The Episcopal Church Economic Justice Loan Committee (ELJC) of the Domestic and Foreign Missionary Society (DFMS) has approved a $150,000 grant to Fonkozé USA, known for its support of micro-credit in Haiti and women’s small businesses.
Based in Washington, DC, Fonkozé USA plans to re-loan the $150,000 to its Haitian partner, Fonkozé www.fonkoze.org
Bishop Jean Zaché Duracin of the Episcopal Diocese of Haiti has expressed support for the investment.
The investment in Fonkozé also expands the EJLC’s international portfolio, where an investment was recently made with the Bank of Palestine.
Economic Justice Loan Committee
The Economic Justice Loan Fund is an economic justice ministry through which the Episcopal Church uses 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 of the DFMS. 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 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: Lindsey Parker, Chair, Massachusetts; Dr. Scott Bader-Saye, Texas; the Rev. Jane Gould, Massachusetts; the Rev. Canon Gregory Jacobs, Newark; William B. McKeown, New York; Bishop Eugene Sutton, Maryland; Warren Wong, California; Presiding Bishop Katharine Jefferts Schori, Ex Officio; President of the House of Deputies the Rev. Gay Clark Jennings, Ex Officio; and Episcopal Church staff Margareth Crosnier de Bellaistre, Director, Investment Management and Banking, N. Kurt Barnes, Treasurer and Chief Financial Officer; and Alex Baumgarten, Director of the Office of Government Relations.
For more info
For information contact Crosnier de Bellaistre.
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