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Community Foundations Deploying All Resources to Build Community Wealth

November 24, 2014

The following preface was written by RSF President & CEO Don Shaffer for the Democracy Collaborative’s recent report, A New Anchor Mission for a New Century: Community Foundations Deploying All Resources to Build Community Wealth. The report highlights “The Innovative 30? community foundations and their cutting edge work focused on deploying resources, in many cases not just grants, in support of rebuilding community wealth. RSF is particularly excited about this report as it ties in well with the ongoing work we are doing with pioneering community foundation leaders who are determined to align their individual foundations’ investments with their deep commitment to place.

community foundations

Preface

Many thanks to The Democracy Collaborative for this insightful paper. As so many of us push for innovation, it’s important we pause today to celebrate–as this paper does–the wide range of benefits that community foundations already generate.

Of many great quotes in the paper, one by Janet Topolsky from Aspen Institute Community Strategies Group brilliantly sums up the challenge: “A community foundation can do anything… But it has to decide what it wants to do.”

On the one hand, community foundations are nonprofit public charities with flexibility in their legal structures to create direct loan funds, loan guarantee pools, collaborations with community development financial institutions, and many other new approaches to working with different kinds of capital to meet the needs of local social enterprises. On the other hand, community foundations face many barriers in trying something new.

Yet, as this report shows, exciting innovation is already underway by community foundations, in both economic development and impact investing. Both are ways of moving toward the vital new anchor mission of deploying all resources to build community wealth.

The anchor institution work that The Democracy Collaborative has pioneered is a no-brainer for community foundations to embrace. Yes, it is resource-intensive and requires skillful partnering. But what is the alternative? It is a challenge community foundations will be wise to embrace.

Regarding impact investing, a massive cultural shift is still needed. There are very few foundation leaders who can say, as Clara Miller from the Heron Foundation does, “Our fundamental question for deployment of all capital will be, ‘what is the highest and best use of this asset for furthering our mission?'”

Short-term paper gains in a portfolio of public companies are just that–paper gains. They do not represent real wealth. The aspirational investment goal for community foundations is deploying 100 percent of assets for impact in their local communities. As this paper reports, Kelly Ryan and her board at Incourage Community Foundation in central Wisconsin are the first among community foundations to make this commitment. It will be exciting to watch as they move toward realizing this ambitious goal. At RSF Social Finance, our vision is of 100 community foundations reaching the 100 percent goal in the next decade.

I send my best to all of you taking on these worthy challenges.

Sincerely,

Don Shaffer

President & CEO, RSF Social Finance

Click here to read the full report.

RSF Local Initiatives Fund

November 21, 2014

This article was originally published in the Fall 2014 RSF Quarterly.

Catherine Covington 1by Catherine Covington

Earlier this year, I was encouraged to take on the challenge of conducting RSF’s first-ever feasibility study. The study took place in the spring and focused on laying the groundwork necessary to expand and deepen the potential of the RSF Local Initiatives Fund (LIF). More than 10 staff members pitched in to help plan for and conduct 35 external interviews during which we solicited feedback about the LIF and sought advice on the prospect of a capital raise. Now that the study has concluded and we are in the midst of fundraising, I am excited to share an update on the fund with the entire RSF community.

In 2012, in collaboration with a generous donor, RSF launched the Local Initiatives Fund pilot program to meet the growing need we have seen for an alternative approach to financing regional food systems. Throughout our history, RSF has had to turn away many impactful organizations that could not yet benefit from a loan, but instead, could use grants or equity-like capital to spur their growth. We have learned that without more flexible capital available, particularly in the early stages of their enterprises, it is extremely difficult for entrepreneurs to build food systems that generate positive social, environmental, and economic change.

LIF is a first-of-its-kind philanthropic fund that employs an integrated capital approach—one that focuses on the coordinated use of investments, loans, and grants to provide much-needed, flexible capital for entrepreneurs who are building regional food systems and resilient local economies. In the first two years of the pilot, we have been able to deploy $2 million to 40 early-stage sustainable food and agriculture enterprises with a focus on technical assistance grants, loan guarantees and place-based Shared Gifting circles; those funds have leveraged $8.3 million in additional financing to date.

Many of our feasibility study participants confirmed that there is an urgent need for the next stage of our integrated capital approach which includes a mix of tools such as loans backed by guarantees, direct equity investments, and philanthropic risk capital for smaller scale financing, all to support regional food systems infrastructure. For example, Viva Farms, a farm incubator program in Washington State, received an equipment loan from RSF backed by a guarantee from a foundation partner which was further supported by a capacity building grant from the LIF! There was also consensus that our deep and extensive lending experience combined with philanthropic capital would help us accomplish a range and degree of financing for this burgeoning field – funding that we simply cannot do through our current lending and grantmaking programs. Our experience and perspective make us uniquely suited to work in this innovative and much-needed way.

In our view, the opportunity is great, and, not moving capital in this innovative way—while the need for food access and the opportunity to meet that need grows—will have long-term adverse social consequences. We invite philanthropic funders who share an interest in transforming food systems to join us in this challenge of embracing an integrated financing approach that will push boundaries, revise how philanthropy can truly support regenerative economic work, and have a lasting impact on people, communities, and food systems. Since June, we have added 8 new donors to the fund (totaling over $600,000 in gifts) and are eager to add more as we take the LIF beyond the pilot phase. Will you join us?

Please contact Catherine at catherine.covington@rsfsocialfinance.org or 415-561-6151 for more information!

Catherine Covington is Manager of Client Development at RSF Social Finance

RSF Makes a Loan to Liberty Source

November 20, 2014

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RSF is pleased to announce a new loan to Liberty Source, a public benefit corporation and subsidiary of Digital Divide Data (DDD) that employs members of the military spouse community to provide U.S.-based business process outsourcing (BPO) solutions. Although the business was founded this summer, it already employs over 90 people at Fort Monroe in Virginia. RSF has provided working capital to support DDD in the implementation of this new domestic venture in impact sourcing.

An existing RSF borrower, Digital Divide Data is an internationally-acclaimed social enterprise that pioneered “Impact Sourcing,” a model that creates jobs in the BPO industry and builds talent in the developing world. Impact Sourcing empowers people to become technologically literate participants in the global economy while encouraging first-world clients to consider the entire value chain for their business, just as fair trade has done for the food and agriculture sector. DDD’s international offices are located in Laos, Cambodia, and Kenya.

Although dozens of other firms around the world now engage in Impact Sourcing, DDD’s approach is unique in that it incorporates a comprehensive program of employment and higher education, creating an enduring, life-changing environment for young men and women who otherwise face limited employment options. Liberty Source addresses a growing market need for a competitively priced and flexible U.S.-based BPO solution by employing military spouses and other members of the military community, providing them with the training and practical experience necessary to get them on the first rung of the professional career ladder.

“DDD has a thirteen year track record of growing social impact and strengthening the earning power of its staff,” says RSF’s Senior Director of Lending, Ted Levinson. “We’re glad to help by bringing the DDD model – that has accomplished so much in Asia and Africa – to the U.S. Our military families make tremendous sacrifice; it is gratifying to work with social enterprises supporting this community.”

Liberty Source staff young woman stockThere are over 700,000 military spouses in the United States, with 80% of them having post high school education. Although this is significantly higher than the general U.S. population, these dedicated spouses are four times as likely to be unemployed or underemployed because of the limited number of job opportunities near military bases and the frequency at which military families move from base to base. Liberty Source brings these highly motivated, educated members of the military community together with DDD’s proven employee development program, providing them with the means to enter, or return to, the workforce, while also offering the opportunity to augment their family income. Additionally, Liberty Source provides an alternative to outsourcing abroad, keeping jobs onshore and helping improve the U.S. economy.

“Without support from RSF, we would not have been able to get Liberty Source off the ground,” said Deborah Kops, Board Chair, Liberty Source and Board Member, DDD. “The RSF loan provided us the seed money to hire staff and buy equipment. Only a mission-aligned lender understands both the social impact and the imperative to operate a commercially viable company.”

About Liberty Source

Headquartered in Hampton Roads, Virginia on the decommissioned Fort Monroe military base, Liberty Source is a business process outsourcer (BPO) delivering corporate processes such as finance and accounting, human resources and customer care to clients seeking a flexible, onshore and cost-efficient solution. The company, the first viable onshore alternative to the traditional offshore BPO model, has a compelling, socially conscious mission; tap into the dedicated, under-employed pool of highly skilled military spouses by providing educational and career opportunities. By harnessing the power of this domestic workforce, and creating strong alliances with leaders in the education, consulting and technology sectors, Liberty Source is able to rapidly implement powerful solutions that meet the changing needs of its clients. A Public Benefit Corporation (PBC) owned by Digital Divide Data, Liberty Source is for-profit, yet designed as responsible and sustainable enterprise, managed for the benefit of its clients, its shareholders and the broader public interest.  For more information please visit http://www.liberty-source.com.

Refugee and Immigrant Fund: Growing New Roots in a Safer Land

November 14, 2014

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by Ellie Lanphier

On two of the world’s largest rooftops the Refugee and Immigrant Fund, in collaboration with Brooklyn Grange, runs the Urban Farm Recovery Project. Their Urban Agriculture Training program for refugees, asylum seekers, and immigrants to New York City teaches job readiness skills for the US job market through individualized weekly workshops on the farm and at the Brooklyn Navy Yard Employment Center. In May, RSF provided a Seed Fund grant to help the Refugee and Immigrant Fund (RIF) grow the Urban Farm Recovery Project from a therapeutic intervention tool to a comprehensive immigrant integration program.

RIF 2The Urban Farm Recovery Project provides professional and social network development through collaboration with a diverse group of staff, volunteers, interns, and visitors from the U.S. and throughout the world. Participants get hands-on training applicable to green job opportunities within the emerging green economy through workshops facilitated by experts in the field. English-language immersion experiences emerge through weekly on-the-farm English conversations while participants experience psychological healing from working in a soothing, productive and collaborative outdoor environment. RIF staff help participants complete and/or update resumes with individualized support from a recruitment expert and provide ongoing support after completion of training, including invitation to events and access to resources. Additionally, the Urban Farm Recovery Project provides a weekly stipend.

The farms are located in the Brooklyn Navy Yard (Brooklyn) and Long Island City (Queens). Rooftop-farming provides many benefits to the community it inhabits, such as shortening the supply chain, reducing carbon footprints, and providing natural cooling during the summer months by absorbing solar energy. The two rooftops combined absorb millions of gallons of storm water per season, and the NYC Department of Environmental Protection acknowledged this service to the city by awarding the Brooklyn Grange a $592,000 grant.

Since its founding in 2007, RIF has provided legal and psychosocial assistance to over 600 refugees, including legal consultations and referrals to pro bono attorneys and medical specialists. While their success stories are many, they recently featured an Urban Agricultural Training program graduate on their blog. Here’s an excerpt:

zakyatZakyat left her native Togo in West Africa three years ago to join her father in the United States. Upon her arrival in New York she began attending the English Language Learners International School in the Bronx, excelling particularly in her math and science courses. She graduated in June of 2014 after three years of hard work and hopes to go to college someday to study biology.

Zakyat joined RIF’s Urban Farm Recovery Project in March of 2014, balancing her school work with her internship at the farm. She enjoys learning about all the different vegetables and says that the program has improved her confidence to use English. Her friendships at the farm have also led to a job! Brooklyn Grange farm intern Allie directed Zakyat to Tribeca Pediatrics, where she will begin training as a medical assistant. This wonderful opportunity is the first step towards Zakyat’s dream of becoming a family doctor, and she’s thankful for the friendships and connections that made it possible.

“I wouldn’t have gotten this job if it wasn’t for RIF,” she says. “I’m learning a lot here, and I still have more to learn.”

 

Ellie Lanphier is Program Associate, Philanthropic Services at RSF Social Finance

Who Are the Next 25 Social Enterprise Stars? We’re Still Looking to Meet Them

November 12, 2014

RSF_SocentStarsLOGO-300dpi (2)Our campaign to add 25 social enterprise stars to our loan portfolio over the next year is introducing RSF to hundreds of social enterprises striving for outsized impact—about 1,600 enterprises and referrers had checked out our campaign page by the end of October.

Why is this important? Most growing businesses face challenges raising capital at some stage in their development. But for social enterprises, which use the power of business to directly improve society and our environment, the funding obstacles tend to be tougher and more persistent. By definition, they upend the expectations of traditional investors, lenders, and donors. RSF provides the kind of flexible, mission-aligned capital that meets social enterprises’ needs—but they’re often operating in isolation and don’t know we exist.

So please keep spreading the word! The more #SocentStars posts there are on Twitter, Facebook and LinkedIn, the more social enterprises we can reach and assist. Here are a few post ideas:

Are you one of the next economy’s #SocentStars? @RSFSocFinance can fund your growth: bit.ly/1tH0ytE #socents

Every #socent needs a savvy funder. @RSFSocFinance has loan money for the next 25 #SocentStars: bit.ly/1tH0ytE

Do you know any #SocentStars? @RSFSocFinance has loans for the next 25. Send them here: bit.ly/1tH0ytE #socent

Not sure who would be a good fit? We’re looking for more enterprises like these new RSF borrowers (also see details on the Social Enterprise Stars campaign page).

Liberty Source staff young woman stockLiberty Source

Liberty Source, a public benefit corporation and subsidiary of existing RSF borrower Digital Divide Data (DDD), employs military spouses in U.S.-based business process outsourcing work. Although founded just this summer, Liberty Source already employs over 90 people at Fort Monroe in Virginia. The more than 700,000 military spouses in the U.S. have a higher rate of post–high school education—80 percent—than the general population, but are four times as likely to be unemployed or underemployed because of frequent moves and the limited number of job opportunities near military bases.

“Without support from RSF, we would not have been able to get Liberty Source off the ground,” said Deborah Kops, Board Chair, Liberty Source and Board Member, DDD. “The RSF loan provided us the seed money to hire staff and buy equipment. Only a mission-aligned lender understands both the social impact and the imperative to operate a commercially viable company.”

Stefan Hartman - SK- Black River Organic FarmEastern Carolina Organics

Eastern Carolina Organics (ECO) is a farmer- and employee-owned food hub distributing fresh, seasonal, organic produce to retailers, institutions, distributors, and restaurants across North Carolina. RSF provided a line of credit through our PRI Fund to help ECO bridge the time between payments to farmers and sales receipts from customers.

“Food hubs like ECO have the ability to connect producers with growing market demand, which holds incredible promise for positive impact on the local economy, social equity, and the environment,” says Kate Danaher, RSF Senior Lending Associate.

Know any loan candidates like these? Please send them to Wanted: Social Enterprise Stars.

The Changing Ground of Social Finance

November 11, 2014

This CEO letter was originally published in the Fall 2014 RSF Quarterly.

Don Shaffer - DefaultDear Friends,

I urge you to check out Kiva Zip, a website facilitating interest-free loans to small businesses that are “doing good” in the U.S. and Kenya. It’s in the initial test phase, but they have already connected 32,000 individual lenders with 4,500 social entrepreneurs, and enabled over $4.3 million in loans.

As a lender, you can provide as little as $5 towards loans that will ultimately be from $2,000 to $20,000 depending on the project. 90% of the loans have been re-paid.

Kiva has been a pioneer in the field of crowdfunding for many years already; this is their most recent innovation. I love it for several reasons:

  1. These loans are as direct as it gets. Kiva, the non-profit parent organization, supports the overhead of Kiva Zip, and PayPal is contributing their payment processing services for free. So, at least in the U.S., every dollar you lend goes to the borrower.
  2. It seems that many of the loans are extraordinarily catalytic, enabling projects that would not happen otherwise.
  3. The community-building features are great, and will continue to develop. Kiva Zip requires U.S. borrowers to invite at least 15 people from their “trust network” to participate in the loan, thereby keeping the borrower more accountable to re-paying it. And the Kiva Zip Conversations option is particularly intriguing: it allows the lenders and borrowers to connect and learn more about each other.

Of course there is also the Maimonides factor. The 12th century Jewish scholar Maimonides (my-MON-i-deez) declared that the highest form of charity is providing an interest-free loan to a person in need, so long as that loan creates more freedom for the person. I feel strongly that we’ll see a lot more pay-it-forward, interest-free lending in the near future. As a staff, we have been studying the spirit of gift this year at RSF – it’s been a very fruitful journey so far, and I am curious to see where it leads us.

Relevant to our topic this quarter, I’ve learned that the fastest-growing category on Kiva Zip is agriculture; particularly loans to young farmers, for equipment and other needs where there is a big gap in the market. I have witnessed for many years that wherever there is emphasis on Place and Community, social entrepreneurs in the Food & Agriculture sector are the first to show up.

Another brilliant crowdfunding site called Community Sourced Capital was launched recently, based on a single question: what if financial systems were designed to strengthen communities?

Then there’s all the good work happening at Cutting Edge Capital, helping community-based businesses conduct Direct Public Offerings.

At RSF, as many of you know, we believe trust is derived from financial transactions that are direct, transparent, and personal, based on long-term relationships; and we want to celebrate all the efforts being made right now “to bring money back down to earth”, as my friend Woody Tasch from Slow Money is fond of saying. The field of social finance, as we imagine it, is growing.

All the best in this harvest season!

Don Shaffer

President & CEO

RSF Selected for the ImpactAssets 50 2014

November 6, 2014

IA 50 2014 badge_plainRSF has been selected for the ImpactAssets 50 2014, a free, online resource for impact investors and their advisors. The IA 50, now in its fourth year, is the first publically available database of private debt and equity impact investment fund managers.

This is the fourth consecutive year that RSF has been selected among other industry leaders for the IA 50, which serves as a gateway for those interested in achieving social and/or environmental, as well as financial, returns on their investments.

“We are thrilled to be selected on a recurring basis for the IA 50,” said Catherine Covington, Client Development Manager for RSF.  “This list is very beneficial to the impact investing industry, and I often refer individuals and institutions who are interested in learning more about specific investing options to the IA 50 website.”

The $100 million RSF Social Investment Fund (SIF) provides financing to over 90 businesses working in Food & Agriculture, Education & the Arts, and Ecological Stewardship. This capital comes primarily from 1,600 individuals who have invested $1,000 or more in SIF. Investors earn a competitive return on their money comparable to a certificate of deposit while their funds are deployed to leading social enterprises.

The IA 50 is the only free, public, searchable database of outstanding impact investing fund managers. The showcase includes a range of funds across the globe, spanning diverse issue areas and investment, with demonstrated and compelling social and environmental impact. Fund managers included in the IA 50 2014 manage a combined $15.5 billion in assets devoted to creating measurable, positive impact.

The IA 50 selection committee is chaired by ImpactAssets’ Chief Impact Strategist, Jed Emerson, and includes experts from The CAPROCK Group, Labrador Ventures, Toniic, UBS, and other leading impact investors. The IA 50 2014, along with additional details on the selection process, are available at: http://www.impactassets.org/impactassets-50/review-and-criteria.

About ImpactAssets

ImpactAssets is a nonprofit financial services firm that increases the flow of capital into investments that deliver financial, social, and environmental returns. ImpactAssets’ donor advised fund (“The Giving Fund”), impact investment notes, and field building initiatives enable philanthropists, other asset owners, and their wealth advisors to advance social or environmental change through investment.

Shared Gifting in Philadelphia, the Third Experiment

November 4, 2014

by Ellie Lanphier

“In a community of human beings working together, the well-being of the community will be the greater, the less the individual claims for himself the proceeds of the work he has himself done.” – Rudolf Steiner

This quote was read at the beginning of the third Shared Gifting meeting of RSF held in Philadehlpia, PA. RSF sought the time and expertise of two of our borrowers, Common Market and Fair Food Philly to bring the Shared Gifting model to organizations working to create a more sustainable and just local food system in the Philadelphia region. With their guidance and input, and the valuable nominations received from RSF clients in the area, RSF invited twelve non-profit organizations to participate in the third Shared Gifting circle convened in mid-September 2014 at the Philadelphia Impact Hub. (click here for a full list of participating organizations)

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Shared Gifting gives ownership and allocation authority of gift money to the participants of the circle, leveraging the knowledge and experience of each participant to insure grant funding reaches the areas it is needed most. RSF asks that each Shared Gifting participant bring an open heart and mind to the experience. We also ask for participants to help us explore this new model of grant making in co-creation.

With each Shared Gifting circle, there are many different variables that might come into play – different needs, organization sizes, and varying focus of work. We acknowledge and appreciate the risk these participants took to spend their day with us and their peers examining the intersection of each organizations work, how collaborating can strengthen their work, and for stepping outside the traditional confines of philanthropy.

Before the collaborative distribution of grant funding commenced, the participants shared their hopes and expectations for the day ahead. They looked forward to learning more deeply about the other organizations, they shared that they were humbled by reading each other’s grant proposals, they looked forward to connecting their work more, to build each others capacity, and sought to deepen relationships and partnerships by tearing down silos and building a culture of real trust and collaboration.

DSC_0167For these organizations, $100,200 was made available from the RSF Local Initiatives Fund to distribute in support of each other’s work. A highlight from the day was that this particular group demonstrated a deep interest in collaborating and fully embraced the innovative nature of the model. Half way through the day the group started a conversation to dig deeper into questions of how it would look to work together more collaboratively. The group even suggested a process change to RSF – innovating on the spot!

Another highlight of the gifting process was the energy and support shown to Friends of Farmworkers, a newer and smaller organization in Philadelphia. By providing legal services, education, and advocacy, Friends of Farmworkers strives to improve the living and working conditions of vulnerable, low wage food and farmworkers in Pennsylvania. In response to this showing of support, Friends of Farmworkers staff attorney Stephanie Dorenbosch committed to providing community education opportunities to all meeting participants and their organizations on the legal rights for migrant and immigrant workers throughout the Commonwealth. This exemplified an important component of a successful Shared Gifting experience – resource sharing. Shared Gifting seeks to make space for these opportunities to emerge, for the recipients to create mutually beneficial relationship-based collaborations typically not seen in competitive models.

We have found that Shared Gifting creates opportunities for grantees to collaborate, leverages community wisdom, and creates accountability among the participants. During the meeting, this inspiring group set aside a small portion of the total grant funding available with the intention of creating future opportunities for collaboration. How they will leverage the funds remains to be seen. We look forward to witnessing their success, learning and innovation in the coming year, and sharing it with you.

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Click here to learn more about the history and process of Shared Gifting

Ellie Lanphier is Program Associate, Philanthropic Services at RSF Social Finance

RSF Makes a Loan to PACT

October 30, 2014

PACT black logo-01RSF is pleased to announce a new loan to PACT, a sustainable fashion brand which makes organic cotton underwear, socks, and t-shirts. RSF provided a line of credit that allows PACT to purchase inventory to meet the growing demand for its products.

PACT was founded by Jeff Denby and Jason Kibbey in 2009. The pair, who met in business school at UC Berkeley, shared a strong desire to create a socially responsible basic apparel business by focusing on building a sustainable supply-chain. Jeff had a background in supply chain management (Gap) and witnessed first-hand the negative impacts of the fast fashion model that so many apparel companies employ today. Jeff and Jason set out to change this dynamic by creating PACT, a business that exercises full supply chain transparency and a commitment to the highest standards in ethical trade and environmental sustainability.

facebook“PACT is more than just a sustainable brand,” says Mike Gabriel, RSF Lending Manager. “They are really fostering a community—suppliers, producers, intermediaries, and consumers—to accelerate change in the fashion industry. We are excited to support them in this time of growth.”

PACT’s mission is to sell clothes that make the world a better place. Consumers are more aware of the negative impacts of the “fast fashion” model that brands like H&M and Nike have popularized—very low-cost fashion forward clothing produced (mainly in the developing world) at the expense of poor laborers and the environment. PACT is changing the conventional fast fashion model through a concept it developed called Seed-to-Shelf, essentially a fair and sustainable trade model for sourcing, producing and marketing fashionable basic apparel.

“Our commitment to transparency often requires PACT to invest more deeply and at different stages with our supply-chain partners,” says Jeff. “PACT and our consumers see tremendous value in these investments and we are thrilled to partner with a lender that is aligned with our efforts to bring everyday apparel to market through more sustainable means.”

PACT currently sells its line of basic apparel for men, women, and children online and in retailers, such as Whole Foods, Nordstrom, and Sprouts. Use the code “RSF25” by 12/31/14 to get a 25% off discount on your next PACT purchase.

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About PACT

PACT is a company obsessed with a big idea: super soft organic cotton essentials that are ethically made and go easy on the environment. We’re out to change the apparel industry and that change starts with your underwear. At PACT we care about our clothes so much that from seed to shelf, we pretty much follow them everywhere they go. From Non-GMO organic cotton grown at farmer cooperatives, to sustainable manufacturing in Fair Trade factories, our fully transparent supply chain allows customers to not only feel good in PACT, but also feel good about where PACT came from. PACT is based in Boulder, designed in San Francisco, and manufactured in India and Turkey but you can come by and visit us anytime www.wearpact.com.

Now Hiring: Underwriting Manager

October 28, 2014

RSF seeks to hire a full-time Underwriting Manager. This position is a combination of two roles: (1) a senior commercial loan underwriter who focuses on underwriting of new and existing commercial loans to the most catalytic social entrepreneurs in the USA and Canada, including formula-based ARIF lines of credit, commercial owner-occupied real estate credits, and equipment loans, for non-profit and for-profit social entrepreneurs, and (2) a manager who leads RSF’s underwriting process. The Underwriting Manager provides oversight to and participates in loan performance monitoring and compliance processes; realizes and administers portfolio management policies, methods, and reporting; and partners with the Social Enterprise Lending Business Development Team to ensure effective communication, hand-offs, and values-aligned client engagement. This position supervises the Associate, Credit & Portfolio Management. The application deadline is Friday, November 21st.

To learn more, please visit our Jobs page.

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