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Adapted from the Office of Public Affairs
The Episcopal Church’s Economic Justice Loan Committee (EJLC) has approved five investments in community development financial intermediaries, totaling $1.4 million.
“We are happy to approve new loans with groups like Main Street Launch and [Finance Fund Capital Corp.],” said Warren Wong, chairman of the committee. “Both have innovative programs targeted for their communities. The EJLC also renewed and increased our commitment for micro-lending in Haiti with Fonkozé.”
These are the loan recipients:
- Nebraska Enterprise Fund ($300,000): Nebraska Enterprise Fund’s mission is to support Nebraska micro businesses and small businesses by providing capital, training programs, and technical assistance.
- Local Enterprise Assistance Fund (LEAF), Brookline, Massachusetts ($250,000): LEAF’s mission is to promote human and economic development by providing financing and development assistance to community-based and employee-owned businesses that create and save jobs.
- Main Street Launch, Oakland ($300,000): Main Street Launch’s mission is to create economic opportunity by empowering entrepreneurs. Through partnerships, Main Street Launch provides business owners with capital, education, and relationships.
- Finance Fund Capital Corp., Columbus, Ohio ($300,000): Finance Fund Capital Corp., a community development financial institution with a $27 million loan portfolio, promotes economic revitalization and community development by providing access to capital.
- Fonkozé, Port-au-Prince ($250,000): This is the EJLC’s second loan through Fonkozé, which is based in Washington, D.C., but works widely in Haiti.
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. Its loans support community economic development, affordable housing, job creation, and other avenues of mission.
Executive Council created the fund in 1998. It combines two prior loan programs that had existed since 1988 and it 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, but applicants and recipients must have the support of their local Episcopal bishop. Loans are not made to individuals or for individual projects.
EJLC members and their dioceses are:
- Warren Wong, chairman, California
- Dianne Aid, Olympia
- The Rev. Kimberly Jackson, Atlanta
- The Very Rev. Will Mebane, Western New York
- The Rt. Rev. Rodney Michel, Pennsylvania
- The Rev. Andrew Walter, Washington
- Presiding Bishop Michael B. Curry, ex officio
- The Rev. Gay Clark Jennings, president of the House of Deputies, ex officio
- Staff members N. Kurt Barnes, treasurer and chief financial officer; Margareth Crosnier de Bellaistre, director of investment management and banking; Nancy Caparulo, committee support; and Jose Gonzalez, accountant.