tag:blogger.com,1999:blog-25738718331114091582024-03-13T02:27:31.697-07:00Life-Changing ReturnsIt’s a win-win. Earn a financial return while lifting families out of poverty.Calvert Foundationhttp://www.blogger.com/profile/17167636058246018157noreply@blogger.comBlogger44125tag:blogger.com,1999:blog-2573871833111409158.post-64674712986368010222012-01-17T11:52:00.001-08:002012-01-17T11:53:45.378-08:00We've Moved!The Calvert Foundation Life-Changing Returns blog has moved to its new<br />
home! Please <a href="http://www.calvertfoundation.org/blog/">join us here</a> and update any links or bookmarks. We look<br />
forward to continuing our journey together, earning a financial return<br />
while lifting families out of poverty.<br />
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<a href="http://www.calvertfoundation.org/blog/">Visit the New Life-Changing Returns Blog</a>Calvert Foundationhttp://www.blogger.com/profile/17167636058246018157noreply@blogger.com1tag:blogger.com,1999:blog-2573871833111409158.post-35243841958602245682011-12-28T08:15:00.000-08:002011-12-28T08:15:31.459-08:00Keeping the Faith<i>By Patrick Davis, Calvert Foundation Senior Associate.</i><br />
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In November, after returning from the Resource Center for Religious Institutes (RCRI) Conference in St. Louis, I was moved to write about my experience for <a href="http://www.unsectored.net/keeping-the-faith/" target="_blank">the UnSectored blog</a>. Now, a few weeks later, I wanted to share a version of that post with readers of Calvert Foundation’s blog. <br />
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RCRI is primarily a conference for religious treasurers to learn about developments in financial management that relate to their ministry. Not surprisingly, topics in Socially Responsible Investing are particularly prominent, and so I attended on behalf of <a href="http://www.calvertfoundation.org/" target="_blank">Calvert Foundation</a>. There I was joined by many impact investing (or community investing) organizations including <a href="http://www.oikocredit.org/en/home" target="_blank">Oikocredit</a>, <a href="http://www.pcgloanfund.org/site/c.ljJUJ8MOIsE/b.4325373/k.BE11/Home.htm" target="_blank">Partners for the Common Good</a>, <a href="http://www.leviticusfund.org/" target="_blank">Leviticus Fund</a>, <a href="http://www.hope-ec.org/" target="_blank">Hope Enterprise Corporation</a>, <a href="https://www.upbnk.com/personal" target="_blank">Urban Partnership Bank</a>, and <a href="https://www.mercyhousing.org/" target="_blank">Mercy Loan Fund</a>, among others.<br />
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I was fortunate enough to spend some time with many great people, but I especially appreciated the chance to reconnect with two nuns that I’ve worked with previously. Sister Pam Buganski of the <a href="http://www.toledosnd.org/" target="_blank">Sisters of Notre Dame</a> and Sister Corinne Florek of the <a href="http://rcif.org/" target="_blank">Religious Communities Investment Fund</a> are each forces of nature in their own right – inspiring, compassionate, tireless advocates for social justice...and new thinking in finance. <a href="http://calvertfoundation.blogspot.com/2010/11/sister-corinne-florek-true-leader-of.html" target="_blank">Sister Corinne has been featured in this blog before</a>, for her work using impact investing principles to care for retired nuns while supporting people in underserved communities <br />
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My conversations with the sisters reminded me of the faith community’s special and often unrecognized place in the development of what we now call impact investing. More than 30 years ago, faith-based investors began to point to scripture as a basis for moving real assets into the community development space. In fact, the faith community provided critical seed funding that jump-started countless community loan funds and microfinance institutions that we know well today. For more background, check out the <a href="http://www.community-wealth.org/_pdfs/tools/cdfis/tool-SIF-faith-based-cmty-invest.pdf" target="_blank">Community Investing Toolkit for the Faith Community report</a> from the Social Investment Forum Foundation. <br />
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Congregations and religious retirement funds continue to be some of the most significant contributors to impact investing institutions, and this commitment to social justice through investment was established decades prior to the current excitement about impact investing. As an industry, impact investing cannot realize its vision without understanding its roots. Faith communities have continued to support the industry when it’s been difficult, unpopular, or in glaring contradiction to the prevailing financial philosophies of the day. <br />
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Flying home from RCRI, I found myself reflecting on the recent buzz around impact investing. The industry has attracted interest from a wide range of institutions - some are drawn to impact investing because they believe in the potential for market-beating returns in the long run, others because it allows for the integration of social or environmental values in investment portfolios. Perhaps the most fascinating aspect of the impact investing movement is that serves such a wide spectrum of beliefs and values, and as such, transcends common political, religious, and social boundaries.<br />
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In the melting pot of all those beliefs and values, though, there have been only a handful of steadfast supporters. In our culture, we approach hot new things with both enthusiasm and trepidation. As it was described to me recently, everyone wants to be the “first second” adopter of a new behavior. When it comes to impact investing, the faith community has been quite the opposite – jumping in with both feet. With values systems firmly rooted in concepts of equity and social justice, faith-based institutions have contributed enormously to the development of the impact investing industry. Personally, I’m deeply grateful to Sister Pam, Sister Corrine, and the countless other supporters of our work that I get to see each year at RCRI. In years to come, I hope that our supporters in the faith community earn as much benefit from their investment as we have from their involvement.Calvert Foundationhttp://www.blogger.com/profile/17167636058246018157noreply@blogger.com1tag:blogger.com,1999:blog-2573871833111409158.post-23995719106057198882011-12-22T07:51:00.000-08:002011-12-22T07:51:57.107-08:00A Warm Welcome to the Newest Additions to the Calvert Foundation TeamAs if having the chance to change the world by providing opportunity to the underserved weren’t enough, we at Calvert Foundation also have the great privilege of working with a team of dedicated and talented professionals. Working hard each day, it’s easy to get caught up in our to-do lists and hectic schedules. But when we have a new hire in our midst, it helps to remind us why we’re here, the pride we feel in our mission and our work. <br />
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And so it is with great pleasure that we extend a warm welcome to these new additions to the Calvert Foundation team.<br />
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<a href="http://www.calvertfoundation.org/about/management/277-bio-godschalk" target="_blank">Catherine Godschalk </a><br />
Prior to joining Calvert Foundation in July, as the new leader of the domestic lending team, Catherine was the Washington, D.C., Regional Office Director at Self-Help Ventures Fund, where she led the organization’s efforts to provide more than $33 million in financing to support commercial real estate, affordable housing, charter schools, and other community facilities in underserved areas around the Washington, D.C., metropolitan area. Catherine also led Self-Help’s national Foreclosure Recovery Initiative, developing loan products and lending capital designed to support the redevelopment single family and multifamily foreclosed properties. <br />
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<a href="http://www.calvertfoundation.org/about/management/278-bio-grossman" target="_blank">Michael Grossman</a><br />
Our new Manager of International Lending, Michael was previously a Senior Advisor to McKinsey & Company’s Social Sector Office where he worked on economic development assignments with a focus on the financial sector and inclusive agriculture development. In addition, Michael led the creation of the African Development Bank’s $1 billion trade finance initiative and developed small enterprise financing strategies for two African governments.<br />
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<a href="http://www.calvertfoundation.org/about/management/276-bio-ducey" target="_blank">John Ducey</a><br />
John Ducey brings 23 years of community development experience to Community Investment Partners, a subsidiary of the Calvert Foundation. As Vice President, John is responsible for CIP's $120+ million asset management business, in addition to direct client portfolio management duties. For the previous five years, John worked at Enterprise Community Investment Inc. (Enterprise). As a Vice President there, he was responsible for the company's placement of equity for workforce housing and New Markets Tax Credit (NMTC) investments targeted at mixed-use and commercial developments.<br />
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<a href="http://www.calvertfoundation.org/about/management/279-bio-tran" target="_blank">Richard Tran</a><br />
Richard brings more a decade of experience in telecommunications networking technologies for both non-profit and corporate sector organizations to his role as Manager of Information Technology. Prior to joining Calvert Foundation in 2011, Richard served as a Network and Telecommunication Administrator at Calvert Investments, where he managed multiple projects from development to implementation. In addition to his great people skills, Richard brings a wealth of experience in technology and strategic solution analysis to Calvert Foundation.Calvert Foundationhttp://www.blogger.com/profile/17167636058246018157noreply@blogger.com0tag:blogger.com,1999:blog-2573871833111409158.post-1125962477412993152011-12-20T08:28:00.000-08:002011-12-20T08:43:39.199-08:00Celebrating Communities, the Holidays, and You<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgPX5Gjeb4Eu1kdORRH_VhDszVB83OxvpKLt0Nx-y0on-wInCCyvkB5wV1msPy2SbOOnKn-RIL4R_TQBCanPodqbzw_WitPDjvZkrAZSkD0m8DUh1sXdpZEyqTZ8jAUYZDG-1TuN4082_61/s1600/holidayheader.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="171" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgPX5Gjeb4Eu1kdORRH_VhDszVB83OxvpKLt0Nx-y0on-wInCCyvkB5wV1msPy2SbOOnKn-RIL4R_TQBCanPodqbzw_WitPDjvZkrAZSkD0m8DUh1sXdpZEyqTZ8jAUYZDG-1TuN4082_61/s320/holidayheader.jpg" width="320" /></a></div><br />
Dear Friend,<br />
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Every day, we at Calvert Foundation hear stories that give us hope for a brighter future. Every day, people use capital from our investors and donors to start new businesses, build affordable homes and make their communities better. Every day, new investors buy the Community Investment Note and align their investments with their values, earning social returns along with financial returns.<br />
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We also see the issues of economic disparity and uncertainty on the front page every day. Since 1995, Calvert Foundation has been working to create opportunities for hard-working people in the U.S. and around the world so they can create better lives for themselves, their families, and their communities. As we count our blessings this year, we ask you to make a donation to Calvert Foundation. As a nonprofit, we rely on donations to leverage investor capital and transform lives.<br />
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<strong>We’re proud of our impact:</strong><br />
<ul><li>$104 million to help create jobs and grow businesses</li>
<li>$65 million to ensure that families have decent affordable homes</li>
<li>$30 million for community facilities, like charter schools, health care centers and arts facilities</li>
<li>$4 million for fair trade and sustainable agriculture</li>
</ul><strong>A few highlights from 2011:</strong><br />
<ul><li>Completed the first phase of an intensive strategic visioning process to position Calvert Foundation to better serve investors, donors, and communities in need (stay tuned!)</li>
<li>Worked with partners to launch the $200 million <a href="http://www.calvertfoundation.org/healthy-foods-initiatve">FreshWorks Fund</a>, supporting the availability of healthy food and jobs in California</li>
<li>Participated in the first-ever <a href="http://calvertfoundation.blogspot.com/2011/07/white-house-provides-visibility-to_15.html">White House event on “Building an Impact Economy”</a></li>
<li>Earned media coverage from <em><a href="http://www.forbes.com/sites/rahimkanani/2011/10/20/lisa-hall-of-the-calvert-foundation-on-impact-investing-an-in-depth-interview/">Forbes</a></em>, the <em><a href="http://www.huffingtonpost.com/jonathan-lewis/virtuous-investment-options_b_941344.html">Huffington Post</a></em>, and the <em><a href="http://www.washingtonpost.com/wp-dyn/content/article/2011/01/23/AR2011012303542.html">Washington Post</a></em></li>
<li>Added phenomenal new staff including <a href="http://www.calvertfoundation.org/about/management/276-bio-ducey" title="John Ducey Bio">John Ducey</a>, <a href="http://www.calvertfoundation.org/about/management/277-bio-godschalk" title="Catherine Godschalk Bio">Catherine Godschalk</a>, <a href="http://www.calvertfoundation.org/about/management/278-bio-grossman" title="Michael Grossman Bio">Michael Grossman</a>, and <a href="http://www.calvertfoundation.org/about/management/279-bio-tran" title="Richard Tran Bio">Richard Tran</a></li>
</ul>As we look forward to 2012 and all of the opportunities a new year represents, we wanted to take a moment to thank you. It is your engagement, compassion and interest that make our work possible. This holiday season, we at Calvert Foundation send our best wishes to you, your families, and friends.<br />
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<em>Lisa Hall</em><br />
<em> President and CEO, Calvert Foundation</em>Calvert Foundationhttp://www.blogger.com/profile/17167636058246018157noreply@blogger.com0tag:blogger.com,1999:blog-2573871833111409158.post-37699860533763594792011-12-12T09:23:00.000-08:002011-12-12T09:23:16.377-08:00Building Trust Through Information<i>This post, by Christina Conrad Cuenca, Manager, Lending and Advisory Services, was originally published on November 2, 2011, in the <a href="http://blog.microplace.com/2011/11/building-trust-through-information.html?spref=tw" target="_blank">Microplace blog</a>. </i><div><br />
</div>Impact investing has been getting a lot of great publicity lately, but that doesn't necessarily translate into comfort for investors. Knowledge and information, on the other hand, do. Which is one of many reasons we are so glad to be a part of the Global Impact Investing Rating System, or GIIRS, an independent third party that assesses the social and environmental impact of companies and investment funds.<br />
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<a href="http://giirs.org/">GIIRS</a> is a project of B Lab, one of our borrowers, and was announced officially in September at the Clinton Global Initiative meeting in New York.<br />
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Calvert Foundation is one of the “<a href="http://www.calvertfoundation.org/about/news-and-press-releases/257-press-release-giirs-launch">15 Pioneer Investors</a>” who have declared a preference for GIIRS-rated funds and companies in their impact investing decision process. Furthermore, our participation in this is a signal to more mainstream institutions and investors that credible metrics on impact are necessary for impact investing to succeed. <br />
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As the head of Calvert Foundation's risk management team, I take a special interest in encouraging efforts such as GIIRS. One of the great challenges we face in evaluating investment opportunities is a lack of standard metrics across sectors (such as affordable housing and microfinance) and organizational models (such as social enterprises and co-operatives). While we have been successful at navigating our way through these challenges - often by creating our own metrics and screens - the industry as a whole has a better chance to grow and thrive if there is a third-party rating system that investors can turn to for information and comparison.<br />
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GIIRS, which has an aggressive five-year plan to provide ratings for more than 2,500 companies and over 350 funds, typically rates venture capital and private equity funds and for-profit companies. Because of this, most of the organizations we invest in wouldn't qualify yet - and neither (as a 501c3) would we. Because of Calvert Foundation's complex model, we often don't quite fit into a defined model, but we are working with GIIRS and the industry at large to change this, one step at a time.Calvert Foundationhttp://www.blogger.com/profile/17167636058246018157noreply@blogger.com0tag:blogger.com,1999:blog-2573871833111409158.post-81350396458963556432011-11-28T10:29:00.000-08:002011-11-28T10:29:09.259-08:00CDFIs: Americans Investing in Americans<i style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 18px;">By Noelle St. Clair, Investor Relations Associate</i><br />
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi9eIVxsPqSAsvy4hP0aMhDno9-PMyuTGeb9dYrYPorxTed7KbaN0RhjDbJYd6TlDeWwfLhUuhqYkTUkiwiqjwY2WBIG8eEGJ8e2FOlUFa1_EEGsQxv0jVoAVf-_irMo1zaN9QzM73i_6Qw/s1600/StClairN_150w.jpg" imageanchor="1" style="clear: right; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi9eIVxsPqSAsvy4hP0aMhDno9-PMyuTGeb9dYrYPorxTed7KbaN0RhjDbJYd6TlDeWwfLhUuhqYkTUkiwiqjwY2WBIG8eEGJ8e2FOlUFa1_EEGsQxv0jVoAVf-_irMo1zaN9QzM73i_6Qw/s1600/StClairN_150w.jpg" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Noelle St. Clair</td></tr>
</tbody></table>I recently traveled to Minneapolis for the 2011 <a href="http://www.cvent.com/events/the-2011-opportunity-finance-network-conference/event-summary-d6e0162d89954be38a82e68ae81083f5.aspx" target="_blank">Opportunity Finance Network conference</a> with Calvert Foundation Marketing Manager, Carrie Hutchison. Since Carrie and I have traveled together quite a bit lately, I know never to get between her and her Starbucks! To someone whose knowledge of caffeinated beverages is pretty much limited to plain coffee or tea, trying to decipher the intricate orders at Starbucks feels like a quasi-foreign experience for me. I did, however, stop into my local Starbucks before the trip to pick up my <a href="http://www.createjobsforusa.org/" target="_blank">Create Jobs for USA</a> wristband. <br />
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The proceeds from the sale of these wristbands will be donated to <a href="http://www.opportunityfinance.net/" target="_blank">Opportunity Finance Network (OFN)</a>. Calvert Foundation is a proud member of OFN, the national network of Community Development Financial Institutions or “CDFIs.” Starbucks recognized the good work CDFIs have been doing, delivering affordable capital to low-income and disadvantaged communities around the country, but also realized that the average person has no idea what a CDFI is or what it does. Through the Create Jobs for USA campaign, Starbucks is not only providing funding to OFN and CDFIs, but also helping the industry to receive national recognition. By “buying” and wearing these wristbands, people across the nation are creating jobs for Americans, while simultaneously raising awareness of CDFIs. <br />
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Americans, including me, are often quick to complain about the problems in our country. When a solution to a problem becomes apparent, it is empowering to become part of that solution. This is one of the reasons I enjoy working at <a href="http://www.calvertfoundation.org/" target="_blank">Calvert Foundation</a> so much. Calvert Foundation is lending to more than 60 CDFIs that are creating jobs in America. More importantly, Calvert Foundation is funded by individual investors looking to become part of the solution to some of our country’s most pressing problems. Americans helping Americans, people investing in people – this is what Calvert Foundation does and this is what OFN and Starbucks are doing with the Create Jobs for USA campaign. <br />
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There was definitely a buzz at the OFN conference about the campaign and the partnership with Starbucks. Adam Brotman, VP of Digital Ventures for Starbucks, spoke at the conference, specifically about Starbucks’ commitment to communities and their efforts outside of the new campaign. Adam had an impressive list, including the fact that Starbucks has been an investor in the Calvert Foundation Community Investment Note for almost 10 years. We are appreciative of the support that Starbucks has given and continues to provide for organizations doing the type of work that we do. Personally, I was very impressed by Starbucks and although I don’t think I’ll ever have a VIP Gold discount card like my caffeinated friend Carrie, I just might have to stop in a bit more frequently for a Tall Soy Sugar Free Cinnamon Dolce Latte! <br />
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Learn more about CDFIs by watching this great <a href="http://www.youtube.com/user/OpportunityFinance?blend=7&ob=5#p/a/u/0/ht6VzuLt65U" target="_blank">video</a> created by Citi Foundation and OFN!<br />
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</div><div><iframe allowfullscreen="" frameborder="0" height="315" src="http://www.youtube.com/embed/ht6VzuLt65U" width="560"></iframe></div>Calvert Foundationhttp://www.blogger.com/profile/17167636058246018157noreply@blogger.com0tag:blogger.com,1999:blog-2573871833111409158.post-9736520563770492452011-10-26T11:14:00.000-07:002011-10-26T12:12:33.238-07:00Water and Sanitation: A Quadruple Bottom Line Investment<div><i>By Anthony Randazzo, CFA, Senior Investment Officer</i></div><div><br />
</div>Something ironic happened to me the day before I spoke on a Water and Sanitation panel at the <a href="http://www.impactinvesting-usa.com/">Impact Investing Summit</a> in Washington, D.C. <br />
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I entered the kitchen at 6:30 in the morning to make my first dose of coffee, but when I reached for the faucet to fill up the kettle, no water came out - just an annoying hissing sound. A water main had burst in the middle of the night, knocking out the water supply in our entire neighborhood. <br />
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If you are like me, then you believe things happen to you for a reason. So, it occurred to me as I stood in my kitchen wondering how I was going to get ready for work that perhaps I was meant to feel solidarity that morning with the 884 million people in the developing world who live without clean water every day. We take clean water for granted, so what better way to prepare a heartfelt presentation on water than to live without it for a day? <br />
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Personal water deprivations aside, the Impact Investing Summit provided me an opportunity to interact with commercial and institutional investors from across the financial spectrum to discuss how to use investment to alleviate poverty and address environmental issues. The panel discussion on Water and Sanitation was well received and I, along with co-panelists Rich Thorsten from <a href="http://water.org/">Water.org</a> and D. Paul Sathianathan, of <a href="http://www.guardianmfi.org/">Guardian</a>, fielded questions about what we do, how our organizations tackle the water and sanitation scarcity issue and why we have chosen to work in this space. <br />
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To date, the Calvert Foundation has invested approximately $4 million in social impact investments for improved water and sanitation. Most of this has been indirect, through loans to financial intermediaries that have invested in water and sanitation, but we also have a direct investment in <a href="http://www.ehealthpoint.com/">E-Healthpoint</a>, a social enterprise that provides clean water and affordable healthcare in rural India. Why is Calvert Foundation interested in this sector? There are two main reasons. <br />
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi4jdMwImnmyaaKnJDT1nCC7YOwsXo0bLUWi1VYk7Z-5wf22XeAHFnZsJQGEtRWJ99Wl17GwUuAf9Cb_kgjNyTpRdMrtPGx_cSEu4cmtqZchKd7rK9K-tATevVmoEg4RIqDpMUWtYLuaFv9/s1600/h2oblog.jpg" imageanchor="1" style="clear: right; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi4jdMwImnmyaaKnJDT1nCC7YOwsXo0bLUWi1VYk7Z-5wf22XeAHFnZsJQGEtRWJ99Wl17GwUuAf9Cb_kgjNyTpRdMrtPGx_cSEu4cmtqZchKd7rK9K-tATevVmoEg4RIqDpMUWtYLuaFv9/s1600/h2oblog.jpg" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"> <div class="p1">A woman selling drinking water on the </div><div class="p1">streets of Mumbai in India. Proof that water can</div><div class="p1"> generate income for the working poor. </div><div class="p1"><i>Photo by Anthony Randazzo</i></div></td></tr>
</tbody></table><b>A “quadruple bottom line” </b><br />
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For one, if done right, investing in water and sanitation can be a rewarding proposition. We have all heard of companies that generate a “double bottom line” i.e. that generate both financial returns and a “social” return (i.e. reduce poverty). However, water can achieve at least four types of impact, producing what I like to call a “quadruple bottom line.” <br />
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<ul><li><b>It can have a direct impact on health.</b> Waterborne diseases are a major cause of diarrhea and other illnesses that kill poor people in developing countries. It is estimated that 1.5 million children under the age of five die every year as a result of water and sanitation-related diseases.</li>
<li><b>It can have a gender impact. </b>Women and girls shoulder 72% of the burden for collecting water for the household. By freeing up their time, women can live more productive lives and girls can spend more time in school. </li>
<li><b>It can have a positive economic impact. </b>Clean water can generate revenue for the family if it is sold or used to maintain a small business. It can also translate into increased savings if better health means higher productivity or less money spent on healthcare. </li>
<li><b>Finally, water can have a conflict resolution impact. </b>We live in a world where countries enter into conflict over scarce resources. It is not inconceivable that countries will one day fight over water. By investing in clean water today, we can reduce the likelihood that conflicts over water will happen tomorrow. Better water resource management can also improve food security. </li>
</ul><b>Social and Environmental Impact </b><br />
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The other reason why Calvert Foundation is interested in water and sanitation is because our investors are increasingly interested in achieving both a social return on their investment as well as an environmental impact. However, finding investments that reduce poverty, solve environmental problems, and produce a stable return can be challenging. <br />
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We need to keep in mind that there are 2.6 billion people without access to improved sanitation in addition to the 880 million without clean water. Those are large numbers, so you need to harness the private sector to find a solution to these problems. The failure of governments to provide these public services in the developing world has meant that the private sector has had to step in to try to fill the void with “off-grid” solutions. In fact, there are many simple, affordable off-grid solutions available to provide clean water and improved sanitation at the base of the economic pyramid. These range from household water purification systems, to rainwater harvesters, to simple pit latrines. <br />
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However, finding the right business model that can deliver such products and services at scale and at an affordable price can be a challenge. There are many organizations out there focused on addressing the water and sanitation issue, but in my experience, most are donor-dependent and few are set up to harness the private sector in a sustainable, scalable manner. The carbon-offset market might provide an answer, since off-grid water purification provides an alternative to boiling, but it remains to be seen if this additional revenue can be tapped as successfully by the water sector as it has by the renewable energy sector. It may be that social enterprises in the water and sanitation sector are today where microfinance institutions were 15 years ago, i.e. still reliant on donor funding to absorb start-up costs and stimulate private investment. <br />
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In September of 2010, the Human Rights Council recognized the right to water and sanitation as legally binding under international law. This will help to underscore the responsibility of governments to deliver water and sanitation to their citizens, but it will take time and resources for the public sector to bridge the gap. For this reason, we have to continue to find market-led solutions to the problem since charity alone will not get us there. <br />
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Moreover, we all need to be reminded that water is a scarce resource, and not having it for a day will make you realize (as I did) that <i>you can</i> get ready for work with very small quantities of water (from my tea kettle and Brita water filter).Calvert Foundationhttp://www.blogger.com/profile/17167636058246018157noreply@blogger.com1tag:blogger.com,1999:blog-2573871833111409158.post-23055481738025900722011-10-13T10:17:00.000-07:002011-10-13T10:17:22.922-07:00Grateful Reflections on the Big Easy<i>By Art Stevens, Vice President, Sales and Marketing</i><br />
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<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEilxFeJLhdeZK9PFeyuzKaF-PTxVGwTvCY4ReHjZMOyoYMZnvpSgQ7mUGCzYs_YCJr-9HM3rRIz6zqz5eiZPoZak4tIhp2JQhqvFoJs2bRB35nN5qi7BVKwZxJgx5BRxeDS8R-NaZmTPqHi/s1600/SRI-logo.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEilxFeJLhdeZK9PFeyuzKaF-PTxVGwTvCY4ReHjZMOyoYMZnvpSgQ7mUGCzYs_YCJr-9HM3rRIz6zqz5eiZPoZak4tIhp2JQhqvFoJs2bRB35nN5qi7BVKwZxJgx5BRxeDS8R-NaZmTPqHi/s1600/SRI-logo.jpg" /></a></div>I usually start looking forward to the next <a href="http://www.sriintherockies.com/">SRI in the Rockies</a> conference about three days after the last one ends, and I’ve caught up on some sleep. I had to add a little extra recovery time after this year’s event in New Orleans, but my anticipation for 2012 is already building. SRI in the Rockies may have strayed geographically from its mountain roots, but even after 22 years, its soul is firmly grounded.<br />
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Each year this event brings together hundreds of friends to celebrate our shared commitment to an economic system that balances the needs of the one with the needs of the many, creating opportunity while pursuing justice. And each year I am thrilled to meet dozens of people new to the conference (and sometime to the industry) who bring with them new energy and fresh perspectives. Most of all I get to spend time with our amazing team.<br />
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In one moment SRI in the Rockies provides a great view of the amazing progress we have made in the past two decades, a perspective easily lost in our day-to-day work. The next moment it challenges us to take an unblinking look at where we are - even to get a little ticked off - before sending us back into the arena. Like a true friend, the conference is a forum for asking the tough questions that challenge us to be better, and also a place to share a dance and remember that we are all in this together.<br />
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This year, Noelle St. Clair (Investor Relations Associate at Calvert Foundation and an SRI-R first-timer) and I had the further privilege of seeing the real-life results of our investors’ efforts. We visited the Treme neighborhood and met Mr. Brumfeld, a 63-year-old wheelchair-bound man. He spent the night Katrina hit on a bridge with hundreds of others, then five days in the Convention Center, before being relocated to another state for more than three years. My first reaction to stories like his is still disbelief that this can happen in America.<br />
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Thanks to the support of our advisors and investors, and the great work of <a href="http://www.enterprisecommunity.org/">Enterprise</a>, our partner in the field, Mr.Brumfeld is now back in his familiar neighborhood, in a healthy, secure, and fully accessible apartment. His smile tells the story more effectively than any words I can compose, which is why we are excited to be producing a video to share his story along with other great successes from our partners in New Orleans like <a href="http://www.hope-ec.org/">Hope Enterprise Corporation</a>.Calvert Foundationhttp://www.blogger.com/profile/17167636058246018157noreply@blogger.com0tag:blogger.com,1999:blog-2573871833111409158.post-26815641896090924292011-09-30T08:04:00.000-07:002011-09-30T08:09:38.682-07:00Let’s “Travel Down this Road Together”<div class="MsoPlainText"><span style="font-family: "Tahoma","sans-serif"; font-size: 10pt;"><i>By Lisa Hall, President & CEO of Calvert Foundation </i></span></div><div class="MsoPlainText"><br />
</div><div class="MsoPlainText"><a href="http://www.cbcfinc.org/alc-2011.html" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg4VCtyi_wnG_hSATz_3D83EydbR-t5i4qD3hTtUq1m9viL5Y1R8RCekxJw24I2-RfzHBDreYVbjkn6nov251pmz87Fns1KDPNh-cFpmLXSmA_pShNMrx7FJxEGi00KgJPYpX9IVFbH2oz3/s1600/alc2011.jpg" /></a><span style="font-family: "Tahoma","sans-serif"; font-size: 10pt;">I was honored to participate last week as a speaker on a panel about the racial wealth gap in this country at the </span><a href="http://www.cbcfinc.org/alc-2011.html"><span style="font-family: "Tahoma","sans-serif"; font-size: 10pt;">Congressional Black Caucus Foundation’s annual conference</span></a><span style="font-family: "Tahoma","sans-serif"; font-size: 10pt;">. The energy was amazing, and I was so glad to bring the message of impact investing to such a diverse and dynamic audience.</span></div><div class="MsoPlainText"><br />
</div><div class="MsoPlainText"><span style="font-family: "Tahoma","sans-serif"; font-size: 10pt;">The highlight of the conference was, of course, </span><a href="http://www.whitehouse.gov/the-press-office/2011/09/24/remarks-president-congressional-black-caucus-foundation-annual-phoenix-a"><span style="font-family: "Tahoma","sans-serif"; font-size: 10pt;">President Barack Obama’s remarks</span></a><span style="font-family: "Tahoma","sans-serif"; font-size: 10pt;"> at the event’s Annual Phoenix Awards Dinner. In his address to “the conscience of the Congress,” President Obama spoke about the importance of faith in our collective quest to move economic and social justice forward. </span></div><div class="MsoPlainText"><br />
</div><div class="MsoPlainText"><span style="font-family: "Tahoma","sans-serif"; font-size: 10pt;">One of the reasons I’m so excited to be leading Calvert Foundation is because I believe so deeply and personally in this work that we do, connecting investors to social causes. I feel in many ways that I have always been sitting at this intersection of finance and doing good. My father was a social worker and activist in the civil rights movement, my mother a life-long school teacher and public servant. My personal story is one of a little girl from Baltimore whose parents and extended family put no limits on how much I could accomplish in this lifetime. And I believe there is no limit on what we can accomplish as a country if we collectively put our minds and our hearts to it. </span></div><div class="MsoPlainText"><br />
</div><div class="MsoPlainText"><span style="font-family: "Tahoma","sans-serif"; font-size: 10pt;">During the past few years, our economy has suffered greatly and yet the wealth is building at the top. The statistics are staggering. According to a recent </span><a href="http://pewresearch.org/pubs/2069/housing-bubble-subprime-mortgages-hispanics-blacks-household-wealth-disparity"><span style="font-family: "Tahoma","sans-serif"; font-size: 10pt;">Pew Research study</span></a><span style="font-family: "Tahoma","sans-serif"; font-size: 10pt;">, the median wealth of white households at $113,149 is 20 times that of black households at $5,677 and 18 times that of Hispanic households at $6,325. This staggering gap requires immediate action. </span></div><div class="MsoPlainText"><br />
</div><div class="MsoPlainText"><span style="font-family: "Tahoma","sans-serif"; font-size: 10pt;">Through impact investment, we create a virtuous circle of empowerment, opportunity, and respect by connecting investors to underserved individuals and communities. I’d like to point out here that making opportunity available to all Americans doesn’t have to be a divisive issue. It’s a fact that some of the most successful community development tools, such as the Low-Income Housing Tax Credit and the New Markets Tax Credit, have been bi-partisan efforts supported by both Republicans and Democrats in the past.</span></div><div class="MsoPlainText"><br />
</div><div class="MsoPlainText"><span style="font-family: "Tahoma","sans-serif"; font-size: 10pt;">Impact investing fits as a tool for economic growth that has no color – neither Red nor Blue. And I’m so glad our industry is finally getting some traction in the political sphere. I was excited to hear that </span><a href="http://www.stumbleupon.com/su/1BDXxa/www.good.is/post/meet-the-white-house-s-resident-social-entrepreneur/"><span style="font-family: "Tahoma","sans-serif"; font-size: 10pt;">Jonathan Greenblatt</span></a><span style="font-family: "Tahoma","sans-serif"; font-size: 10pt;">, a long time social entrepreneur and impact investing leader, was recently appointed to work with Melody Barnes, the head of Obama’s Domestic Policy Council. Jonathan will head the White House’s Office of Social Innovation and Civic Engagement where he will lead the Administration’s efforts to grow the Impact Economy.</span></div><div class="MsoPlainText"><br />
</div><div class="MsoPlainText"><span style="font-family: "Tahoma","sans-serif"; font-size: 10pt;">I want more people – from all communities – to be involved in the Impact Economy. Every investor can be part of the solution to closing the wealth gap. We need to act. I believe as President Obama said in his speech last Saturday and as I would like to reiterate on behalf of Calvert Foundation and the impact investing industry:</span></div><div class="MsoPlainText"><br />
</div><div class="MsoPlainText"><span style="font-family: "Tahoma","sans-serif"; font-size: 10pt;">“We have to do more to put people to work right now. We’ve got to make that everyone in this country gets a fair shake, and a fair shot, and a chance to get ahead. And I know we won’t get where we need to go if we don’t travel down this road together.”</span></div><div class="MsoNormal"><br />
</div>Calvert Foundationhttp://www.blogger.com/profile/17167636058246018157noreply@blogger.com0tag:blogger.com,1999:blog-2573871833111409158.post-77746493806531917432011-08-21T08:41:00.000-07:002011-09-08T09:01:15.015-07:00Fortune Favors the Bold<div class="MsoNormal"><span style="font-family: "Tahoma","sans-serif"; font-size: 10pt;"><i>By Lisa Hall, Calvert Foundation's President & CEO </i></span></div><div class="MsoNormal"><br />
</div><div class="MsoNormal"><span style="font-family: "Tahoma","sans-serif"; font-size: 10pt;">Last month I was honored to participate in the inaugural <a href="http://www.rockefellerfoundation.org/news/events/2011-innovation-forum">Rockefeller Foundation Innovation Forum</a> in the Chelsea Arts District of Manhattan along with one hundred other leaders in the social and private sector.<span style="mso-spacerun: yes;"> </span>It was a thought provoking event in a unique setting – Center 548 – an industrial warehouse space transformed into a conference center. The main entrance features a massive freight elevator that transported attendees to the second floor, where a large video screen showed an African women making her journey to bring water from a distant source to her home. It was a striking juxtaposition to the short distance we travelled from the elevator to a table overflowing with bottled water.<span style="mso-spacerun: yes;"> </span></span></div><div class="MsoNormal"><br />
</div><div class="MsoNormal"><span style="font-family: "Tahoma","sans-serif"; font-size: 10pt;">The Forum focused on water security, food security, and economic security in American cities, and encouraged revolutionary thinking on solutions to these problems. The forum began with an extraordinary panel moderated by Dr. Judith Rodin, the President of <a href="http://www.rockefellerfoundation.org/">Rockefeller Foundation</a>, who previously made history at my alma mater, the University of Pennsylvania, as the first permanent female president of an Ivy League university. Distinguished panelists included Dr. Paul Farmer of Harvard University and founder of the world renowned international development organization, <a href="http://www.pih.org/">Partners in Health</a> (PIH), and Nobel Prize winner Muhammad Yunus, who was an early advocate for – and some would say the inventor of – microfinance and founder of <a href="http://www.grameen-info.org/">Grameen Bank</a>. </span></div><div class="MsoNormal"><br />
</div><div class="MsoNormal"><span style="font-family: "Tahoma","sans-serif"; font-size: 10pt;">Their legendary accomplishments inspired me to think about the next chapter for Calvert Foundation and what innovation means in impact investment. We are currently engaged in a major strategic planning effort with the assistance of <a href="http://www.monitorinstitute.com/">Monitor Institute</a> to envision and plan for the future and ensure success in our next 15 years. As I think about new ideas for Calvert Foundation, I wonder what would be possible if we could build out options to popularize the use of self-directed IRAs for impact investments. Or if we could create an investment product that allowed non-profits with earned revenue models to raise money from individuals, something similar to equity that would provide these non-profits with sorely needed growth capital. Another possibility? What about syndicating Low Income Housing Tax Credits or New Markets Tax Credits for individual investors?</span></div><div class="MsoNormal"><br />
</div><div class="MsoNormal"><span style="font-family: "Tahoma","sans-serif"; font-size: 10pt;">With enough grant support, these could become more than just ideas. I’ve heard from many sources that workers are investing less in their 401k accounts – not only because they are they getting lower returns than they did historically, but also because they have no connection to their investments. Products like Calvert Foundation’s <a href="http://www.calvertfoundation.org/invest/how-to-invest/community-investment-note">Community Investment Note</a> and <a href="http://rsfsocialfinance.org/">RSF’s Social Investment Fund</a> allow investors to be connected to communities through programs like the <a href="http://www.cafreshworks.com/">California FreshWorks Fund</a>, which is financing distribution of fresh, healthy food to “food deserts” in low-income neighborhoods. Calvert Foundation has also helped other non-profits – such as affordable housing group <a href="http://www.enterprisecommunity.org/">Enterprise Community Partners</a> and international microfinance organization <a href="http://www.oikocredit.org/en/home">Oikocredit</a> – offer investment notes to their respective stakeholders. We are proud of our past innovations at Calvert Social Investment Foundation and we are poised to do more and take bigger risks in collaboration with others.<span style="mso-spacerun: yes;"> </span></span></div><div class="MsoNormal"><br />
</div><div class="MsoNormal"><span style="font-family: "Tahoma","sans-serif"; font-size: 10pt;">One of my favorite lines originates from the ancient Roman play <i style="mso-bidi-font-style: normal;">Aneid</i> by Virgil. It is often quoted and was recently referenced by Cheryl Sandberg, COO of Facebook, in her commencement address to the 2011 class of Barnard. In her speech Sandberg challenged the graduating women to take more chances personally and professionally – to do those things they would do “if they were not afraid.” After reading the transcript of Sandberg’s speech a few weeks ago, I haven’t been able to get the words out of my head: “Fortune favors the bold.” This quote resonated with me as I sat last month in the audience at the Innovation Forum and listened throughout the day.</span></div><div class="MsoNormal"><br />
</div><div class="MsoNormal"><span style="font-family: "Tahoma","sans-serif"; font-size: 10pt;">I think funders should be putting larger, longer-term dollars toward mountain-moving efforts, not just the new start-up idea. In other words, I think they should be making bigger bets. “Bet” might seem like a bad word in the philanthropic/nonprofit sector since “betting” implies risk. But that is exactly why I’m using it. You might lose, sure. But you also might win big and watch a grant leveraged over and over to help thousands of people. For example, the $50 million in net assets that the Ford Foundation gave to Self-Help in the late 90's has been truly transformative.</span></div><div class="MsoNormal"><br />
</div><div class="MsoNormal"><span style="font-family: "Tahoma","sans-serif"; font-size: 10pt;">This is not to say that smaller, shorter-term grants don’t have their place. They certainly do – Calvert Foundation could never have gotten off the ground if the great staff at the MacArthur Foundation didn’t bet on us years ago. But as government retracts and underserved communities are more in need than ever, there is a real opportunity to broaden impact. This is about more than the money – it’s about leadership and sending a signal to the larger philanthropic world about the importance of investing in big ideas and influential players. </span></div><div class="MsoNormal"><br />
</div><div class="MsoNormal"><span style="font-family: "Tahoma","sans-serif"; font-size: 10pt;">Aiming high, taking risk and being innovative is also about more than the money – it’s about leadership and encouraging the larger philanthropic and impact investing community, to invest in big ideas and influential leaders. When thinking about risk, I believe we should be asking ourselves, “What is the risk of NOT taking risk?”</span></div><div class="MsoNormal"><br />
</div>Calvert Foundationhttp://www.blogger.com/profile/17167636058246018157noreply@blogger.com0tag:blogger.com,1999:blog-2573871833111409158.post-16071057790833519242011-07-22T13:42:00.000-07:002011-08-01T11:17:33.148-07:00Launching the California FreshWorks Fund in Los Angeles<em>Calvert Foundation Relationship Manager Justin Conway traveled to Los Angeles, CA this week for the official launch of the FreshWorks Fund, California's new healthy foods financing initiative, which brings together a large and diverse group of partners to improve access to healthy food in the state's many food deserts.</em><br />
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj8oUy51JcLNa5Iu-zElWciLvHftOl4g5rg3Mj2F4pQZukYjdAT84RwIEydgXFJcBKr7Ux84qa_a9qYGTr_55jxd53OHb1ICwIAKGhqYwB8FgUedmMPNV9kp7YEITfSYa2RKj3ngvqT6_cm/s1600/ConwayJ_bio.jpg" imageanchor="1" style="clear: right; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj8oUy51JcLNa5Iu-zElWciLvHftOl4g5rg3Mj2F4pQZukYjdAT84RwIEydgXFJcBKr7Ux84qa_a9qYGTr_55jxd53OHb1ICwIAKGhqYwB8FgUedmMPNV9kp7YEITfSYa2RKj3ngvqT6_cm/s1600/ConwayJ_bio.jpg" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Justin Conway</td></tr>
</tbody></table><span style="font-family: "Tahoma","sans-serif"; font-size: 10pt; line-height: 115%;">I’m on the road quite a bit, especially on the West Coast, but somehow I’ve always managed to avoid Los Angeles, CA. It is by far one of the only big cities in North America where I haven’t spent some time. I’ve circled Southern California from just north of LA in Ventura, out off LA’s coast in the Channel Islands, to south around San Diego, but I’ve never been to LA. Never even flown through LAX. How can this be?<o:p></o:p></span><br />
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<span style="font-family: "Tahoma","sans-serif"; font-size: 10pt; line-height: 115%;">Then comes the <a href="http://www.calvertfoundation.org/healthy-foods-initiatve">California FreshWorks Fund</a>, spearheaded by The California Endowment that is based in LA. This new $200 million fund is designed to spur healthy food access and economic development in low-income communities throughout California. It is a partnership with The California Endowment, NCB Capital Impact, and many other <a href="http://www.cafreshworks.com/partners"><span style="color: blue;">great partners</span></a>. While the FreshWorks Fund was first announced by Michelle Obama on Wednesday at the White House, the official launch took place in LA on Thursday.<span style="mso-spacerun: yes;"> </span><o:p></o:p></span><br />
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgUgkUN6W1jyx1NhuLl0FEJXUsFt4M_il8INe8THer-ldfRvo4Gty3qjy-PFdzdrzDiamuyVG2zllGhJ6Bei67XY3W-pabe6ug8mptnjfRh95QPnF3QrUvbxeV0SCfB6ftgGMnYbnFiYyaa/s1600/Justin+%2526+Flavia_Freshworks.jpg" imageanchor="1" style="clear: left; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgUgkUN6W1jyx1NhuLl0FEJXUsFt4M_il8INe8THer-ldfRvo4Gty3qjy-PFdzdrzDiamuyVG2zllGhJ6Bei67XY3W-pabe6ug8mptnjfRh95QPnF3QrUvbxeV0SCfB6ftgGMnYbnFiYyaa/s1600/Justin+%2526+Flavia_Freshworks.jpg" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Justin with Flavia Romero of Microplace </td></tr>
</tbody></table><span style="font-family: "Tahoma","sans-serif"; font-size: 10pt; line-height: 115%;">So off to LA I go for the FreshWorks Fund launch…but of course, first for a taco. I mean that’s what I’m supposed to do, right? I don’t have time to find actors’ stars on Hollywood Boulevard or drive by their homes, or the many other more cultural and beachy things I’d like to do. In my very limited time in LA, I’m just hoping to squeeze in a food cart taco. Then I see <a href="http://www.homeboy-industries.org/">Homeboy Industries</a> – a social enterprise I’ve known of for years that helps former gang members turn their lives around by, among other things, employing them in the food service industry. – and the accompanying <a href="http://www.homegirlcafe.org/">Homegirl Café</a>. I honestly have no idea what food they’re going to serve, but lucky for me they have tacos. Not tacos like I was originally expecting from LA (there was hibiscus flower and carmelized onions in one of mine), but amazingly good. It was also great to see that in addition to their social mission, they have a strong commitment to sourcing from local, organic urban farms…which is what I’m in LA to support.<span style="mso-spacerun: yes;"> </span></span><br />
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<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgnFOchLOz2Q0bw7Z-KmgZ3MlQ8JHruYEVbwccm12grqDLm_SUmCd7bmg54TWI6Eo4Mrkb7QNz450SQioH-aTW1fiU2ICpaC7oVIIV4Lvu8Tue8e-SXogajk9z6Dk3cONiYKPXC-8074SKe/s1600/ca_freshworks.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgnFOchLOz2Q0bw7Z-KmgZ3MlQ8JHruYEVbwccm12grqDLm_SUmCd7bmg54TWI6Eo4Mrkb7QNz450SQioH-aTW1fiU2ICpaC7oVIIV4Lvu8Tue8e-SXogajk9z6Dk3cONiYKPXC-8074SKe/s1600/ca_freshworks.jpg" /></a></div><div class="MsoNormal" style="margin: 0in 0in 10pt;"><span style="font-family: "Tahoma","sans-serif"; font-size: 10pt; line-height: 115%;">Just a couple minutes away from Homeboy Industries, is The California Endowment’s beautiful headquarters outside LA’s Chinatown, where all of the partners have come together to launch the FreshWorks Fund. There were inspiring speeches, amazing food from local chefs, fresh produce all around, lots of networking among the hundreds gathered, and an overall buzz. I was there to speak about Calvert Foundation’s unique role in the FreshWorks Fund – to provide a way for the public to invest in increasing healthy food access. Calvert Foundation is a pioneer in helping all types of investors, big and small, institutions and individuals, get involved in community and impact investing. Through our partnership with Microplace, people can <a href="https://www.microplace.com/freshworks">invest</a> in the FreshWorks Fund Initiative at investment levels of $20 or more. As one person at the event said to me “I think it is great that I can be like the institutions (and invest)…this is my favorite part…and thanks for making that happen.”<o:p></o:p></span></div><span style="font-family: "Tahoma","sans-serif"; font-size: 10pt; line-height: 115%;">Having worked closely with community and impact investors for the past 10 years, I’ve heard many similar stories from individuals appreciating the opportunity to invest in a way that historically only institutions have been able to do. It’s not a surprise that I’d hear it in LA too, but it makes me realize that we haven’t been as active with the investor and financial advisor community around here. We have several great partners based in LA including Century Housing and Clearinghouse CDFI, and many more like NCB Capital Impact that are very active in the area. Now, through the FreshWorks Fund, we have many more partners in LA. All in all, having only spent 12 hours in the city, I fly away convinced that Calvert Foundation has an opportunity to get more folks involved in what is a huge, but largely untapped market. I hope my colleagues and I, as well as other impact investing partners, are able to spend many more days helping investors in Los Angeles understand how they can invest in their communities…and finding great tacos. </span><br />
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<div class="separator" style="clear: both; text-align: center;"><iframe allowfullscreen='allowfullscreen' webkitallowfullscreen='webkitallowfullscreen' mozallowfullscreen='mozallowfullscreen' width='320' height='266' src='https://www.youtube.com/embed/D8ilmWjm6OE?feature=player_embedded' frameborder='0'></iframe></div>Calvert Foundationhttp://www.blogger.com/profile/17167636058246018157noreply@blogger.com0tag:blogger.com,1999:blog-2573871833111409158.post-86999573227873977592011-07-22T12:48:00.000-07:002011-07-22T14:04:24.950-07:00I get by with a little help from my (impact investing) friends<em>Last week, Carrie Hutchison, Marketing and Communications Manager at Calvert Foundation, hosted the first-ever Meeting of Impact Investment Marketing Professionals.</em><br />
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhiTsHm84sobJLXjTdZqElXXoLQTp8ChxCTQP5BIzG_aNbluPH53-WRjiPOeNvXU3H2AJRxds-SO8Jx2tVsbDDOnEzBtWIf146XceheixmDnSL5VNYPWX57QsIJc5lbEKeQPLVmhSclPpih/s1600/McGarryC_bio.jpg" imageanchor="1" style="clear: right; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhiTsHm84sobJLXjTdZqElXXoLQTp8ChxCTQP5BIzG_aNbluPH53-WRjiPOeNvXU3H2AJRxds-SO8Jx2tVsbDDOnEzBtWIf146XceheixmDnSL5VNYPWX57QsIJc5lbEKeQPLVmhSclPpih/s1600/McGarryC_bio.jpg" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Carrie Hutchison</td></tr>
</tbody></table><span style="font-family: "Tahoma","sans-serif"; font-size: 10pt;">I love invitations. Love receiving them. Love sending them. When sending, I love the whole RSVP process. I would get married again just for the invitations.</span><span style="font-family: Times New Roman; font-size: small;"> </span></div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-family: "Tahoma","sans-serif"; font-size: 10pt;">So I was especially excited a few weeks ago when I had a 100% positive RSVP from everyone I had invited to be a part of the first meeting of Impact Investment Marketing Professionals. The genesis for this group was a series of informal conversations I’d had a few months earlier at a <a href="http://www.netimpact.org/"><span style="color: blue;">Net Impact</span></a> happy hour organized by my superstar colleague <a href="http://twitter.com/#!/PatrickBryce"><span style="color: blue;">Patrick Davis</span></a>. At this event I found myself talking to people who – like me – are tasked with promoting the impact investment products at their respective organizations. Through these – and subsequent – conversations I found common themes: it’s hard to explain what we do, we’re the only (or one of the only) ones at our organizations doing marketing – and often all facets of it (including PR and communications), we work at nonprofits with lean budgets, we love what we do.</span></div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-family: Times New Roman; font-size: small;"> </span></div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
<span style="font-family: "Tahoma","sans-serif"; font-size: 10pt;">Encouraged by <a href="http://www.nhtinc.org/ice.php"><span style="color: blue;">Institute for Community Economics</span></a> Director Andy Slettebak, who graciously offered to host at his offices in Georgetown, I put together a loose agenda – and the promise of food and drink – and sent out the invitation. Not only did 100% say they’d come, all but one did! (And he had a very good excuse.)</span></div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-family: Times New Roman; font-size: small;"> </span></div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
<span style="font-family: "Tahoma","sans-serif"; font-size: 10pt;">You know that Blind Melon <a href="http://www.youtube.com/watch?v=3qVPNONdF58">video</a> where the girl dressed up as a bumblebee struggles to fit in until the end when she finds all the other bees? That’s what it was like! I’ve often told family and friends that I finally found “my people” when I joined Calvert Foundation and the impact investment industry. And what I found that night with my fellow marketers was that I really really found my people.</span></div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-family: Times New Roman; font-size: small;"> </span></div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
<span style="font-family: "Tahoma","sans-serif"; font-size: 10pt;">We have a lot of work to do. We need to communicate a complex and important concept effectively and simply. We have to juggle multiple roles and tasks. We have to prioritize.<span style="mso-spacerun: yes;"> </span>But in one night we in many ways expanded our small staffs, since we now have each other to draw upon for ideas and advice. And that is what is so great about this industry. We’re so new and the work we do is so critical to helping low-income communities that we aren’t competitive. All boats float if we succeed. And that’s a nice feeling too.</span></div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-family: Times New Roman; font-size: small;"> </span></div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
<span style="font-family: "Tahoma","sans-serif"; font-size: 10pt;">If you are playing this role at your organization, contact me!</span></div></span><br />
<div class="MsoNormal" style="margin: 0in 0in 0pt;"></div><div class="MsoNormal" style="margin: 0in 0in 0pt;"></div>Calvert Foundationhttp://www.blogger.com/profile/17167636058246018157noreply@blogger.com0tag:blogger.com,1999:blog-2573871833111409158.post-30587492122742799632011-07-15T09:48:00.000-07:002011-07-18T09:03:45.229-07:00White House Provides Visibility to Impact Investing<div class="MsoPlainText"><i style="mso-bidi-font-style: normal;"><span style="font-family: "Tahoma","sans-serif";">Lisa Hall, the President and CEO of Calvert Foundation, was recently invited to speak on policy and regulatory implications for the Impact Investing industry at a convening hosted by the White House, along with Rob Wexler of Adler Colvin and Cathy Clark of the Center for Advancement of Social Entrepreneurship at Duke’s Fuqua School of Business.</span></i> </div><div class="MsoPlainText"><br />
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<tr><td class="tr-caption" style="text-align: center;">Lisa Hall</td></tr>
</tbody></table><div class="MsoNormal"><span style="font-family: "Tahoma","sans-serif";">As I walked through the entrance to the White House grounds a few weeks ago for a first-time convening on the "Building an Impact Economy in America," it took me back to more than a decade ago, when I worked as a staffer for Gene Sperling in the Clinton Administration. B</span><span style="font-family: "Tahoma","sans-serif";">ack in 1999, I had the opportunity to travel with the President on Air Force One for what the press dubbed "<a href="http://www.nytimes.com/1999/07/07/us/clinton-in-poverty-tour-focuses-on-profits.html?scp=7&sq=Poverty%20Tour&st=cse">The Poverty Tour</a></span><span style="font-family: "Tahoma","sans-serif";">," which the administration used to launch the New Markets Initiative, eventually resulting in legislation to spur investment in impoverished communities across the nation. </span><br />
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<span style="font-family: "Tahoma","sans-serif";">We visited distressed communities in urban areas such as Watts in Los Angeles and low-income neighborhoods in rural areas such as the Mississippi Delta. As we drove into Appalachia on the first day of the four-day trip, I was struck by how many people had come out to see the President and Jesse Jackson, who gave a kick-off speech. The number of people who lined the streets was awe-inspiring and impressed upon me how hungry citizens were for support from the government, and how much they wanted tools in place that would help them get jobs, start businesses, and repair their communities.</span></div><div class="MsoNormal"><br />
</div><div class="MsoNormal"><span style="font-family: "Tahoma","sans-serif";">This kind of visit wasn't typical of a U.S. President at the time. In fact, Clinton's visit to Appalachia was the first by a President since Lyndon Johnson declared his "War on Poverty" in 1965. The Poverty Tour was an attempt to make underserved communities visible - and it worked. The trip drew unprecedented media attention to low-income communities, receiving five consecutive days of coverage on the nightly news.</span></div><div class="MsoNormal"><br />
</div><div class="MsoNormal"><span style="font-family: "Tahoma","sans-serif";">One of the many bright spots on that trip was a visit to a factory financed by </span><a href="http://www.khic.org/biographies/38"><span style="font-family: "Tahoma","sans-serif";">Kentucky Highlands Investment Corporation</span></a><span class="MsoHyperlink"><span style="font-family: "Tahoma","sans-serif";">,</span></span><span style="font-family: "Tahoma","sans-serif";"> a certified Community Development Finance Institution that drives investor capital to social causes, creating jobs, funding education, and financing small businesses. Little did I know that a dozen years later I would be leading an innovative organization driving investment dollars from thousands of socially conscious individuals to hundreds of organizations like Kentucky Highlands around the country and the world. Kentucky Highlands is now a borrower of the </span><a href="http://communitiesatworkfund.com/"><span style="font-family: "Tahoma","sans-serif";">Communities at Work Fund</span></a><span style="font-family: "Tahoma","sans-serif";">, a $200 million Citibank fund managed by Calvert Foundation’s wholly owned subsidiary Community Investment Partners. (I’m honored to serve as the Board Chair of Community Investment Partners.) </span></div><div class="MsoNormal"><br />
</div><div class="MsoNormal"><span style="font-family: "Tahoma","sans-serif";">The visibility of the Poverty Tour has long faded into the background. Bill Shore, Executive Director of Share Our Strength, recently Tweeted about an article in last Sunday's New York Times titled "</span><a href="http://www.nytimes.com/2011/07/10/business/the-unemployed-somehow-became-invisible.html?_r=4&pagewanted=1&hp"><span style="font-family: "Tahoma","sans-serif";">Somehow, the Unemployed Became Invisible</span></a><span style="font-family: "Tahoma","sans-serif";">." A recent </span><a href="http://www.alumni.hbs.edu/bulletin/2011/june/ideas_opinion.html"><span style="font-family: "Tahoma","sans-serif";">nationwide survey</span></a><span style="font-family: "Tahoma","sans-serif";"> conducted by HBS professor Michael I. Norton and Dan Ariely found that Americans “drastically underestimated the level of wealth inequality in the United States.” It's time to bring the spotlight back where it belongs. Norton is exploring whether educating Americans about this inequality will increase their support for better economic policies. There are many others who want to bring more attention to the needs of underserved communities and create avenues of opportunities for the people who live there. I have the privilege of working with them every day.</span></div><div class="MsoNormal"><br />
</div><div class="MsoNormal"><span style="font-family: "Tahoma","sans-serif";">Which is why I was absolutely thrilled to be invited to the White House last month for a convening on "</span><a href="http://www.youtube.com/user/whitehouse#p/u/1/6kH6fPWyFQc"><span style="font-family: "Tahoma","sans-serif";">Building an Impact Economy</span></a><span class="MsoHyperlink"><span style="font-family: "Tahoma","sans-serif";"> in America</span></span><span style="font-family: "Tahoma","sans-serif";">” (<a href="http://www.youtube.com/user/whitehouse#p/u/1/6kH6fPWyFQc">watch the video clip here</a></span><span style="font-family: "Tahoma","sans-serif";">). </span><span style="font-family: "Tahoma","sans-serif";">The <a href="http://www.aspeninstitute.org/policy-work/nonprofit-philanthropy/Impact-Economy-Initiative/about-iei">Aspen Institute</a></span><span style="font-family: "Tahoma","sans-serif";">, which co-sponsored the convening, defines the Impact Economy as the supply of capital and those firms demanding the capital in pursuit of both profit and social impact. </span><span style="font-family: "Tahoma","sans-serif";">The Administration wants to build a policy agenda that will drive investment in American businesses and also generate financial and social returns. This event brought together many of the people I am privileged to work with, such as: Ron Phillips of Coastal Enterprises, a long-time Calvert Foundation borrower; Debra Schwartz of the MacArthur Foundation, one of our earliest grant supporters and a true believer in the vision; and Bob Annibale of Citi, who has used his influence within a large corporation to drive investment dollars and attention to both domestic work like the Communities at Work Fund and microfinance initiatives internationally. My former boss Gene Sperling, now President Obama’s top economic adviser, was also at the event and spoke eloquently about the administration’s efforts to rebuild the economy and create jobs for Americans. </span></div><div class="MsoNormal"><br />
</div><div class="MsoNormal"><span style="font-family: "Tahoma","sans-serif";">The White House has recognized the power and efficacy of investing for both financial and social return. Those attending the convening were there to advise the government about how to “</span><a href="http://www.whitehouse.gov/blog/2011/06/22/building-impact-economy"><span style="font-family: "Tahoma","sans-serif";">remove barriers, streamline regulations and target existing government resources to support the building of an impact economy</span></a><span style="font-family: "Tahoma","sans-serif";">.” At its core, the event was about creating prosperity and alleviating economic suffering throughout the country. I believe that just as Johnson did in 1965 with his Great Society and Clinton did in 1999 with his New Markets Initiative, President Obama has the opportunity to use the power and influence of his office to bring more attention to underserved and low-income communities which have been disproportionately affected by our current economic challenges. </span></div><div class="MsoNormal"><br />
</div><div class="MsoNormal"><span style="font-family: "Tahoma","sans-serif";">Jonathan Greenblatt of the Aspen Institute <a href="http://www.blogger.com/goog_1545507767">described the meeting as "</a></span><a href="http://www.blogger.com/goog_1545507767"><span style="font-family: "Tahoma","sans-serif";">historic</span></a><span style="font-family: "Tahoma","sans-serif";"><a href="http://www.aspeninstitute.org/policy-work/nonprofit-philanthropy/Impact-Economy-Initiative/the-impact-blog/rise-impact-economy">"</a>; he believes the "Impact Economy" will soon be a term “that is as well-known as microfinance or charter schools, a trend that overturns an old order, shakes loose ossified ideas and spawns social benefit scale as a result.” The meeting was an important first step toward establishing a national strategy for the impact economy. It is our hope that we can build on the momentum of this gathering and translate the conversations into tangible results for the impact investing industry, and the country, as a whole. </span><br />
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<span style="font-family: "Tahoma","sans-serif";">Calvert Foundation’s vision of a world with "5% for impact" - where 5% of every investor’s portfolio is dedicated to impact investing – appears to be within reach. I look forward to continuing to engage with officials in the Administration about ideas for the future to help build an impact economy which can fuel an overall economic recovery that benefits all members of our society. Let’s all encourage the White House to host more convenings and continue bringing more attention to these issues, ultimately creating more government policies and programs that enable private, social impact investments in the most vulnerable communities in our nation. </span></div><div class="MsoNormal"><br />
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</div>Calvert Foundationhttp://www.blogger.com/profile/17167636058246018157noreply@blogger.com1tag:blogger.com,1999:blog-2573871833111409158.post-31401618188626086592011-06-22T09:37:00.000-07:002011-06-23T08:43:59.268-07:00Microfinance in Eastern Europe?<div class="MsoNormal" style="margin: 0in 0in 0pt;"><i>Anthony Randazzo is a Senior Investment Officer with Calvert Foundation's Lending & Services Team. He focuses on loan origination efforts for international investments in microfinance, water and sanitation, and renewable energy. Last month, Anthony met with microfinance industry leaders at the 14th Annual Microfinance Center Conference in Prague, CZ, the city where he kicked off his professional career nearly two decades ago.</i><br />
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjKUEiecIogCM7H2WEmdM_8cCmgf_JNyDZ5j6War50XgszIoExgI52JCPy6rJZ45jX-f4Kl1NaRZglPIIGwN-1ZtXv48XUQcEJlOdafMkVCUBsJ9-mZ8K-hMqLXQzEIqceRyoaj6GcuH_o6/s1600/RandazzoA_blog.jpg" imageanchor="1" style="clear: right; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" height="131" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjKUEiecIogCM7H2WEmdM_8cCmgf_JNyDZ5j6War50XgszIoExgI52JCPy6rJZ45jX-f4Kl1NaRZglPIIGwN-1ZtXv48XUQcEJlOdafMkVCUBsJ9-mZ8K-hMqLXQzEIqceRyoaj6GcuH_o6/s200/RandazzoA_blog.jpg" width="200" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Anthony Randazzo</td></tr>
</tbody></table><span style="font-family: "Tahoma","sans-serif";">I once told my Czech friends that their language – with its mind-bending grammar, and tongue-twisting pronunciation – is a paradox: the more I studied it, the less I understood. Though I did eventually master it while living in Prague from 1992 to 1993, my recent exchange with a waiter at the </span><span style="font-family: "Tahoma","sans-serif";"><a href="http://www.mfc2011.com/en/conference-venue/conference-agenda"><b>14th Annual Microfinance Center Conference</b></a> in Prague showed how quickly language skills atrophy. In my best Czech, I asked to order a coffee. The waiter stared back at me, smiling. I thought maybe he didn’t understand, so I persisted, <i style="mso-bidi-font-style: normal;">“Prosim, mohu nabidnout kavu?”</i> He eventually responded, politely holding back his amusement, “Well, I would gladly accept, but perhaps you wish to <i style="mso-bidi-font-style: normal;">order</i> a coffee instead, sir?” Embarrassingly, I had confused <i style="mso-bidi-font-style: normal;">nabidnout</i> (to offer) with <i style="mso-bidi-font-style: normal;">objednat</i> (to order). “Yes please,” I humbly conceded, in English. </span><br />
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</div><div class="MsoNormal"><span style="font-family: "Tahoma","sans-serif";">Despite my embarrassing exchanges with the wait staff, I was delighted to attend the MFC conference this year. With several hundred participants from 45 countries, it is arguably the most important annual microfinance industry event in Eastern Europe. Past MFC conferences have been held in Sofia, Ulaanbaatar, Belgrade, and Astana. Naturally I was thrilled to learn it would be held in Prague this year, providing an opportunity to return to a place where I lived and worked in the early days of my career. </span></div><div class="MsoNormal"><div class="separator" style="clear: both; text-align: center;"></div><br />
<span style="font-family: "Tahoma","sans-serif";">Prague was a different city back then. Only a trickle of tourists, but an estimated 5,000 American ex-pats (mostly college graduates escaping the ‘92 recession) were the only foreigners in the city. Czechoslovakia was still a unified country. The transition from totalitarianism to free market democracy was in full gear. I remember when the first McDonald’s restaurant opened. Instead of shunning fast food, Czechs welcomed this icon of American culture. I think for them it symbolized a newfound freedom, and they lined up for several blocks to get their first taste. Today, the center of Prague is awash in tourists, and fast-food restaurants abound. But Prague has refused to lose its magic, and in my opinion, is still one of the most magnificent cities in Europe. </span><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj7TZt1SLVa6N3-SN6abug__Tg_ovOj2hbm-fnUwC8KjE4i0e_kGDpT02s6xX_sxRD3SKZT-L1mrOCDazZY-otlw1XxrInDZpIl_I_TBDd7qKKz2GiL1l6RAf-K4qwLAo23HdruCBu2Ulya/s1600/prague.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" height="129" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj7TZt1SLVa6N3-SN6abug__Tg_ovOj2hbm-fnUwC8KjE4i0e_kGDpT02s6xX_sxRD3SKZT-L1mrOCDazZY-otlw1XxrInDZpIl_I_TBDd7qKKz2GiL1l6RAf-K4qwLAo23HdruCBu2Ulya/s200/prague.jpg" width="200" /></a></div><div class="MsoNormal"><span style="font-family: "Tahoma","sans-serif";">While most casual observers associate microfinance with the regions where it first emerged (South America, India, and South Asia), there has been a thriving microfinance market across most of Eastern Europe, and many microfinance networks (ProCredit, FINCA) have some of their largest operations there. In fact, about one third of Calvert Foundation’s microfinance portfolio is invested in Eastern Europe and two of our five largest investment exposures are in former Soviet countries (Azerbaijan and Georgia). That microfinance took off in Eastern Europe should come as no surprise. Forty-five years of state-controlled economic policy left the region in stagnation. However, the end of the Cold War created opportunities for individuals to start their own businesses, both formal and informal, and microfinance has played a key role in empowering those individuals to manage their own affairs. The wave of private entrepreneurship has revitalized Eastern Europe since the end of state-sponsored socialism. </span><br />
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</div><div class="MsoNormal"><span style="font-family: "Tahoma","sans-serif";">This entrepreneurial spirit was in the air at the MFC Conference. With the senior management of nearly every major East European microfinance institution (MFI) in attendance, it is a convenient venue to get business done. With Prague chosen as the location this year, the number of attendees was particularly high. While the conference always lines up interesting debates and discussions, a lot of serious negotiating is done on the side lines of the event. In the course of 3 days, I met with the CEOs of six microfinance institutions in which Calvert Foundation is invested, and interviewed an additional 5-6 prospects, often alongside staff from partner organizations <a href="http://www.triplejump.eu/">Triple Jump</a> and <a href="http://www.blogger.com/">MicroVest</a>.</span><br />
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</div><div class="MsoNormal"><span style="font-family: "Tahoma","sans-serif";">There were also some thought-provoking roundtable discussions on the MFC agenda, which was entitled <b><i>Reorienting Microfinance towards Balanced Growth</i></b>. Interesting debates were held on the future of microfinance. One spirited panel discussion featured the contrarian views of Milford Bateman, author of <i style="mso-bidi-font-style: normal;">Why Microfinance Doesn’t Work</i>, who was invited to speak alongside the president of FINCA International, Rupert Scofield, and other microfinance heavyweights on the subject of <i style="mso-bidi-font-style: normal;">Reorienting Microfinance: Generating New or Repairing the Old? </i></span><br />
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</div><div class="MsoNormal"><span style="font-family: "Tahoma","sans-serif";">Mr. Bateman was most likely invited to inject some critical thought into the discussions. Since the conference typically attracts only ardent believers in microfinance, I admired his courage. Bateman contends that microfinance inhibits the growth of a balanced economy by fostering the proliferation of self-employed micro entrepreneurs, all of whom compete in the same markets. This drives down profits and prevents the development of a modern, diversified economy. He also argues that there is little independent evidence demonstrating that microfinance creates jobs or alleviates poverty since studies produced by industry insiders are naturally biased. Mr. Scofield (and others) fired back, arguing that microloans had had a transformative impact on the lives of poor individuals. Scofield gave examples of $50 loans he helped make in the highlands of Guatemala that allowed farmers to buy fertilizer. He witnessed first-hand the dramatic improvement this had on crop yields and family nutrition. It also eliminated the market for loan sharks, who ruthlessly charged 5-10% interest <i style="mso-bidi-font-style: normal;">per day </i>for credit. </span><br />
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</div><div class="MsoNormal"><span style="font-family: "Tahoma","sans-serif";">As I watched the debate unfold, I felt that this kind of criticism is quite healthy. The microfinance industry can and should improve its ability to tell its story. Industry-wide efforts are underway, such as the <a href="http://www.smartcampaign.org/">SMART Campaign</a> (a global effort to achieve common principles for protecting clients such as transparent pricing and ethical collection practices) and the <a href="http://www.sptf.info/">Social Performance Taskforce</a> (a platform for disseminating best practice for microfinance institutions to achieve their social mission). Still, measuring impact in a more scientific way would generate convincing evidence of the transformative benefits that many of us have witnessed in our work but which are not readily quantifiable. At Calvert Foundation, we rely on commonly used metrics to quantify impact (such as the number of female borrowers served by the microfinance institutions we support) but often these benchmarks fall short. One good example we have is an MFI in India that measures the poverty levels of clients that enter and exit their microloan programs. Nearly all of the borrowers that they take in live below the poverty line, but after five loan cycles the majority of these same clients are no longer poor. Metrics like these tell a great story, but are not easily obtained. They demonstrate that microfinance enables individuals to manage their finances more effectively, smooth out their consumption and build up assets. Still, microfinance is not the poverty alleviation equivalent of a silver bullet. It is just one of many tools in the poverty alleviation toolbox. </span><br />
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</div><div class="MsoNormal"></div><div class="MsoNormal"><span style="font-family: "Tahoma","sans-serif";">So I say, bring on the criticism. It will only help the microfinance industry to realize its weak points and look for ways to improve. Complacency leaves us vulnerable to reputational risks. Like making embarrassing mistakes in Czech to a waiter in Prague, we should avoid being overly confident, and strive to continuously improve. </span></div>Calvert Foundationhttp://www.blogger.com/profile/17167636058246018157noreply@blogger.com0tag:blogger.com,1999:blog-2573871833111409158.post-22851303615264830892011-05-25T11:38:00.000-07:002011-05-25T12:10:44.043-07:00Honoring Wayne Silby at the 41st Joseph Wharton Award Dinner<div class="MsoNormal" style="margin: 0in 0in 0pt;"><em>Lydia Cutrer is a Jr. Investment Officer with Calvert Foundation's Risk Management Team, focusing on the Domestic Lending Portfolio. As a Graduate of the Wharton School and active member of the Wharton Alumni Club of DC, she was one of several Calvert Foundation representatives in attendance to celebrate the recognition of Calvert Investments and Calvert Foundation Founder Wayne Silby at the 41st Annual Joseph Wharton Award Dinner.</em></div><div class="MsoNormal"> </div><div class="MsoNormal"><table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: right;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhf-i3F1Rs4dbgbJ0x8i3d9LeuaYQ-R1oGq_cwd0Fxk4-Lkli79tcarRQvebWTcMXeR102tUXuBy4VhUsvn6PoKlumA8YeqMrs2uBcF_TjNXrwYlRXBj_EkR51_6lFicEKaBd1xWkajRS3x/s1600/CutrerL_0311-0513.JPG" imageanchor="1" style="clear: right; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" height="133" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhf-i3F1Rs4dbgbJ0x8i3d9LeuaYQ-R1oGq_cwd0Fxk4-Lkli79tcarRQvebWTcMXeR102tUXuBy4VhUsvn6PoKlumA8YeqMrs2uBcF_TjNXrwYlRXBj_EkR51_6lFicEKaBd1xWkajRS3x/s200/CutrerL_0311-0513.JPG" width="200" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Lydia Cutrer</td></tr>
</tbody></table><span style="font-family: "Tahoma","sans-serif";">Last week, D. Wayne Silby – founder of both Calvert Foundation and Calvert Investments – was among four <st1:place w:st="on"><st1:placename w:st="on">Wharton</st1:placename> <st1:placetype w:st="on">University</st1:placetype></st1:place> alumni honored at the 41<sup><span style="font-size: x-small;">st</span></sup> Annual Joseph Wharton Award Dinner, sponsored by the Wharton Alumni Club of DC. The honorees were recognized for their substantial career success and leadership, strong ties to the <st1:placename w:st="on">Wharton</st1:placename> <st1:placetype w:st="on">School</st1:placetype> and <st1:place w:st="on"><st1:placetype w:st="on">University</st1:placetype> of <st1:placename w:st="on">Pennsylvania</st1:placename></st1:place>, and a solid commitment to public service. While they varied in age and experience, the “fabulous four” all embodied the spirit of the award as each shared with the audience a tangible passion for their life’s work through moving remarks about their personal journeys.</span><br />
<span style="font-family: "Tahoma","sans-serif";"> <o:p></o:p></span> <br />
<div class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-family: "Tahoma","sans-serif";">Wayne Silby commented that, although he and Calvert Investments co-founder John Guffey endeavored to make a lot of money out of college, he realized the potential of channeling capital in a way that would be productive to society and became committed to this pursuit. <st1:city w:st="on">Wayne</st1:city> talked of his continued efforts in underserved communities, particularly in <st1:place w:st="on"><st1:country-region w:st="on">China</st1:country-region></st1:place>, through the Calvert Social Investment Fund and other personal ventures. The Club’s President and the dinner’s emcee, Alan Schlaifer, quoted from Calvert Foundation CEO Lisa Hall: “<st1:place w:st="on"><st1:city w:st="on">Wayne</st1:city></st1:place> is not only a visionary, he has also been able to bring to fruition what others cannot even envision." </span></div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-family: "Tahoma","sans-serif";"></span></div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-family: "Tahoma","sans-serif";">Of the nearly 125 guests in attendance, the Calvert name was well represented in celebration of Silby’s achievements. Along with Lisa Hall, the Calvert contingent also included fellow Wharton alumni Reggie Stanley (Calvert Foundation Board Member and Calvert Investments’ Chief Marketing Officer), Lydia Cutrer (Calvert Foundation Jr. Investment Officer), and Daryn Dodson (Associate with Calvert Investments).<o:p></o:p></span></div><br />
<div class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-family: "Tahoma","sans-serif";">The youngest honoree, Alison Malmon, described the tragedy of losing her older brother in her sophomore year at Penn as the result of his depression leading to suicide. Though she could not initially understand how her smart and active brother took his own life, she began to learn the drastic need for mental health support for students and young adults. She founded Active Minds, Inc. on Penn’s campus and over the past eight years, the organization has grown to nearly 340 college chapters. Another honoree, His Excellency Jose L. Cuisia, Jr., Ambassador of the <st1:country-region w:st="on">Philippines</st1:country-region> to the <st1:country-region w:st="on">United States</st1:country-region>, credited his education at Wharton, long career in banking, and supportive wife and five daughters with helping him build a foundation to serve his people. Joyce Hunter, CEO of Vulcan Enterprises LLC, is a fearless advocate and sought-after advisor for Health and Human Services. She spoke of her impassioned focus on health information technology after her father became sicker because the hospital where he was admitted did not have access to his medical records.</span><br />
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</div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-family: "Tahoma","sans-serif";">The night was a heartfelt testament to the power of leadership, innovation, integrity, passion, and commitment to others representative of both the Wharton and Calvert names.<o:p></o:p></span></div></div>Calvert Foundationhttp://www.blogger.com/profile/17167636058246018157noreply@blogger.com0tag:blogger.com,1999:blog-2573871833111409158.post-91315729602741637552011-04-21T11:59:00.000-07:002011-04-21T12:42:38.837-07:00Greening Education<i style="mso-bidi-font-style: normal;"><span style="font-family: "Tahoma","sans-serif"; font-size: 9pt;"><span style="font-size: small;">Margot Kane is an Investment Officer working on Calvert Foundation’s domestic portfolio, particularly in the areas of small business, social enterprise, and our Green Strategies to Fight Poverty initiative. This is her account of the 1st Annual Green Schools National Conference in <st1:place w:st="on"><st1:city w:st="on">Minneapolis</st1:city></st1:place> she attended in the fall, and what it means for our future as investors and citizens.</span></span></i><br />
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj0ncyHf6ANLvC91tW7C8CSthihfVpJDVuuuAIcKJkrr0lEcmLvavJ8FlLhRmh1JdCZlPtreE4VwZNn9YRyGHyqCH_xxHRqAmdrUfww0Eoam_bDhUdqiEWYwHLw-tOvticzxGyEO5TI_LwE/s1600/KaneM_0311-0729.JPG" imageanchor="1" style="clear: right; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" height="132" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj0ncyHf6ANLvC91tW7C8CSthihfVpJDVuuuAIcKJkrr0lEcmLvavJ8FlLhRmh1JdCZlPtreE4VwZNn9YRyGHyqCH_xxHRqAmdrUfww0Eoam_bDhUdqiEWYwHLw-tOvticzxGyEO5TI_LwE/s200/KaneM_0311-0729.JPG" width="200" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Margot Kane</td></tr>
</tbody></table><div class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-family: "Tahoma","sans-serif";">The conference audience was rapt listening to the young leaders of the Youth Summit – “students for green and sustainable schools” on the stage. They were the last plenary speakers that morning (after other impressive and experienced speakers, such as Philippe Cousteau – Jacques’ grandson) and they got a standing ovation to thunderous applause - which is remarkable on the second day of a packed conference at 9 in the morning. Along with the rest of the audience, I was so impressed with how aware these teenagers were of the world around them and their impact upon it, and how excited they were to reach out to other youth across the country and spark what seems almost like a <i>social</i> movement, focusing on people and values, rather than something that lives in the dry realm of carbon emissions and kilowatt hours. <o:p></o:p></span></div><br />
<div class="MsoNormal" style="margin: 0in 0in 0pt;"></div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-family: "Tahoma","sans-serif";">It seemed to me that these youth, who were addressing nearly 1,000 in the audience at the first Annual Green School National Conference, felt a very immediate need to address climate change and environmental destruction. I wondered if it’s because those dire projections that scientists predict for years not far away – 2020, 2030 – are about ultimately <i style="mso-bidi-font-style: normal;">them</i> and their livelihoods. Those are years when they will be graduating from school, building careers, “growing up,” raising families, and more – likely all in the face of rising sea levels, dying species, increasingly violent weather, and battles over resource depletion. This is a very scary future. It reminds me a little bit of growing up with the Cold War/nuclear holocaust bogeyman, except this one is more likely to happen.</span></div><br />
<div class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-family: "Tahoma","sans-serif";">I remember walking out of one session of this conference really envious of the integrated curriculum described by a charter school where every section is taught through the lens of caring for the planet, which seems so sane in hindsight (have you seen the South Park “Captain Hindsight” episode? I highly recommend it), and yet so revolutionary, and such a relevant way to connect kids to the point of it all. Instead of making math a line of numbers on a page and formulas to memorize, separate from the beauty of trees and music and ocean waves, it’s all part of the same planet and patterns and purpose, including humans. <o:p></o:p></span></div><br />
<div class="MsoNormal" style="margin: 0in 0in 0pt;"></div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-family: "Tahoma","sans-serif";">The take-away I had for my role at Calvert Foundation was an inspiration to finance green schools! Also, this conference and other experiences have taught me that “green” is not a discrete topic or asset class. It’s part of the form and function of something. Things like building a school with natural light, using non-toxic materials, providing healthy air and water and physical activity for students, are all things that will improve and serve the true purpose of a school, which is above all else the education of the youth attending it. Every school built otherwise has diminished its potential returns vis-à-vis this function at the outset. There is some data emerging from the green schools movement around attendance rates and teacher retention in green schools and other interesting outcomes that measure the health and professional and education success of all those who spend their daylight hours in a school building. I also learned that green building works best when it is part of the comprehensive vision of an institution, after a few baselines (like recycling, turning off machines, energy efficient appliances, using compact fluorescents, etc). <o:p></o:p></span></div><br />
<div class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-family: "Tahoma","sans-serif";">At Calvert Foundation, we are exploring ways we can weave environmental considerations into all of our investing activities but also into our day-to-day office lives (like reminding each other to turn off computer monitors at night and instituting better recycling practices). <o:p></o:p></span></div><br />
<div class="MsoNormal" style="margin: 0in 0in 0pt;"></div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-family: "Tahoma","sans-serif";">On the investment side, I think there is strong support among our investors and our staff that long-term reduction of poverty among communities <i style="mso-bidi-font-style: normal;">requires</i> increased environmental efficiency, resource conservation, reduction of our reliance on petroleum, ecosystem and biodiversity protection, water safety, etc.<span style="mso-spacerun: yes;"> </span>This is because environmental degradation and resource scarcity often have the greatest immediate impact upon impoverished communities, and it can create, exacerbate, and prolong poverty, displacement, and conflict. All those working towards community development and well being can’t afford to ignore the environmental threats and realities facing communities worldwide.<o:p></o:p></span></div><br />
<div class="MsoNormal" style="margin: 0in 0in 0pt;"></div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-family: "Tahoma","sans-serif";">Lastly, I walked away from this conference with the sense that the potential for individual action is huge. If students can start a recycling program, or build a PV panel on the roof of their school, then we can each do little things to set the bar higher. I’m setting up a compost bin<span style="mso-spacerun: yes;"> </span>this spring, for starters using vermiculture - with worms! It’s one of the best options for a small urban household. I’m just hoping I can handle all that up-close-and-personal worm time.</span></div>Calvert Foundationhttp://www.blogger.com/profile/17167636058246018157noreply@blogger.com0tag:blogger.com,1999:blog-2573871833111409158.post-36456580586113692872011-02-22T12:32:00.000-08:002011-02-23T09:58:17.265-08:00Industry-wide efforts work to protect investors and microentrepreneurs<i>Eliza Erikson is the Chief Lending Officer at Calvert Foundation.</i><br />
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhcV-bwQX-fn5wpB9YcXIyi6yWj1z2-p2BX1ATZA0hb_jyW5nlLkjIZrrsAXP14H4Mp7jIaPZEld7D6cRAm0fXVcImArVF9oswS7wYlAZMotyxze632PqDpkYgyFiDB-3gk7iSY6uPu2Vhb/s1600/bio-erikson.jpg" imageanchor="1" linkindex="27" style="clear: right; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" j6="true" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhcV-bwQX-fn5wpB9YcXIyi6yWj1z2-p2BX1ATZA0hb_jyW5nlLkjIZrrsAXP14H4Mp7jIaPZEld7D6cRAm0fXVcImArVF9oswS7wYlAZMotyxze632PqDpkYgyFiDB-3gk7iSY6uPu2Vhb/s1600/bio-erikson.jpg" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><i>Eliza Erikson </i></td></tr>
</tbody></table>I have spent almost 15 years working in emerging markets and inclusive finance, starting right after college when I worked with two microfinance institutions in Guatemala. How the industry has changed from those days when sustainability, much less profitability, was just a glimmer in our eyes! Funding for microfinance increased exponentially after the United Nations deemed 2005 the International Year of Microcredit and Dr. Muhammad Yunus and his Grameen Bank won the Nobel Peace Prize in 2006. With additional funding came exponential growth – and additional challenges.<br />
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<b>Industry Leadership in Driving Ethical Microfinance Practices</b><br />
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<div style="border: medium none;"></div><div style="border: medium none;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjrRtn8k39Btu8Xfw3qOOtSy5sNCZ08xCLRC9ct_mwULvA2Q8hITdkU6N7ZA-qBjlXsb9meKI_LZyDZa4XQqxeEMa_o9La8Ng2tMsB1ji0zTs6NoDYEFCJlXL8AHJLv27v5_ZdKFVgAumwg/s1600/pri_logo_200x80.gif" imageanchor="1" linkindex="28" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" j6="true" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjrRtn8k39Btu8Xfw3qOOtSy5sNCZ08xCLRC9ct_mwULvA2Q8hITdkU6N7ZA-qBjlXsb9meKI_LZyDZa4XQqxeEMa_o9La8Ng2tMsB1ji0zTs6NoDYEFCJlXL8AHJLv27v5_ZdKFVgAumwg/s1600/pri_logo_200x80.gif" /></a>Impact investors like Calvert Foundation face specific challenges when deciding which microfinance institutions meet our social criteria for investment. With an emphasis on ensuring that borrowers in our portfolio are practicing responsible microfinance, we must rely on various sources of information including our own data collection. In recent years funders and borrowers alike have joined to set out common principles for what constitutes ethical and responsible operations in the microfinance sector. The <a href="http://www.unpri.org/" linkindex="29">United Nations Principles for Responsible Investment</a> (UNPRI) initiative has more directly targeted the microfinance sector with its recent unveiling of the <a href="http://www.unpri.org/piif/" linkindex="30">Principles for Investors in Inclusive Finance</a> (PIIF) initiative. Calvert Foundation is thrilled to announce that we are one of the 40 initial signatories to the PIIF initiative. We encourage you to review the principles more closely, which can be found <a href="http://www.unpri.org/files/2011_01_piif_principles.pdf">here</a>.</div><div style="border: medium none;"><br />
</div><div style="border: medium none;"><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjgN3GiXqFnRD5WSKwYye7LwD8iYTYx_iRjAoW9c37qibTOh5gHtj7OisXnL82FVwpro71anEDbUfF5zCsVxIgJM9SKwylDuTvk_Wg_e_WyhPIOa8345rHYSLpGNOHv1MoTmpjifFRpcCLZ/s1600/Smart-Campaign.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjgN3GiXqFnRD5WSKwYye7LwD8iYTYx_iRjAoW9c37qibTOh5gHtj7OisXnL82FVwpro71anEDbUfF5zCsVxIgJM9SKwylDuTvk_Wg_e_WyhPIOa8345rHYSLpGNOHv1MoTmpjifFRpcCLZ/s1600/Smart-Campaign.jpg" /></a></div>In addition, Calvert Foundation had an early role in supporting the principles behind the <a href="http://www.smartcampaign.org/" linkindex="32">SMART Campaign</a>, another funder coalition which aims to keep clients first in microfinance. By focusing on key issues like overindebtedness of clients, transparency in pricing, and appropriate collection practices, the SMART Campaign has laid the foundation for defining ethical business practices among microfinance institutions. We are honored to have had the opportunity to work alongside our partners on these various initiatives in responsible investment. </div><br />
<b>Going the Extra Mile – Local Currency Lending </b><br />
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We are also working hard to protect micro-entrepreneurs against currency risk. Until fairly recently, investors were only providing hard currency, in the form of dollars or Euros, to microfinance institutions. The majority of MFIs were turning around and lending that capital either in U.S. dollars or local currency, and absorbing the devaluation risk themselves or pushing it down to the weakest link in the chain, to the microentrepreneurs who were responsible for paying much more in local currency terms when the currency devalued. Not only was this a serious credit risk for investors, but also seemed to me a moral dilemma that social investors should help resolve. Indeed, some of us deemed it microfinance's “original sin.”<br />
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Last November, Calvert Foundation closed its first deal with Microfinance FX Solutions, or MFX Solutions, to provide a loan in Kenyan shillings to Kenyan Women’s Finance Trust (KWFT). The loan was fully hedged to the U.S. Dollar, protecting Calvert Foundation and its more than 7,500 investors from the risk that the Kenyan shilling would devalue against the dollar and KWFT would be unable to repay the loan. The loan was denominated in local currency, so that neither KWFT nor its clients would assume that same devaluation risk. It was the quintessential win-win.<br />
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In the more developed currency markets of the U.S. and Western Europe, hedging foreign exchange risk is common, widely available, and relatively cheap. Many banks are in the business. The same is not true of less liquid, developing country markets where hedging is prohibitively expensive or just plain unavailable. A group of us came together to try and help address the problem – Calvert Foundation, Calmeadow, ACCION International, Microrate, and Global Partnerships. It didn't stop us that we had little background in traditional foreign exchange derivatives. We did some research, consulted with experts, and wrote a business plan for MFX Solutions, a new social enterprise that would offer modern currency risk management to the microfinance industry. We knocked on a lot of investor doors, most of whom were challenged by the novelty of our model. Omidyar Network was brave enough to step up as a generous anchor investor, along with Triodos Bank and Incofin, two leading impact investors that were interested in using MFX's services for to hedge their own investments. I am thrilled that MFX Solutions is now a reality and has closed more than $50 million in business, helping to fund more entrepreneurs more safely in developing countries around the world.<br />
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<b>Looking Ahead to Finance Future Innovation</b><br />
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As an investor, there is often a tension in wanting to support an organization that has an executing business model and is making an important impact, but that has not yet reached a sustainable financial stage; often, in support of those emerging innovators, we will invest a small amount at an earlier stage to catalyze growth and encourage additional investment. Through our Mission Plus portfolio we ensure that up to 3 percent goes to organizations like this. We think it’s our responsibility to finance not just the organizations that are the current leaders of the inclusive finance movement but the future sources of innovation that will push the industry to greater heights.Calvert Foundationhttp://www.blogger.com/profile/17167636058246018157noreply@blogger.com0tag:blogger.com,1999:blog-2573871833111409158.post-60653537548627004792010-12-13T12:40:00.000-08:002010-12-13T12:41:14.499-08:00Holiday shopping? Skip long lines and stress, and purchase a Gift of Compassion instead!<span style="font-family: inherit;">With the holiday season upon us, the search for the perfect gift is on. If you haven’t found it yet, do not panic! ABC Home & Planet Foundation offers a unique holiday gift that provides the opportunity to share joy and gratitude with your loved ones.</span><br />
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ABC Home & Planet Foundation offers “Gifts of Compassion,” which allows you to make a fully tax deductible gift in honor of your loved one. Each Gift of Compassion is a donation to a visionary non-profit organization providing critical services to underserved communities. Each organization has been carefully chosen and screened for its transformative impact by the ABC Home & Planet Foundation. Calvert Foundation is one of those organizations, and is again participating in the Gift of Compassion Program this year. <br />
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Gift recipients receive a printed 100% post consumer recycled paper card about the gift in a one-of-a-kind silk sari pouch made in India, which can double as a lovely tree ornament or sachet for jewelry.<br />
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What greater gift can be given to a loved one than offering a safe haven for an orphaned child? A birth kit for a rural mother in Nepal? Malaria nets for pregnant women in Africa? New sheets for the formerly homeless in New York? Literacy lessons for an Afghan girl? Make this holiday season memorable by inspiring meaningful change in the world. Gifts of Compassion are available for purchase at <a href="http://abchomeandplanet.org./">abchomeandplanet.org.</a>Calvert Foundationhttp://www.blogger.com/profile/17167636058246018157noreply@blogger.com0tag:blogger.com,1999:blog-2573871833111409158.post-23686952994623068352010-11-18T13:07:00.000-08:002010-11-22T14:00:19.331-08:00Sister Corinne Florek - a True Leader of the Impact Investment Industry<div class="MsoNormal" style="border: medium none; margin: 0in 0in 0pt;"><i><span style="font-family: inherit; font-size: x-small;">Carrie Hutchison McGarry manages marketing and communications for Calvert Foundation.</span></i></div><div class="MsoNormal" style="border: medium none; margin: 0in 0in 0pt;"><br />
</div><div class="MsoNormal" style="border: medium none; margin: 0in 0in 0pt;"><span id="goog_1153381114"></span><span id="goog_1153381115"></span><span style="font-family: inherit;">Earlier this month, I had the luck and privilege to meet Sister Corinne Florek at Opportunity Finance Network’s annual conference, where she was honored as the recipient of the 2010 Ned Gramlich Lifetime Achievement Award. Sister Corinne is whip smart and lots of fun, though her gentle brown eyes, calm demeanor, and hint of a soft Midwestern accent from her days in Michigan will initially fool you. </span></div><div class="MsoNormal" style="border: medium none; margin: 0in 0in 0pt;"><br />
</div><span style="font-family: inherit;">In the world of investing, Sister Corinne is a maverick. </span><br />
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</div><span style="font-family: inherit;">In the 1960s, a time when women – both in their faith and in their day-to-day lives – were exploring new roles and seeking new freedoms and opportunities, Sister Corinne and her fellow sisters were facing a dilemma. They saw a real need to put money toward the care of their elder sisters, who were retired and in need of support. Yet, as nuns, many of them felt that their vow to poverty required them to give their money away to those in their community who were suffering. Sister Corinne saw a third option, which is how her journey began, a journey – as she said at the conference – that will continue on long after she does. </span><br />
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjT0dTIQn_AnNpkkIGTplmLtIPhKx8olErFzdXDQM6sUTmWeU0HdqxJTx-ZMEdCVaa_EMfkcQg35DKfB8d6CmAAx9jhpFCuDQTPTOzIlgAkmEhQSxDgjHguv3tuICQgxMRrm4bRIJI4U9OO/s1600/OFN_110410-1550.jpg" imageanchor="1" style="clear: right; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" height="265" px="true" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjT0dTIQn_AnNpkkIGTplmLtIPhKx8olErFzdXDQM6sUTmWeU0HdqxJTx-ZMEdCVaa_EMfkcQg35DKfB8d6CmAAx9jhpFCuDQTPTOzIlgAkmEhQSxDgjHguv3tuICQgxMRrm4bRIJI4U9OO/s400/OFN_110410-1550.jpg" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Sister Corinne at the OFN conference</td></tr>
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<span style="font-family: inherit;">Sister Corinne saw that she and her fellow sisters could pool their money and use it to invest – but not in companies. Instead, they invested their money in community organizations and other non-profits that were helping low-income families and fighting poverty every day, but that could also pay back inexpensive loans with interest. Sometimes there was no interest payment. And sometimes the principal didn’t come back. But on average, this experiment paid off, leaving money to care for the retired nuns in need of assistance, and – while invested – providing much-needed support for people living in underserved communities.</span><br />
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<div style="border: medium none;"><span style="font-family: inherit;">Sister Corinne went on to bring in other groups and other investors, in order to create a network that had a more powerful voice as an investor. She involved the <a href="http://www.lcwr.org/lcwraboutus/aboutlcwroverview.htm">Women Religious</a>, which is comprised of Catholic women from congregations around the United States, as well as many other partners along the way. </span></div><div style="border: medium none;"><br />
</div><span style="font-family: inherit;">Since the conference was hosted this year in <i>lovely </i>(I did leave my heart there) San Francisco, Sister Corinne was able to reach out to the many women in that area that had been part of the investment work she does. Many came, and during her acceptance speech, she called them up on the stage so that they might look out into the audience and see the people who did the work they supported through their investments. She asked organizations who received investment from organizations she works with – or any faith-based investor – to stand up. I was very proud to do so on behalf of Calvert Foundation, which has worked with faith-based investors of multiple denominations for many years.</span> <br />
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</div><div style="border: medium none;"><span style="font-family: inherit;">Many, even in our small (yet growing) impact investment industry, know little of this story. And many more – even those at the organizations receiving investment dollars from groups run and advised by Sister Corinne – fail to understand that these investments are funded solely by the nuns (not the church), and come out of their modest pay, as well as bake sales and other fundraisers.</span></div><br />
<span style="font-family: inherit;">At Calvert Foundation, we often talk about how innovative we were by starting the work that we do – bringing the opportunity for everyday investors to help low-income communities through investment – over 15 years ago now. But it became clear to me in meeting Sister Corinne and hearing her story that there were inklings of this idea long before Calvert Foundation was even on the radar.</span><br />
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<div style="border: medium none;"><span style="font-family: inherit;">I was truly touched by Corinne’s work, but even more so by her energy and her spirit. Having been raised in the Christian church, I have always found great comfort in the quiet strength that emanates from the women of a congregation. Sister Corinne is someone guided by faith, but driven by her own amazing gifts – which, as evidenced by her success, she so freely shares with those around her. OFN honored her at the conference, but I hope to share her story here so that others know about her work. </span></div><div style="border: medium none;"><br />
</div><span style="font-family: inherit;">Congratulations – and thank you – Sister Corinne!</span><br />
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<div class="separator" style="border: medium none; clear: both; text-align: center;"></div><div class="separator" style="border: medium none; clear: both; text-align: center;"></div><div class="separator" style="border: medium none; clear: both; text-align: center;"></div><div class="separator" style="border: medium none; clear: both; text-align: center;"></div><div class="separator" style="border: medium none; clear: both; text-align: center;"></div><div class="separator" style="border: medium none; clear: both; text-align: center;"></div>Calvert Foundationhttp://www.blogger.com/profile/17167636058246018157noreply@blogger.com0tag:blogger.com,1999:blog-2573871833111409158.post-51207044063690984182010-11-09T11:29:00.000-08:002010-11-11T10:05:45.627-08:00A View of Post-quake Haiti<div class="MsoNormal" style="margin: 0in 0in 10pt;"><span style="font-family: Tahoma; font-size: 8pt;"><span style="font-family: inherit;"><i>A few months ago, Calvert Foundation Sr. Associate Patrick Davis took a trip to <country-region w:st="on">Haiti</country-region> to volunteer for a friend's nonprofit, United Schools of <country-region w:st="on"><place w:st="on">Haiti</place></country-region>. Aside from visiting Calvert Foundation borrower Fonkoze in <city w:st="on">Port-au-Prince</city>, Patrick spent most of his time in <country-region w:st="on">Haiti</country-region> helping to build a school in the countryside town of <city w:st="on"><place w:st="on">Fond</place></city> des Blancs. Take a view into a post-quake <country-region w:st="on"><place w:st="on">Haiti</place></country-region> through his eyes in his post on our blog. Patrick also made a video slideshow of the photos he took on his trip that we've posted to our </i></span><a href="http://www.youtube.com/watch?v=RF-NbNEDioo"><span style="font-family: inherit;"><i>YouTube site</i></span></a><span style="font-family: inherit;"><i>.</i></span></span></div>Last year – before the massive earthquake in Port-au-Prince put Haiti in the forefront of everyone’s minds – I began doing some volunteer work with a friend’s nonprofit organization, <a href="http://www.usofhaiti.org/">United Schools of Haiti.</a> His group was planning a trip to Haiti in the summer of 2010 to do some construction work on a school and to network with local officials to explore new opportunities. When he asked me if I’d like to join them on the trip, I was thrilled. I truly enjoy the opportunity to have an impact in the work that I do at Calvert Foundation, but as an intermediary, it’s rare that I get the chance to see the fruits of my labor in a very direct way. As a result, this trip to Haiti was very appealing to me. Service has always been an important component in my life, and this would be an ideal way to get my hands dirty and experience a new culture.<br />
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhPSviRZwPHwx8oe5AzzIV4aam_XF7J2Yt66WkwmrsXORVXd3ZlUPdOFCcu3pfAqsL1jzpiGrmnidcILGoX3JIZcqWn6aLyFhewTmPQqI2Htz2VFXElKabcKx0mTUglwAYUlaL4yuOJzN_l/s1600/patrick.jpg" imageanchor="1" style="clear: right; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhPSviRZwPHwx8oe5AzzIV4aam_XF7J2Yt66WkwmrsXORVXd3ZlUPdOFCcu3pfAqsL1jzpiGrmnidcILGoX3JIZcqWn6aLyFhewTmPQqI2Htz2VFXElKabcKx0mTUglwAYUlaL4yuOJzN_l/s1600/patrick.jpg" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Patrick Davis (pictured upper right) in Haiti.</td></tr>
</tbody></table>Then came January 12th, 2010. The earthquake. This erased any uncertainty about my decision to go to Haiti. I had to go. After seeing the news reports and reading the stories, I felt compelled to see firsthand the state of things in a country that had dealt with a chronic history of suffering – be it a result of natural or political disaster. I hoped to accomplish a few things on my trip. First, I hoped to be a passionate and energetic representative of my country. Many times in my travels in the developing world, I’ve noticed that being from the United States isn’t exactly an asset. This has always been a chip on my shoulder in a way, and compelled me to work harder, be more compassionate, and dig deeper when I’ve been witness to the need in the developing world. Second, I hoped to be able to get some work done. Through United Schools of Haiti, we were supporting the construction of an elementary school in Fond des Blancs, and I wanted to develop some connections more broadly that could benefit the Haitian school community. Third, I hoped to reinvigorate my own sense of commitment to serving humanity. Though I’ve listed it last, this was probably the most important reason for my trip. I believe it’s important for all of us who live a life of relative privilege to seize opportunities that force us to confront that state of privilege. It’s not always easy to remember that the majority of the world lives without clean water, electricity, and food security. I hoped to be able to come home from my journey and share meaningful stories, pictures, and experiences with friends and family. Reflecting on these experiences would undoubtedly lead to discussions about what we can do. And there is so much we can do.<br />
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In August, I went to Haiti. During my time there, I found myself constantly vacillating between poignant moments of hope and despair. Arriving in Port-au-Prince, I was struck by the lack of progress with the cleanup. Entire city blocks were still nothing more than rubble. I saw countless families living in tents on top of – or outside of – what was left of their homes. The majority of the population that had not left Port-au-Prince was crammed into tiny shacks with blue USAID tarps to keep the rain out. We visited our guide’s house in the countryside just outside of Port-au-Prince, which was reduced to rubble as a result of the after shocks. He had lost his home and his sister in the quake. The lead architect for our school project lost his wife. Children in our school community lost their parents. Nearly every adult and child that I interviewed had lost a family member. Of the estimated three million people living in Port-au-Prince at the time of the quake, 300,000 died. This was made evident in the storefronts of funeral homes – sadly some of the only thriving businesses in the capital city. The scale of the disaster was almost incomprehensible, but at the same time, completely visible. During my entire stay in Port-au-Prince, I saw just one government bulldozer removing rubble. In contrast, I saw many people with sticks and shovels, digging through the rubble to find anything of value that they might be able to sell for a little income. It’s still unclear to me how the population that remains in Port-au-Prince is able to survive, but this speaks to the incredible resilience of the people and the human spirit. <br />
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During my stay I began to understand a little bit more about how necessity breeds innovation and entrepreneurism. Everyone, everywhere seemed to be selling something. When our group badly blew out a tire in the Champs-de-Mars district, we were greeted at the side of the road by a few men who repaired the tire in a matter of minutes. They used a simple heating mechanism that I hadn’t seen before to rework the rubber in the tire. I laughed to myself thinking about a recent experience back home when I had a miniscule gash in a tire, and of course, it was “too large to repair” so I was forced to buy a completely new one. No chance our friends in Haiti would have discarded my tire. At the same tire fix-it stand, I noticed a few men getting haircuts. In the time it took for a tire repair the men at the stand realized they could offer haircuts as well – truly an entrepreneurial vibe.<br />
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In the countryside near our school project, I noticed the same resourcefulness and creative thinking. Of course there was no public water system, and for that matter, no infrastructure whatsoever – only dirt roads and houses built by hand-mixed concrete. Nearly all of the houses I visited in the community had their own rainwater harvesting systems. Gutter systems led from the roof to a large, dug out cistern, which collected water each time it rained. This water was used for cooking, drinking, and washing, among other things. Due to the absence of industry and the pollution that comes with it, the pure rainwater was a valuable asset that the community had learned to harness over time. Many households had saved up to buy one solar panel, which they used to light their houses at night. In fact, besides the few motorbikes and the intermittent production of charcoal, I would guess that the countryside community was almost completely carbon neutral. <br />
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Whereas the chaos and enormity of Port-au-Prince made thinking about opportunities for development quite overwhelming, it was easy to see how some simple training and technical assistance could go a long way in the countryside. I hope that Haiti continues to deurbanize as a result of the earthquake. I believe there is a great possibility for strong, sustainable, self-reliant communities to emerge and prosper outside of the over-burdened capital. This phenomenon is happening as we speak – and it may very well be the most direct path to better outcomes in the future for Haiti’s people. <br />
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Since I’ve returned home from my trip, I’m wrestling with ideas about how I can be of service to Fond des Blancs and the countryside community that welcomed me with such open arms. In the short term, I’m helping to sponsor a scholarship for a student who will be attending school in the fall. I’m also continuing to work with a talented Haitian entrepreneur who has dreams of creating a public health radio station for the community, opening up an English-training center, and organizing classes to teach Haitians about rainwater drip irrigation and micro-farming.<br />
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If you’re interested in hearing more about my experience in Haiti, please check back on our blog in the coming weeks, where I’ll share more stories and anecdotes about the challenges and opportunities I observed on my trip.Calvert Foundationhttp://www.blogger.com/profile/17167636058246018157noreply@blogger.com0tag:blogger.com,1999:blog-2573871833111409158.post-43429905360046595632010-11-09T11:16:00.000-08:002010-11-16T06:32:58.438-08:00Calvert Foundation Receives Top Honor for “Innovative Social Impact Investing"<span style="color: black; font-family: inherit;">While impact investing may often be looked at as direct means to an end, the Calvert Foundation has re-routed the investment approach by effectively promoting innovative social impact investing tools to disadvantaged communities.</span><br />
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<span style="color: black; font-family: inherit;">On Tuesday, October 26th, Calvert Foundation received Top Honor for “Innovative Social Impact Investing." This award was an amazing accomplishment for us, as our fantastic microfinance borrowers have provided hand ups, not hand outs, and our investors have received a return upon doing so. This award was part of the Investment & Innovation in Microfinance conference, which continued through Wednesday, October 27th.</span><br />
<span style="color: black; font-family: inherit;"> </span><span style="font-family: inherit;"><br />
</span><span style="color: black; font-family: inherit;">Art Stevens, Vice President of Sales and Marketing, accepted the award on behalf of Calvert Foundation with an acknowledgement of the growth of retail investors in this sector and a nod to the wonderful microfinance institutions we work with, some of which were in the room when we accepted the award.</span><br />
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<span style="font-family: inherit;"><span style="font-family: inherit;"><span style="font-family: inherit;"><span style="font-family: inherit;"><span style="font-family: inherit;"><span style="font-family: inherit;"><span style="font-family: inherit;"><span style="color: black;"><span style="font-family: inherit;">Interim President and CEO, Lisa Hall was pleased to receive this award:</span> "We are thrilled to be recognized our work in this area. Fifteen years ago, we became pioneers in bringing everyday people the opportunity to invest in microfinance. Now we see many others adopting this model, and more and more investors coming into the space. However, we certainly wouldn’t be where we are today without the fantastic microfinance borrowers in our portfolio doing meaningful, impactful work."</span></span></span></span></span></span></span></span><br />
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<span style="color: black; font-family: inherit;">The panel of judges was composed of experienced microfinance experts, including, Monica Brand, Principal Director, Frontier Investments, ACCION International; Daniel Dax, General Manager, LuxFlag; George Conard, Executive Director, Technology for Microfinance Grameen Foundation; Marten Leijon, Executive Director, The MIX; David Satterthwaite, Senior Global MicroInsurance Officer, Oxfam America; and Joan Trant, Executive Director, IAMFI.</span><br />
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<span style="color: black; font-family: inherit;">With such an esteemed set of industry leaders and microfinance experts choosing us for this award, it was a true honor to be the recognized for our innovative social impact investing efforts.</span>Calvert Foundationhttp://www.blogger.com/profile/17167636058246018157noreply@blogger.com0tag:blogger.com,1999:blog-2573871833111409158.post-14964749298959503892010-10-21T13:13:00.000-07:002010-11-18T13:19:10.101-08:00Mile High Actualizes Goals at Great Lengths<em><span style="font-family: inherit;">Sales Manager, Justin Conway, just recently visited Calvert Foundation borrower Mile High Community Loan Fund. What Justin saw in the communities of Colorado was an illustration of Calvert Foundation borrowers putting investors' capital to work to achieve their mission. Mile High’s current efforts have alleviated the many obstacles that low income communities often face by providing affordable housing and facilities.</span></em><br />
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<blockquote><div style="text-align: left;"> <br />
<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/AVvXsEgEQdvwPTV7KFj6WaF07Ma7MQIdStt8HqZA-P34jGZHeN2el_K_qCQA_EWiiVBatvGhJHmdZZz72MVM7M-DW3E4McAsAJwC5XNRMj3SjiTnufuThHSMn83VTL1k35GSLxFUiy3psiG5jW30/s1600/Church+of+the+City+9.JPG" imageanchor="1" style="clear: right; cssfloat: right; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" height="320" nx="true" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgEQdvwPTV7KFj6WaF07Ma7MQIdStt8HqZA-P34jGZHeN2el_K_qCQA_EWiiVBatvGhJHmdZZz72MVM7M-DW3E4McAsAJwC5XNRMj3SjiTnufuThHSMn83VTL1k35GSLxFUiy3psiG5jW30/s320/Church+of+the+City+9.JPG" width="240" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Credit: Justin Conway</td></tr>
</tbody></table> <span style="color: black;">I was in Colorado last week for some meetings and stopped in to see how Calvert Foundation borrower Mile High Community Loan Fund is putting our investors' capital to work. Mile High focuses on providing affordable housing and facilities for low-income communities in Colorado, and is headed by community development expert (and excellent tour guide) Jeff Seifried. </span></div><div style="text-align: left;"><span style="color: black;"><br />
</span></div><div style="text-align: left;"><span style="color: black;">We recently highlighted Mile High's work with <a href="http://www.churchinthecity.org/">Church in the City</a> in our <a href="http://www.calvertfoundation.org/images/literature/calvertfoundation_ar_2009.pdf">Annual Report</a>, and I have seen the renovation of the Church's historic building over the past year, as the good friends I stay with when I'm in Denver live right across the street. It was great to now meet the folks behind the doors of this economically and ethnically diverse congregation, and to see firsthand all of the critical services they provide to homeless and youth populations. </span></div><div style="text-align: left;"><span style="color: black;"><br />
</span></div><div style="text-align: left;"><span style="color: black;">In addition to visiting some of their affordable housing projects, other highlights of my visit included <a href="http://www.charg.org/">CHARG Resource Center</a> and <a href="http://www.socue.org/">Sisters of Color United for Education</a>. CHARG Resource Center is a mental health clinic with a unique model for empowering adults with mental disabilities. Sisters of Color United for Education is a nonprofit facility providing community health services to Colorado's Latino population.</span></div><div style="text-align: left;"><span style="color: black;"><br />
</span></div><div style="text-align: left;"><span style="color: black;">Calvert Foundation is proud to support Mile High's work in Colorado.</span></div><div style="text-align: left;"><span style="color: black;"><br />
</span></div><div style="text-align: left;"><span style="color: black;">Best,</span></div><div style="text-align: left;"><span style="color: black;"><br />
</span></div><div style="text-align: left;"><span style="color: black;">Justin Conway</span></div></blockquote><div style="text-align: left;"><span style="font-family: inherit;">This is just one example of the many successes that occur daily all due to the unwavering dedication and hard work of Calvert Foundation's borrowers.</span></div><div align="justify"></div>Calvert Foundationhttp://www.blogger.com/profile/17167636058246018157noreply@blogger.com0tag:blogger.com,1999:blog-2573871833111409158.post-27798418583099763822010-08-31T10:51:00.000-07:002010-08-31T11:00:14.294-07:00Support for the Flood Victims of Pakistan<div style="border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none;"><div style="border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none;">This year will be remembered for two of the greatest natural disasters in decades. In the wake of the devastating earthquake in Haiti, we are now in the midst of a flood that has resulted in over 1,600 deaths, the displacement of millions of people, and the dissolution of infrastructure making the delivery of essentials nearly impossible. Whereas the Haitian disaster was met with an overwhelming positive international response, the Pakistani flood has been slow to attract aid dollars. Advocates like UN General Secretary, Ban Ki-Moon, have been leading a call to action. Problems are shifting quickly from the immediate danger of flood waters, to the prolonged threat of disease and lack of access to water. The region requires immediate action, and of course, more long term action as well. </div><div style="border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none;"><br />
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj3LdFQSwG5qfGhTun4g9CH5r1LVOPFdrrz3rmo35s_9w4uIqKRSlAuaJTWtAzGvefcsPFKLZppXq_g-U2nFOQr6pbzE614OINHd1BZOXBl1zR0xxq3ipC3nY3T7i7zeLuS2R7TSEzlfre9/s1600/Pakistan+(credit+UNDP).jpg" imageanchor="1" style="clear: right; cssfloat: right; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" ox="true" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj3LdFQSwG5qfGhTun4g9CH5r1LVOPFdrrz3rmo35s_9w4uIqKRSlAuaJTWtAzGvefcsPFKLZppXq_g-U2nFOQr6pbzE614OINHd1BZOXBl1zR0xxq3ipC3nY3T7i7zeLuS2R7TSEzlfre9/s320/Pakistan+(credit+UNDP).jpg" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><span style="font-size: xx-small;">Credit: UN Development Program</span></td></tr>
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Calvert Foundation is eager explore its role in providing support to the aid community. Through our <a href="http://www.calvertgiving.org/pakistan">Calvert Giving Fund</a> we are mobilizing donor dollars to organizations that are directly contributing to the relief effort. We invite you to take a look at some of the organizations who are doing relief work in the area. They all have some great information on their websites relating to specific relief efforts. </div><ul style="border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none;"><li style="border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none;"><a href="http://www.care.org/">CARE</a></li>
<li style="border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none;"><a href="http://www.chfhq.org/">CHF International</a></li>
<li style="border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none;"><a href="http://www.directrelief.org/">Direct Relief International</a></li>
<li style="border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none;"><a href="http://www.doctorswithoutborders.org/">Doctors Without Borders</a></li>
<li style="border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none;"><a href="http://www.globalfundforchildren.org/">Global Fund for Children</a></li>
<li style="border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none;"><a href="http://www.lwr.org/">Lutheran World Relief</a></li>
<li style="border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none;"><a href="http://www.mercycorps.org/">Mercy Corps</a></li>
<li style="border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none;"><a href="http://www.oxfam.org/">Oxfam</a></li>
<li style="border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none;"><a href="http://new.gbgm-umc.org/umcor/">United Methodist Committee on Relief</a></li>
<li style="border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none;"><a href="http://www.worldconcern.org/">World Concern</a></li>
</ul><div style="border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none;">In addition, we are continually brainstorming new ways to involve our organization in disaster relief. Though we are not a grant making institution, we do see a role for affordable, patient capital in the long term redevelopment of post disaster societies. We hope to provide social investors with new tools to positively influence the rebuilding of these countries in the resilient nature of their citizens. Please join us in thinking about what you can do to help the displaced and suffering in Pakistan.</div><div class="separator" style="border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; clear: both; text-align: center;"></div><div class="separator" style="border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; clear: both; text-align: center;"></div><div class="separator" style="border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; clear: both; text-align: center;"></div><div class="separator" style="border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; clear: both; text-align: center;"></div><div class="separator" style="border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; clear: both; text-align: center;"></div><div class="separator" style="border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; clear: both; text-align: center;"></div><div class="separator" style="border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; clear: both; text-align: center;"></div><div class="separator" style="border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; clear: both; text-align: center;"></div><div class="separator" style="border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; clear: both; text-align: center;"></div>Calvert Foundationhttp://www.blogger.com/profile/17167636058246018157noreply@blogger.com0tag:blogger.com,1999:blog-2573871833111409158.post-63437887360373748312010-08-11T06:39:00.000-07:002010-08-11T06:40:07.268-07:00Celebrating Change, Inspiring New Beginnings<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhrcff825ruAJ1wPiFAvstJRxMbvI7TSXEB8Lgjl0jhecEQZljeTpqkp0VogzW2xCFe4lY8sy7yVmm0cBfMD2JuWikC0qzc3mqw-PO0NWG1g3pnmCJLYwPO-6udipBY-kJqcaErlqvmc9SP/s1600/shari_yunus_web.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="173" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhrcff825ruAJ1wPiFAvstJRxMbvI7TSXEB8Lgjl0jhecEQZljeTpqkp0VogzW2xCFe4lY8sy7yVmm0cBfMD2JuWikC0qzc3mqw-PO0NWG1g3pnmCJLYwPO-6udipBY-kJqcaErlqvmc9SP/s400/shari_yunus_web.jpg" width="400" /></a></div><b><span style="font-family: Verdana,sans-serif;"><span style="font-size: small;">450,000 jobs for low-income individuals, 17,000 affordable homes, and 27,000 non profit facilities and social enterprises.</span></span></b><span style="font-family: Verdana,sans-serif;"><span style="font-size: small;"> </span></span><br />
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<b><span style="font-family: Verdana,sans-serif;"><span style="font-size: small;">These are the real measures of success.</span></span></b><br />
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President and CEO Shari Berenbach has spent the last 13 years taking Calvert Foundation and its investors to this level of success. Now, with a stellar track record of growth, Shari has made the difficult decision to pass the torch, leaving her legacy as the basis for Calvert Foundation’s next stage of growth.<br />
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“When I joined Calvert Foundation in l997, I took on the improbable challenge of demonstrating that investment can be a tool to end poverty. With impact investing now on the minds of individuals and institutions alike, investing to achieve community impact is an idea whose time has come. In more than 13 years, I have grown Calvert Foundation from $5 million to $500 million in assets under management. This move will provide the opportunity for Calvert Foundation to move to its next level of maturity,” she said. <br />
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Shari’s next step will be to lead microenterprise development at USAID, where she will oversee hundreds of millions of dollars at work in over 60 countries around the globe. “I am eager to bring to the world stage our commitment to market-based solutions for the creation of sustainable and scalable strategies to end poverty,” she said.<br />
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<img alt="bio_hall" height="150" src="http://www.calvertfoundation.org/images/stories/bio_hall.jpg" style="border: 5px solid rgb(232, 229, 223); float: right; margin-bottom: 20px; margin-left: 20px;" width="150" />Executive Vice President and Chief Lending Officer Lisa Hall will be serving as the interim head of Calvert Foundation until the Board of Directors appoints a permanent CEO. “It’s been an honor to work with Shari and we will miss her tremendously. She will be leaving a legacy and imprint not just on Calvert Foundation but also on the entire impact investing sector,” Lisa said.<br />
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Calvert Foundation is committed to carrying on its mission of fighting poverty through investment, and is working from a strong base moving forward. In fact, Calvert Foundation has celebrated many great successes as of late, including a partnership with Citi to invest $200 million in U.S. communities to finance small businesses and spur job growth. Calvert Foundation is an award-winning organization that has grown an average of 20% year over year since 1997, even flourishing during the recent economic downturn. <br />
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“I am so grateful to our investors and supporters for believing in the power of investment to help underserved communities,” Shari said. “I am excited for the future of Calvert Foundation, and pleased to keep a part of this important experience with me – in my investment portfolio! I am, of course, a proud investor in the Community Investment Note.”Calvert Foundationhttp://www.blogger.com/profile/17167636058246018157noreply@blogger.com0tag:blogger.com,1999:blog-2573871833111409158.post-72091604175885193102010-08-04T14:25:00.000-07:002010-08-04T14:26:23.521-07:00Supporting Local Agriculture and Farm Jobs in Africa<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj1DPW1ul4QA6J3xdToJ5ccCcKpB004OV1eN1M0y7fhxWxXoTZC4g6OjizcBULH4tn1KulVdRtLYCbz1tWEvo43jVWLsSt_eSyLqTDChhj0BzWrHHmnCfctcpjdoIfkRsj8v56NLU_74LS8/s1600/Africa.bmp" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="213" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj1DPW1ul4QA6J3xdToJ5ccCcKpB004OV1eN1M0y7fhxWxXoTZC4g6OjizcBULH4tn1KulVdRtLYCbz1tWEvo43jVWLsSt_eSyLqTDChhj0BzWrHHmnCfctcpjdoIfkRsj8v56NLU_74LS8/s400/Africa.bmp" width="400" /></a></div><div style="color: black; font-family: Verdana,sans-serif;"><br />
</div><div style="color: black; font-family: Verdana,sans-serif;"><span style="font-size: small;">We are excited to announce that we are expanding our investment portfolio to include local agriculture in Africa through a $400,000 investment in Tanzania's Mtanga Farms Limited (MFL) as part of our <a href="http://www.calvertfoundation.org/who-we-help/portfolio/mission-plus" title="http://www.calvertfoundation.org/who-we-help/portfolio/mission-plus">Mission Plus</a> portfolio, which allows us to take on investments that may fall outside of our usual portfolio guidelines but that we feel are worth it due to maximum social impact.<o:p></o:p></span></div><div style="color: black; font-family: Verdana,sans-serif;"><span style="font-size: small;"><br />
</span></div><div style="color: black; font-family: Verdana,sans-serif;"><span style="font-size: small;">Located in the Iringa Region of <st1:country-region w:st="on"><st1:place w:st="on">Tanzania</st1:place></st1:country-region>, MFL is a for-profit agricultural business that strives to increase crop production through improved farming methods and technology, share cropping, and farm contracting. Bolstered by investment dollars, MFL plans to start a seed potato business in which they will produce genetically stronger potato seeds to sell to farmers. Furthermore, MFL is starting an Outgrower Program that builds connections with local farmers by contracting parts of its 1,600 hectares of land for local farming. This program also provides advanced farming techniques, technology, and items such as fertilizer that are necessary for local farmers to thrive. <o:p></o:p></span></div><div style="color: black; font-family: Verdana,sans-serif;"><span style="font-size: small;"><br />
</span></div><span style="color: #666666; font-family: Arial; font-size: xx-small;"><span style="font-size: 9pt;"><span style="color: black; font-family: Verdana,sans-serif; font-size: small;">MFL can make a real difference for Tanzania, where agriculture accounts for more than 40 percent of the country’s GDP and employs 80 percent of the work force (according to the CIA World Factbook). MFL’s seed potato business has the potential to employ between 12,000 and 18,000 subsistence potato farmers in <st1:country-region w:st="on"><st1:place w:st="on">Tanzania</st1:place></st1:country-region>. With stronger and more disease-resistant seeds, farmers can produce much more, thus increasing their income. Also, the introduction of the Outgrower Program will engage more people and increase employment in local villages. Investment from Calvert Foundation will help MFL grow to be a significant improvement for Tanzanian farmers. </span><o:p></o:p></span></span><br />
<span style="color: #666666; font-family: Arial; font-size: xx-small;"><span style="font-size: 9pt;"><span style="color: black; font-family: Verdana,sans-serif; font-size: small;"></span><o:p></o:p></span></span>Calvert Foundationhttp://www.blogger.com/profile/17167636058246018157noreply@blogger.com0