Episcopal Church Economic Justice Loan Committee awards two loans to national community development organizations
The Episcopal Church Economic Justice Loan Committee has awarded two loans totaling more than $600,000 to community development organizations to assist in affordable housing and small business development in areas that lack access to traditional lending.
The Economic Justice Loan Committee granted $300,000 in loans to the Rural Community Assistance Corporation (RCAC) of Sacramento, CA to provide financing for affordable housing, community facilities, and water and wastewater systems. http://www.rcac.org/
Also, the Economic Justice Loan Committee granted $325,000 in loans to the Opportunity Resource Fund of Detroit, MI, an interfaith loan fund, to provide small business loans and investing in housing. www.oppfund.org
Through the Episcopal Church Executive Council Economic Justice Loan Funds, administered by the Economic Justice Loan Committee, loan funds are available for mortgages, small business loans, community economic development, affordable housing, job creation and other avenues for the mission and ministry of the Episcopal Church. Loan applicants do not have to be affiliated with the Episcopal Church; however, applicants and recipients must have the endorsement of their local Episcopal bishop.
Established in 1988 through Resolution C030 by General Convention and in 1989 by the Episcopal Church Executive Council, the Economic Justice Loan Committee administers a loan portfolio of $7 million in Church assets. Loans, usually between $150,000 to $350,000, are granted for a term of three to five years to organizations; individuals are not eligible for the EJLC loans.
Members and their dioceses are: Bishop John Chane, Washington; the Rev. Maurice Goldsmith, Texas; Sr. Francisco Quiñones Gonzalez, Puerto Rico; Toni H. McGauley, East Tennessee; William B. McKeown, New York; the Rev. Dr. Richard Tolliver, Chicago; Lindsey Parker, Massachusetts; Thomas Bernardin, Jr., consultant, Western Massachusetts; Margareth Crosnier de Bellaistre, finance staff liaison; the Rev. Christopher A. Johnson, Program Officer for Jubilee Ministries, Social Justice and Poverty Alleviation. (Member list as of June 30)
For more info
For information contact Margareth Crosnier de Bellaistre, Episcopal Church Director of Investment Management and Banking.
The Episcopal Church: www.episcopalchurch.org