: 200%;">—</span><span style="font-size: 12.0pt; line-height: 200%;">community
development financial institutions</span><span style="background: white; color: #333333; font-size: 12.0pt; line-height: 200%;">—</span><span style="font-size: 12.0pt; line-height: 200%;">were using their capital (not grants and gifts) to achieve social
change in a well-defined geographic region. Many were focusing on Maslow’s
basic needs of housing, security, food, health and jobs; these institutions
were bringing solutions, hope and prosperity to underserved communities through
capital.<span style="mso-spacerun: yes;"> </span>What a novel idea! And, most of these CDFIs were nonprofits
that, rather than focused on fundraising and program administration, deployed capital
to create jobs, enhance quality of life and build vibrant communities.<span style="mso-spacerun: yes;"> </span>It wasn’t charity and it wasn’t purely investment...it
was social finance.<span style="mso-spacerun: yes;"> </span>It was the
opportunity to do good and get both a financial <b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;">and</i></b> social return.<span style="mso-spacerun: yes;"> </span>A light bulb went off!<span style="mso-spacerun: yes;"> </span>If you cared about place and were
philanthropically inclined, why wouldn’t you want to participate in this new
way of investing for impact?<span style="mso-spacerun: yes;"> </span>This was
the answer for my donor friend! And, I was finally planted where my values
aligned with my profession</span><span style="background: white; color: #333333; font-size: 12.0pt; line-height: 200%;">—</span><span style="font-size: 12.0pt; line-height: 200%;">the
use of capital for good.<span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"></span> </span></span><br />
<br />
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 12.0pt; line-height: 200%;">After nearly 5 years at Virginia Community Capital (VCC), a
CDFI bank, helping to catalyze over $15 million in impact investments from foundations,
high net worth individuals, family offices and socially aligned investment
managers, I find myself leading VCC’s new social venture</span><span style="background: white; color: #333333; font-size: 12.0pt; line-height: 200%;">—</span><span style="font-size: 12.0pt; line-height: 200%;"><b>LOCUS Impact Investing</b>.<span style="mso-spacerun: yes;"> </span>LOCUS empowers place-focused foundations nationwide
to invest their capital locally to build prosperous, vibrant communities.<span style="mso-spacerun: yes;"> </span>LOCUS builds on VCC’s 11 years of experience in
successfully deploying over $350 million for vital community projects while
leveraging total community impact of nearly $1 billion all with a very low
charge off ratio.<span style="mso-spacerun: yes;"> </span>LOCUS’ mission-aligned “banking” experience
and financial infrastructure create a much needed “on-ramp” for foundations that
want to engage in local investing for impact.<span style="mso-spacerun: yes;"> </span>It is my vision that LOCUS, as a trusted partner to foundations, will empower
them to unlock their philanthropic capital for mission investments, building
prosperous and vibrant communities across our country.<span style="mso-spacerun: yes;"> </span> </span></span><br />
<br />
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 12.0pt; line-height: 200%;">So, what’s the common thread between a M&A attorney, a
community settlement house, a donor advisor and a CDFI?<span style="mso-spacerun: yes;"> </span>These unlikely and disparate experiences, along
with tons of patience and trusting my inner voice, have fueled my passion and ignited
my longing for social finance and mission investing, resulting in a new career
path with LOCUS Impact Investing.<span style="mso-spacerun: yes;"> </span>Let
the next leg of this journey begin! </span></span></div>
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<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjt02Q0O2gMkd9lkbcQi0NQ-f_dDBcytladJiWKthcvEzxSwyu_zGgdzpOUmwOUwataTG_rvoE0RutOBF3aotJ_ax0hqeqbbrLQOksHbFqHjdz5TYhOidXfUL4yzxvflcQTLz1mNuJhfoeS/s1600/Dabney_121001_9217+use+this+one.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="1600" data-original-width="1067" height="200" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjt02Q0O2gMkd9lkbcQi0NQ-f_dDBcytladJiWKthcvEzxSwyu_zGgdzpOUmwOUwataTG_rvoE0RutOBF3aotJ_ax0hqeqbbrLQOksHbFqHjdz5TYhOidXfUL4yzxvflcQTLz1mNuJhfoeS/s200/Dabney_121001_9217+use+this+one.jpg" width="133" /></a></div>
<span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span></div>
<div class="MsoNormal">
<span style="font-size: x-small;"><span style="font-family: "arial" , "helvetica" , sans-serif;">Teri Lovelace is President of LOCUS and Chief Impact Officer
at Virginia Community Capital.<span style="mso-spacerun: yes;"> </span><span style="line-height: 107%;">Please join the LOCUS </span><a href="https://locusimpactinvesting.org/contact/sign-up.html"><span style="line-height: 107%;">mailing list</span></a><span style="line-height: 107%;"> to learn more about local investing
for impact.</span></span></span></div>
<div class="MsoNormal">
<br />
<span style="font-size: x-small;"><span style="font-family: "arial" , "helvetica" , sans-serif;">Watch for the next LOCUS blog describing why co-founder of
the Center for Rural Entrepreneurship, Deb Markley, joined forces with VCC to
launch LOCUS.<span style="mso-spacerun: yes;"> </span></span></span></div>
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LOCUS Impact Investinghttp://www.blogger.com/profile/13866392394367736399noreply@blogger.com0