Episcopal Church Economic Justice Loan Committee invests in five community loan funds
N. Kurt Barnes, Treasurer and Chief Financial Officer, announced that the Episcopal Church Economic Justice Loan Committee (ELJC) recently approved five investments in community development financial intermediaries, totaling $1.4 million.
"We are happy to approve new loans with groups like Main Street Launch and FFCC,” noted Warren Wong, ELJC chair. “Both have innovative programs targeted for their communities. The EJLC also renewed and increased our commitment for micro-lending in Haiti with Fonkoze."
Nebraska Enterprise Fund, Oakland, NE - $300,000
Nebraska Enterprise Fund’s mission is to support Nebraska micro and small businesses by providing capital, training programs and technical assistance. Nebraska Enterprise Fund envisions a vibrant Nebraska where every small and micro business has an opportunity to excel.
Local Enterprise Assistance Fund (LEAF), Brookline, MA - $250,000
LEAF’s mission is to promote human and economic development by providing financing and development assistance to community-based and employee-owned businesses that create and save jobs.
Main Street Launch Oakland, CA - $300,000
Main Street Launch’s mission is to create economic opportunity by empowering entrepreneurs. Through innovative partnerships, Main Street Launch provides business owners with capital, education, and relationships that allow them to flourish.
Finance Fund Capital Corporation, Columbus, OH – $300,000
Finance Fund Capital Corporation, a community development financial institution with a $27 million loan portfolio, is based in Columbus, OH and promotes economic revitalization and community development by providing access to capital.
Fonkozé – Port-au-Prince, Haiti - $250,000
Dubbed Haiti's largest microfinance institution, this loan is the second made by the EJLC. The main organization is based in Washington, DC.
Economic Justice Loan Committee
The Economic Justice Loan Fund is an economic justice ministry through which the Episcopal Church part of its investment assets to provide capital for communities and groups that lack full and equal access to financial resources. Loans have been made in the United States and internationally to support community economic development, affordable housing, job creation and other avenues of mission. The Fund was created in 1998 by the Executive Council. It combines two prior loan programs that had existed since 1988 and makes up to $7 million available. Loans are made to financial intermediaries, usually in amounts between $150,000 and $350,000, and usually for terms of three to five years. 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. Loans are not made to individuals or for individual projects.
Members and their dioceses are: Warren Wong, Chair, California; Dianne Aid, Olympia; the Rev. Kimberly Jackson, Atlanta; the Very Rev. Will Mebane, Western New York; Bishop Rodney Michel, Pennsylvania; the Rev. Andrew Walter, Washington; Presiding Bishop Michael B. Curry, Ex Officio; President of the House of Deputies the Rev. Gay Clark Jennings, Ex Officio; and staff members N. Kurt Barnes, Treasurer and Chief Financial Officer; Margareth Crosnier de Bellaistre, Director, Investment Management and Banking; Nancy Caparulo, Committee Support; and Jose Gonzalez, Accountant.
For more info
For information contact Crosnier de Bellaistre.