Episcopal Church Economic Justice Loan Committee awards three loans to community development organizations
The Episcopal Church Economic Justice Loan Committee (EJLC) has awarded three loans totaling $950,000 to community development organizations to assist in affordable housing and small business development in areas that lack access to traditional lending.
- The Economic Justice Loan Committee has granted $300,000 in loans to Partners for the Common Good PCG, Washington, DC. Founded in 2000, Partners for the Common Good is a new borrower to the EJLC. PCG primarily makes loans in participation with other mission-oriented lenders to nonprofit and socially motivated for-profit borrowers. PCG is headquartered in Washington, DC, and lends nationally. A portion of its loan portfolio is also dedicated to promoting microfinance and entrepreneurs abroad.
- The Economic Justice Loan Committee has granted $350,000 in loans to PeopleFund, Austin, TX. An existing borrower, PeopleFund is a 501(c)(3) non-profit corporation whose mission is to create economic opportunity and financial stability for underserved people by providing access to capital, education, and resources to build healthy small businesses. PeopleFund was founded as the Austin Community Development Corporation (ACDC) in 1994 by a consortium of banks, city officials, and community leaders in response to concerns about redlining in east and south Austin. ACDC was certified by the U.S. Treasury as a Community Development Financial Institution (CDFI) in 1997, and changed its name to PeopleFund in 2005.
- The Economic Justice Loan Committee has granted $300,000 in loans to Shared Interest, New York, NY. One of the very first borrowers of the EJLC with repeated and successful loans, Shared Interest mobilizes the resources for Southern Africa’s economically disenfranchised communities to sustain themselves and build equitable nations. Shared Interest was established in 1994 by founding partners who were deeply entrenched in the anti-apartheid movement with an unwavering passion for human rights and economic justice. Responding to Southern Africa’s needs, Shared Interest has expanded to Mozambique, Swaziland and begun operations in Zambia.
Economic Justice Loan Committee
The Economic Justice Loan Fund is an economic justice ministry through which the Episcopal Church part of its investment assets to provide capital for communities and groups that lack full and equal access to financial resources. Loans have been made in the United States and internationally to support community economic development, affordable housing, job creation and other avenues of mission. The Fund was created in 1998 by the Executive Council. It combines two prior loan programs that had existed since 1988 and makes up to $7 million available. Loans are made to financial intermediaries, usually in amounts between $150,000 and $350,000, and usually for terms of three to five years. Loan applicants do not have to be affiliated with the Episcopal Church; however, applicants and recipients must have the endorsement of their local Episcopal bishop. Loans are not made to individuals or for individual projects.
Members and their dioceses are: Warren Wong, Chair, California; Dianne Aid, Olympia; the Rev. Kimberly Jackson, Atlanta; the Very Rev. Will Mebane, Western New York; Bishop Rodney Michel, Pennsylvania; the Rev. Andrew Walter, Washington; Presiding Bishop Michael B. Curry, Ex Officio; President of the House of Deputies the Rev. Gay Clark Jennings, Ex Officio; and staff members N. Kurt Barnes, Treasurer and Chief Financial Officer; Margareth Crosnier de Bellaistre, Director, Investment Management and Banking; Nancy Caparulo, Committee Support; and Tanie Oconer, Assistant Controller.
For more info
For information contact Margareth Crosnier de Bellaistre, Episcopal Church Director of Investment Management and Banking.