COMMUNITY INVESTMENT LOANS
APPROVED FROM JULY 1, 2006 – JUNE 30, 2007
The Portfolio Advisory Board (PAB) reviewed and presented twelve Community Investment loan recommendations to the General Council for approval in 2006 - 2007. Of these, nine loans were approved and disbursed, eleven community deposits were renewed, three community deposits were increased and three new community deposits approved.
The nonprofit organizations which received funding during this period address various domestic and international projects and programs that: foster worker-owned cooperatives; provide access to capital for developers of quality affordable housing; develop worker training programs and provide links to jobs for people in need; foster development within minority populations; and provide access to credit and fair trade for poor communities in Asia, Africa, Latin America and the Caribbean.
The total amount of community investments approved during FY 2006 - 2007 was, $1,131,500. These investments, along with the current loan portfolio, allocate nearly, $3.4 million of the, $4 million available for funding by the Congregation’s Community Investment Fund.
Through investments made in community organizations the Congregation is able to continue to carry out its mission. It is by partnering with these community-focused groups that these financial resources are able to have a critical impact where otherwise there may not have been a presence.
July 1, 2006 – June 30, 2007
- Red Tomato, (Oké USA Fruit Company) Canton, MA, $10,000
Red Tomato, a grassroots nonprofit produce organization, will be working with Agro Fair, Europe’s leading fair-trade banana company, to develop a fair-trade banana program for North America. The newly formed company, named Oké USA Fruit Company, is a Massachusetts-based tropical fruit importer with a simple mission: To improve the lives of poor banana farmers and workers by making sure they get a fair price for their fruit.
- EcoLogic Finance, Cambridge, MA, $100,000
EcoLogic Finance is a nonprofit development finance institution offering affordable financing to community-based businesses operating in environmentally sensitive areas of the developing world. Targeting the rural credit market, they provide loan capital to support low-income communities whose business activities foster environmental conservation and grassroots economic development.
- Community Financial Resource Center (CFRC), Los Angeles, CA, $50,000
CFRC was established to respond to the divestment in South Central Los Angeles. It provides programs and services specifically targeting the economically distressed and underserved areas of South Central or South Los Angeles. Adrian Dominican loan capital is pooled for re-lending to women and minority business owners located in this area.
- Cornerstone Corporation for Shared Equity (CCSE), Cincinnati, OH, $50,000
This non-profit organization operates the “Renter Equity” program in an otherwise hopeless environment in the Over-the-Rhine district of Cincinnati. The CCSE program generates assets for residents through a housing management system that improves safety, cleanliness and financial performance of the project. The development of such a management system addresses wealth disparities between renters and homeowners.
- Oikocredit USA, Washington, DC, $21,500
Our partnership with Oikocredit USA provides capital for their worldwide network that provides much needed credit to poor people for income-generating purposes. Microcredit has become a very successful interim strategy for reducing global poverty. Our investment in Oikocredit serves to help strengthen their capacity to make small but important loans to millions of the 3 billion people who live on less than, $2 per day.
- Appalachian Peoples Action Coalition (APAC), The Plains, OH, $15,000
APAC is a cooperative known for its community support and advocacy for persons struggling with poverty-related problems in Southern Ohio. APAC opened a bargain furniture store in 1990 and by 1992 the store became a work-site for the Work Experience Program, a job-training and life skills enterprise that has had a powerful, positive impact in the area. APAC’s bargain furniture store provides quality jobs in a safe and caring environment.
- Detroit Midtown Micro Enterprise Fund, Detroit, MI, $25,000
DMMEF is dedicated to providing funds to re-lend to underserved sole proprietorships and small business enterprises that do not have access to traditional bank financing. These loans are designated for three distressed neighborhoods of Detroit, Hamtramck and Highland Park to enhance the impact of the program.
- Institute of Women Today, Chicago, IL, $35,000
IWT is a nonprofit community-based organization dedicated to advocating on behalf of women and children in Chicago. Their facilities provide food, shelter and programs for more than 200 women and children each year. IWT works with women to alleviate the situation that caused the homelessness in addition to offering socialization, activities, educational opportunities and nutritious meals for over 100 seniors each weekday.
- Kentuckians for the Commonwealth (KFC), London, KY, $50,000
KFC is a non-profit social, economic, political and environmental justice citizen’s action organization. Since their founding in 1981, they have worked hard to become an effective statewide membership organization. They are direct action organizers that educate, motivate and activate and extremely wide range of citizens to work for change in many issue area from fair taxation, property ownership, environment, leadership and fair wages.
Total New and Renewed Loans: $356,500
Currently held certificates of deposits are in community banks and credit unions, as follows:
- Appalachian Federal Credit Union, Berea, KY, $50,000
- First Delta Federal Credit Union, Marks, MS, $75,000
- Hope Community Credit Union, Jackson, MS, $100,000
- Latino Community Credit Union, Durham, NC, $100,000
- National Federation of CDCU’s, NY, NY, $100,000
- Mission Area Federal Credit Union, San Francisco, CA, $75,000
- Native American Bank, Browning, MT, $50,000
- Northeast Community Federal Credit Union, San Francisco, CA, $50,000
- Santa Cruz Community Credit Union, Santa Cruz, CA, $50,000
- Sisseton-Wahpeton Credit Union, Agency Village, SD, $75,000
- Southern Development Bancorp-First National, W. Helena, AK, $50,000
Total Current and Renewed Deposits: $775,000
- First Delta Federal Credit Union, $25,000
- Mission Area Federal Credit Union, $25,000
- Sisseton-Wahpeton Federal CU, $25,000
Total Increased Deposits: $75,000
- Hope Community Credit Union, $100,000
- Latino Community Credit Union, $100,000
- National Federation of Community Development CU, $100,000
Total New Deposits: $300,000
Overall Total Loans and Deposits, during the period: $1,131,500
