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Clients in Conversation: Protecting our Planet, One “A-ha” Moment at a Time – Part I

September 17, 2014

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

Interview with Mike Gabriel, Lending Manager

Tim Brownell is the co-founder of Eureka Recycling, an RSF borrower and one of the largest non-profit recyclers in the US. Ben Gordon, an RSF investor, works with Global Student Embassy to empower youth to become environmental stewards and community leaders. In both cases, social transformation is at the core of the environmental change they seek.

Mike: What role does community engagement play in achieving your organization’s mission?

Tim: Eureka’s mission is to demonstrate that waste is completely preventable. We do that through engaging the community and involving people in the planning and the design of our initiatives and our programs. Community engagement is at the core of what we do to create a movement towards zero waste.

For example, we have a commercial composting program working with restaurants, businesses, and farmers’ markets. We work with everyone within the business, from the point of purchase all the way through the discard, to engage with them to gain a full understanding of what it takes to achieve zero waste.

Ben: I like how you’re talking about community engagement being so core to your organization. That’s much the same as what we do at Global Student Embassy. With any organization focused on environmental outcomes, social change is critical to the environmental change that we want to see. We’re all a part of building larger movements and empowering people to see that the actions and the things that they do make a difference. In our case, those people are the students. They are very much a part of their community and they are great to engage with because they are naturally in a learning mode and they have a lot of time and energy for ecology work.

Mike: How have the individuals and communities you’re engaging with been affected by your work?

Ben: We’ve had three to four years of working with high schools. And, over the last two years we’ve developed relationships with twelve universities. Most of those relationships were initiated by students who wanted to continue the work that they had done in the Ecology Action Club in high school in their new university setting. And beyond that, now these university students are starting to plan for student-run environmental programs in local middle schools and high schools. Each student helps the movement grow.

Tim: One of the things we do is zero waste events that hundreds to several thousand people attend. In many cases people walking into that space have never really thought about their discards beyond trash and recycling. At the events we make sure vendors are committed to offering products that are either reusable, recyclable, or compostable. When attendees are getting ready to dispose of an item, in many cases they are holding a product in their hand that historically has been something that they have thrown away. We have people working at the disposal station who try to create a conversation around this, to transform their relationship to that product.

At every single event we do, we see people have a very distinct “a-ha” moment, when they see that there’s something else that can actually happen. Waste is not inevitable, it’s a choice, it’s a design issue, and it’s something they can impact within their lives and spheres of influence.

Ben: These “a-ha” moments help people realize that there’s a lot of small actions we can all take to make a real difference. Our job is to provide opportunities for people to have these transformative experiences, whether it happens on an afternoon in Minneapolis or anywhere in the world.

Stay tuned for Part II

Tim Brownell is CEO of Eureka Recycling, the only organization in Minnesota that specializes in zero-waste. He was one of the original founders of Eureka, coming to Minnesota in 2000 to assist in its development. Prior to his joining, Mr. Brownell worked for more than ten years in the recycling field in designing, developing and operating the residential recycling programs in San Francisco, CA and Ann Arbor, MI.

Ben Gordon serves a Board Member and volunteer with Global Student Embassy, an environmental and youth empowerment non-profit. Prior to GSE, he worked in community development banking at Charles Schwab Bank and Merrill Lynch. He currently works in Oakland, CA, Chacraseca, Nicaragua, and Bahia de Caraquez, Ecuador. Ben graduated with a Bachelors of Arts from Brown University in 2006.

A Celebration of Giving – Part 2

September 11, 2014

Click here to see the first story in this series

KelleyBuhles_Books_Large (2)by Kelley Buhles

As RSF Social Finance celebrates its 30th anniversary, we feel deep gratitude for all the supportive relationships that have nurtured, inspired, and challenged RSF to expand and deepen how it goes about transforming the way the world works with money and that are bringing associative economic principles into daily practice.

Over the next few months we will be posting a series of stories about some key catalytic gifts and givers who saw potential within RSF, seeded future possibilities, and in turn, have become part of our destiny.

A Prophetic Gift

Voices of the prophets have been heard in most cultures throughout human history. They are traditionally seen as harbingers if not agents of change. In 2002, RSF received a prophetic gift from an anonymous donor that would eventually transform the way we work with lending.

Prior to this gift, RSF was making loans solely to non-profit organizations. At that time, the field of social finance was nascent and there were few models for how to work with money in alignment with social and environmental values. Through dialogue with RSF’s community of clients and partners, the idea emerged to expand our work to begin lending to mission-aligned for-profit businesses.

However, RSF’s ability to lend relies on the investments we receive from the RSF community. Because most of our individual investors don’t have the risk tolerance necessary to experiment with lending to an emerging field of borrowers, RSF was not able to experiment with this idea without a source of capital beyond the Social Investment Fund.

Fortunately, one of RSF’s donors was inspired by the idea and decided to make a gift of $2.5M to guarantee loans to mission-aligned for-profit businesses, thereby allowing RSF to gain experience lending in this new way. This initiative was called the Fair Economies Program.

The Fair Economies Program provided financing to businesses in emerging industries that were environmentally restorative while providing fair working wages, humane working conditions, and supporting self-determination in economic development. An additional goal was to support these social enterprises in underserved regions.

The program was developed both to provide early-stage socially responsible enterprises access to low-cost capital, and to demonstrate that enterprises created for social and environmental benefit could be sustainable and provide value to the communities they served.

Through this program RSF was able to contribute to the growth of many successful businesses such as Organic Bouquet, Indigenous Designs, and Root Capital.

RSF_30th_purpleAnother gift RSF received was experience—both the experience of lending to organizations in fields that we previously hadn’t worked in, and of using new and different types of financing. The Fair Economies Program provided bridge loans, term loans, convertible loans, purchase order financing loans, and working capital loans, most of which had not previously been provided by RSF. We also gained experience working in sustainable agriculture, independent media, and fair trade, whereas our previous experience was mostly working with Waldorf Schools and other organizations inspired by the work of Rudolf Steiner.

Additionally, through our dealing with projects in need of early stage financing, RSF provided necessary technical assistance and client attention while supporting some of the companies through challenging situations. While not all of the projects funded by the Fair Economies Program were successful, the lessons RSF learned from it were documented, reflected upon, shared, and eventually fed back into our operations, thereby making RSF a more knowledgeable and experienced lending partner to mission-aligned, for-profit businesses .

The donor and the gift that facilitated the creation of the Fair Economies Program inspired and ultimately provided the experience necessary to create our for-profit lending program as it is today – standing at 50% of our social enterprise lending portfolio. For this we are very grateful.

Kelley Buhles is Director of Philanthropic Services at RSF Social Finance

Sacred Land, Powerful Stewards

September 9, 2014

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

By Alex Haber

In our grants, loans, and investments, RSF partners with organizations and entrepreneurs focused on protecting the environment as central to both our economic and spiritual life. One of our Donor Advised Fund clients, Tamalpais Trust, has a strong and innovative agenda: supporting the capacity of indigenous-led organizations to promote culturally sensitive approaches to environmental stewardship through indigenous knowledge systems. Last year, Tamalpais Trust granted over $2.7 million through RSF to organizations working on these issues. Two in particular – Kivulini Heritage Trust in Northern Kenya and the Forever Sabah project of Land Empowerment Animals People in Malaysia – are helping build strong indigenous communities to lead environmental stewardship and sustainable development.

Kivulini Heritage Trust works with pastoralists, fisherfolk, and other minorities in Northern Kenya to preserve sacred sites, support local livelihoods, and promote environmental management centered on indigenous knowledge and institutions. Last year, Tamalpais Trust funded a project to link peace-building among different communities with development in the border region of Northern Kenya and Ethiopia. New development is poised to raise the standard of living for many, but it will also privatize land and limit access to traditional management techniques and sacred sites. Communities in this region are migratory along both sides of the border, so mapping migration routes and sacred sites is important for protecting their way of life. However, previous attempts at mapping by outside groups have raised fears of privatization and conflict among indigenous communities. To overcome this, Kivulini is working closely with locals on participatory mapping of routes and sacred sites while also encouraging inter-community peace-building to strengthen indigenous groups’ understanding of the challenges of land development and their capacity to act together to control their own destiny.

LEAP: An innovative community-based ecotourism project aiming to provide ecologically sustainable lodging within the Tungog Lake rainforest.  Photo courtesy of LEAP.

LEAP: An innovative community-based ecotourism project aiming to provide ecologically sustainable lodging within the Tungog Lake rainforest. Photo courtesy of LEAP.

Across the Indian Ocean, in Malaysia, the Forever Sabah project of Land Empowerment Animals People (LEAP) is working closely with indigenous people to protect the Sabah region. Forever Sabah is a 25 year ($100M US) program designed to move away from an economy based on the exploitation of natural resources and toward a diversified, equitable, green economy. Over the past year, LEAP has facilitated community-led roundtables to develop a first wave of projects for the program. These include forest connectivity across the state, watersheds, and communities; renewable energy initiatives; sustainable food and agriculture projects; and a community-based ecotourism school. Native land rights are incorporated into all aspects of Forever Sabah. As just one example, LEAP is working to establish the first Watershed Conservation Area in Malaysia, which would be co-managed by local communities in the Telupid Forest Complex. The key distinction between current “protection areas” and this new “conservation area” is that the latter preserves native land rights and use.

These are just two examples of a place-based approach to ecological stewardship, which we value at RSF. By supporting indigenous capacity building, Tamalpais Trust is helping to transform ecosystems by empowering communities to take control of the future and that of the land they care for.

Alex Haber is Program Manager, Philanthropic Services at RSF Social Finance

RSF Makes a New Loan to Hummingbird Wholesale

September 4, 2014

RSF is pleased to announce a new PRI loan to Honey Heaven Wholesale (D.B.A. Hummingbird Wholesale), a bulk food distributor offering high quality organic, local, and regional food crops to wholesale customers from Bellingham, Washington to San Francisco. Hummingbird is located at the southern end of the Willamette Valley in Eugene, Oregon. RSF financing allowed Hummingbird to purchase an environmentally friendly freight truck that will be used for deliveries along the route between San Francisco and Bellingham.

In 2003, Charlie and Julie Tilt purchased Honey Heaven Wholesale and eventually changed its name to Hummingbird Wholesale. Their mission is to serve people and the planet by providing regionally grown, high quality nutritious foods that nourish the body, mind, and soul.

Charlie & Julie Tilt

Charlie & Julie Tilt

Today, Hummingbird contracts directly with regional farmers whenever possible for organic and transitional staple crops and helps to market these products to consumers. They believe that sourcing locally makes ethical, nutritional, and logistical sense—this practice builds trust, deepens relationships, keeps money in the region, and helps strengthen the fabric of community. They sell over 900 different products including animal feed, honey, beans/legumes, grains and flours, granola, nuts, seeds, sprouting seeds, and spices and teas. In 2012, 50% of total sales came from items processed and grown in the Willamette Valley.

“Hummingbird exemplifies the type of organizations we look to support at RSF as it tries to make a positive impact in every aspect of their work – from ensuring local farmers are connected to markets to employing a zero waste strategy,” says Taryn Goodman, former Director of Impact Investing at RSF. “We are excited to support the organization’s growth and look forward to its continued success.”

In Eugene, Hummingbird uses two cargo tri-cycles to deliver its products; in 2012 an impressive 250,000 pounds of goods were delivered via bike. For deliveries outside of Eugene, the company uses three small trucks. RSF’s financing allowed Hummingbird to purchase an environmentally friendly freight truck that meets California Air Resource Board (CARB) standards, a set of state regulations aimed to lower vehicle emissions.

truck“With the capitalization of a high-efficiency and low-polluting delivery truck we were able to drastically improve our delivery systems,” says Charlie. “Our new vehicle produces 1/66 of the pollutants of the 2006 diesel truck it replaces and offers a 50% increase in fuel economy.” This new truck will enable Hummingbird to double its current capacity for deliveries to consumers.

“As a socially and environmentally conscious company, Hummingbird Wholesale was delighted to connect with RSF and collaborate,” says Charlie.” Having an economic partner that meets investor needs while accomplishing social good is wonderful! We look forward to a long-term positive relationship with RSF as we grow our impact on the Organic local foods systems in the Pacific Northwest.”

About Hummingbird Wholesale

Hummingbird Wholesale is a distributor of high quality organic bulk foods that incorporates humanity into their business relationships. They are known for their Zero Waste practices and commitment to sustainable choices in all aspects of their business. They choose their products carefully, considering the sustainability of farming practices, nutritional value, and special dietary needs. Whenever possible, Hummingbird buys locally and directly from the farmers. www.hummingbirdwholesale.com

RSF Seeks the Next 25 Social Enterprise Stars

September 2, 2014

Socent logo

Today we’re excited to launch the Next 25 Social Enterprise Stars campaign to attract a new cohort of extraordinary borrowers.

We’re looking to add 25 social enterprise stars to our loan portfolio over the next year—and we need the help of everyone in our community to find them. You’ll be hearing from us about our search and our newest borrowers here on this blog, on social media, at events, in our newsletter—everywhere.

We know there are exciting enterprises across the U.S. and Canada that could grow with our help, but they may not know about us—and we may not know about them. So we’re asking you—our investors, borrowers, advisors, partners and friends—to be our eyes and ears and send compelling candidates our way. You’ll be expanding your impact, and the enterprises you refer will benefit from working with a pioneering funder that has a true commitment to helping social enterprises succeed.

Why are we doing this now? Our assets have grown 39 percent over the last three years, as more and more investors are putting their money to work for social benefit. That means we’re able to lend to more social enterprises than ever.

Here’s what we’re looking for: established businesses and non-profit organizations that are doing groundbreaking work in food and agriculture, education and the arts, or ecological stewardship—and could significantly expand their impact with a loan of about $200,000 to $5 million. (Our average loan is $800,000.)

To receive a loan from RSF, an enterprise should have these qualifications:

  • A social benefit mission in one of RSF’s three focus areas: Food & Agriculture, Education & the Arts, and Ecological Stewardship
  • Incorporation in the U.S. or Canada
  • Strong collateral (which may include pledge or guarantee communities)
  • Excellent history of repayment (both interest and principal) on any existing debt
  • Funding needs ranging from $200,000 to $5 million ($100,000+ for arts organizations)
  • 3 or more years of operating history
  • Operational profit, or a clear path to profitability in 12 months
  • Annual revenue of $1 million or more ($500,000 for arts organizations)

Please send candidates that meet the criteria to our Next 25 Social Enterprise Stars page.

Thank you for helping to build the next economy! And please share news of our search through the social media you use—we’re using the hashtag #SocentStars.

RSF to host 3rd Shared Gifting Circle in Philadelphia

August 28, 2014

RSF is excited to announce that we will host our third Shared Gifting circle working with organizations focused on building socially and ecologically sustainable regional food systems in Philadelphia.

The participants, listed below, were nominated by RSF’s community of grantees, borrowers, investors, and donors. We also worked closely with RSF borrowers Fair Food and Common Market, to help identify non-profits doing great work in the city.

Shared Gifting is a new model of grantmaking that RSF has been experimenting with for the past four years. This model gives ownership and allocation authority for gift money to the participants of the circle and shifts the power dynamic inherent in traditional philanthropy by giving grantees decision making authority. We have found that this process creates opportunities for grantees to collaborate, leverages community wisdom, and creates accountability among the participants.

One representative from each organization will meet in Philadelphia on September 16th to share proposals with each other and determine how to distribute grant funds in support of each other’s work.

The Philadelphia participants are:

We are really excited to be working with all of these wonderful organizations and look forward to sharing our experiences from the Shared Gifting meeting!

Announcing RSF’s 2013 Annual Report

August 27, 2014

AR cover

Photo credit: Paige Green Photography

We are excited to announce the publication of our 2013 Annual Report. This year we wanted to share a deeper picture of what our community looks like by taking a closer look at the investors, donors, and social entrepreneurs that make RSF’s work possible. Hear clients reflect on how they are transforming the way they work with money; catch up on highlights from our lending, investing, and giving programs; and meet the people who drive our work forward.

We hope you enjoy the new digital format for our annual report. We’d love to hear your feedback!

Click here to view the report

What Would Nature Do? – Part II

August 26, 2014

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

Click here for Part I

KatherineCollins#1CREDITMiranda Loudby Katherine Collins

As an investor, I have similar questions. What if some of my investments have non-dollar-based paybacks? What if I had as much information about real environmental outcomes and the value they represent, as I do about security prices? How could I create an investment portfolio where growth is a result of strong development and real value created in the world, not an aim in and of itself? Like many investors, I’m moving through the spectrum of these “what if” scenarios, though the answers are not simple, and are ever-evolving.

Another principle of biomimicry is to adapt to changing conditions: natural systems thrive in context, demonstrating flexibility over different spans of time and across different operating conditions. Here again, there is helpful wisdom for a small ranch owner. Which expenses (whether time, money, or other resources) are seasonal in nature? Which might grow or shrink over time as the work progresses, with healthier land and changing herds? Choosing a static, one-size-fits-all financial tool (like a lump-sum conventional loan) would leave big gaps in different seasons and different circumstances; clearly something more adaptable (like a line of credit, or a series of smaller financial supports) might be a better match.

Again, as an investor, this concept of adaptability raises parallel questions. How can I embrace an adaptable investment approach, without feeling a constant sense of churning? How can I consider my own changing context, as my life, family, and community continue to evolve?

Alignment with the principles of natural systems is a serious and vital challenge for investors and investees alike. But, underneath all of the discussions of structure and mechanics there is a deeper layer of alignment that is essential. When we look to nature as model, mentor, measure, and muse, we first need to reconnect our own lives to the natural world around us. This reconnection is a simple idea, but not easy to implement, even for those of us who are deeply devoted to our natural environment. I believe that this deeper reconnection involves three central imperatives: reframe, refrain, and reclaim.

First, we need to reframe our own position with respect to the natural world. Humans are a delightful, unique, and relatively small part of the natural world, though our impact upon it might be outsized. Reorienting as citizens of the natural world, a small subset, rather than rulers of our environment, is essential.

Second, we need to refrain from our never-ending doing. To really learn from nature, we need to quiet our own cleverness. We need to sit in stillness and to observe without desperately seeking immediate answers or insights, just as is practiced in many contemplative practices. For those of us who have been trained since birth to be as quick and clever as humanly possible, this can be an uphill battle – but it is a worthy and necessary endeavor.

Once those first two conditions are met, we have the chance to reclaim. To realign investing with the real world, the world it was originally intended to serve. To develop new approaches that match multi-dimensional, relational, long-term goals. To seek true profit, fair profit, rather than a fleeting positive number on today’s trading reports. To practice investing as vocation, as profession – not just a business.

Nature is not just a place to escape our professional lives; it is the source of deep wisdom that can improve our designs and decision-making. With biomimicry-based approaches, we need not choose between environmental and financial stewardship. Both are part of a healthy investing ecosystem, and both can be supported through life’s principles.   This is investing in its most fundamental form: resilient, regenerative, and reconnected. This is the true nature of investing.

Katherine Collins is author of The Nature of Investing: Resilient Investment Strategies Through Biomimicry. She is also Founder and CEO of Honeybee Capital, a research firm dedicated to the pursuit of optimal investment decision-making. Katherine has previously served in numerous capacities at Fidelity Management and Research Company. After a career in traditional equity management, she set out to re-integrate her investment philosophy with the broader world, traveling as a pilgrim and volunteer, earning her MTS degree at Harvard Divinity School, and studying the natural world as guide for investing in a valuable and integrated way, beneficial to our communities and world.

What Would Nature Do? – Part I

August 22, 2014

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

KatherineCollins#1CREDITMiranda Loudby Katherine Collins

Last year I had the pleasure of meeting an investment-seeking rancher, who enlightened me about the glories of ranch life. Turns out, like any valuable endeavor, ranching is full of joy and challenge, reward and risk, hard work and…more hard work. What this endeavor was not full of, at least not in the beginning, was cash flow. This is not a criticism: we discussed his long-term plans for sustainable – maybe even regenerative – ranching practices, and the tangible, trackable benefits to the soil, the broader ecosystem, and the surrounding community. In the early years, the returns from this work would be seen in the growth of microorganisms, the health of cattle, and the strengthening of community. Later on, as some of those benefits took hold, the path towards solid cash flow became visible and compelling.

Unfortunately, traditional bank financing for this ranch project (if available at all) would only recognize return of dollars – not return of nematodes, or grasslands, or community. And the bankers needed to see those dollars starting on day one — not because they were greedy or thoughtless, but because that is what their financial tools required. A plain old loan requires plain old repayments, simple as that. It’s as if we are trying to sculpt a glorious 3-D universe out of granite, using nothing but a surgeon’s scalpel. The scalpel might be a fine tool in other contexts, but it is no match for the task at hand.

Here we were faced with a central dilemma of sustainable finance: often the multidimensional, sustainable enterprises that we want to support are still constructed with the assumptions of linear, short term tools and mechanisms of finance. Due to this mismatch, it sometimes seems impossible to be a responsible environmental steward and a responsible financial steward simultaneously.

In situations like this ranching enterprise, we spend a lot of time thinking about ways to invest differently IN nature. What if we also considered ways to invest AS nature, matching form to function? What if our investment tools and processes included more elements that we see in healthy natural systems — options that are relational, adaptive, and long-term in orientation, instead of being transactional, rigid, and short-term?

Biomimicry can help to create the tools of regenerative finance. Nature has adapted and thrived for 3.8 billion years – the most compelling track record around. We can learn from the principles that guide these systems, and orient towards approaches that are robust and resilient. The six major principles of biomimicry established by Janine Benyus and Dayna Baumeister, Life’s Principles, aren’t just clever buzzwords. These concepts describe how the world around us actually functions.

Biomimicry asks us to pause before we create a product, reorganize a team, or allocate investments to ask, WWND? (What Would Nature Do?). This deceptively simple question leads to decisions that are effective instead of merely efficient, simple instead of synthetic, mindful instead of mechanical. Biomimicry aims to embrace nature’s wisdom, rather than harvesting nature’s stuff.

For example, one of life’s principles is to integrate development with growth, much as a tree develops root structure in sync with its expanding canopy. For my rancher friend, this idea leads to some interesting questions about forms of investment and types of investors. What if in the early years the rancher could start with a small pool of funding from friends and family, who would be just as happy to be paid in grass-fed beef as in dollars? Later on, when cash flow improved, they could take on more traditional loans if needed, with the confidence that dollar-based resources would be available for repayments.

Click here for Part II

Katherine Collins is author of The Nature of Investing: Resilient Investment Strategies Through Biomimicry. She is also Founder and CEO of Honeybee Capital, a research firm dedicated to the pursuit of optimal investment decision-making. Katherine has previously served in numerous capacities at Fidelity Management and Research Company. After a career in traditional equity management, she set out to re-integrate her investment philosophy with the broader world, traveling as a pilgrim and volunteer, earning her MTS degree at Harvard Divinity School, and studying the natural world as guide for investing in a valuable and integrated way, beneficial to our communities and world.

RSF in the Wall Street Journal

August 20, 2014

|||

Dear Friends,

The RSF Social Investment Fund was recommended in the Wall Street Journal for the first time last Saturday, August 16, in an article titled “The Payoffs of Investing Locally.”

We’re thrilled to get such prominent coverage, and I have one brief clarification:

In the article, the journalist wrote, “returns are often lower than other fixed-income investments.” I want to address this statement.

Working directly with our investors over the past seven years, I have observed two primary reasons why they choose the RSF Social Investment Fund:

  1. They want to support inspiring social entrepreneurs.
  2. They want a low-volatility, liquid investment that has minimal downside risk.

Regarding #1, we have a track record of finding great social enterprises to support, often before a commercial bank will step in.

Regarding #2, we have a 100% repayment rate (principal + interest) to our investors since RSF was founded in 1984.

The investment is structured as a 90-day note, similar to a bank certificate-of-deposit (CD). Because of the liquidity and the low-risk profile, investors should consider the RSF Social Investment Fund as a part of their cash/savings asset allocation, not their fixed-income allocation. This is the critical point.

The Wall Street Journal writer correctly observes that the average return on our 90-day note over the past year has been 0.53%. This is two times the average financial return of bank CD’s with similar duration, according to Bankrate.com.

And with a big-bank CD, you have no idea where your money is being invested. It may be going to support small-business loans in your community, or it may be going to support clear-cutting of rainforests in Malaysia through the bank’s proprietary trading operations.

Nowhere else but with RSF can you find a bank CD-like investment (in terms of high-liquidity and low-risk) in a diversified direct-loan portfolio of over 90 phenomenal social enterprises, with an institution that has been a pioneer and a leader in social finance for over 30 years, with a minimum investment of $1,000. You know exactly which social enterprises receive loans from us (see a list of all our borrowers here). And the financial returns are actually superior to any comparable-term savings account or CD at a bank!

Thank you for your attention and interest. Again, we certainly appreciate the great story in the Wall Street Journal.

All the best,

Don Shaffer

President & CEO

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