Over $20 million in Community Investment Notes have been traded through Chicago-based Incapital, a securities and investment banking firm, since Calvert Foundation, based in Bethesda, MD, became the first nonprofit to offer a security on their platform. Community investing as a tool to combat poverty in the U.S. and other nations is making a big splash in the mainstream financial world, helping to support thousands of jobs, home purchases and the operations of nonprofits and other community-oriented groups.
Calvert Foundation's Community Investment Notes " a trusted way to fight poverty through investments in affordable housing, small business job creation, microlending, and other community-based efforts " were first made available nationally through Incapital's network of 400 brokerage firms in November 2005. This arrangement allows investors to purchase and hold Community Investment Notes in their brokerage accounts. "We are pleased to announce the important milestone of surpassing the $20 million mark, since we began distributing Community Investment Notes on our platform," said Incapital president and CEO Tom Ricketts in a press release. "We are pleased to be able to support Calvert Foundation's outstanding track record of making a difference for people in disadvantaged communities, and we are excited to be playing an active role in their efforts," he added.
"Our partnership with Incapital reflects our long-term goal of bringing community investing into the financial mainstream, said Calvert Foundation President and CEO Shari Berenbach, in the release. "We are pleased to say that our community-based borrowers continue to perform very well and are hard at work finding lasting solutions for many homeowners," he added. The impact of the wide range of investments made possible by Community Investment Note investors is enormous for communities in need. It is estimated that these investors have created nearly 11,000 jobs in the U.S. and in developing countries, helped to provide 500 affordable homes, and supported more than 600 nonprofits, co-ops and social enterprises.