Message from the CEO
Throughout the challenges of the past couple of years, we have remained focused on providing responsive, flexible financing to our portfolio partners so they can continue to serve and invest in their communities. In Q2 2021, we made multiple investments to support small and medium enterprises (SMEs) globally and raised additional capital for small business recovery funds operating throughout the US. Our portfolio partners continue to demonstrate their resilience in the face of economic uncertainty, and we are committed to their long-term health and strength.
In Q2, we continued to support the industry in scaling impact and community finance with integrity, sharing our insights with other investors, and ensuring our portfolio partners have the financing they need to invest in under-resourced communities, especially businesses owned by women and entrepreneurs of color – both during the pandemic and beyond.
Read more in our highlights below.
Highlights
- As of April 1, 2021, we updated the rates on our Community Investment Note® (Note) to support communities and meet the demand for flexible, lower cost capital. We also released our updated Note prospectus on May 16, 2021.
- We closed and funded new loans to finance US and international SMEs, focusing on building a lasting, inclusive economic recovery. These include a loan to small business lender Accion Opportunity Fund, a new Acrecent fund to support Puerto Rican businesses, a loan to community solar developer Sunwealth, and an investment in the responsAbility Micro and SME Finance Fund. Learn more about our support of small businesses in our press release.
- Along with our partners at CRF, USA, VP Beth Bafford co-authored “Scaling Community Finance to Fill a Growing Market Gap” in the Stanford Social Innovation Review, highlighting the need for more resources and a supportive ecosystem for CDFIs to grow.
- We released the first in a series of Success Stories, sharing insights we have gleaned through years of working with a few of our former portfolio partners.
- We released our second annual Impact Disclosure Statement on our alignment with the Operating Principles for Impact Management (the Impact Principles). Our CEO Jenn Pryce was also elected to the Advisory Board for her second term, continuing to demonstrate our strong leadership role.
- CEO Jenn Pryce spoke to IFC Insights about the two years since the launch of the Impact Principles and her vision for all investments to have an impact lens. She also advocated in Forbes for the creation of systems to help measure, manage, and motivate investors for impact, entitled, “Stakeholder Capitalism Requires High Standards - We Need To Hold Ourselves To Them.”
- We continued our "Get to Know Calvert Impact Capital Staff" series with an interview with Ruth Gao, our Associate General Counsel.
Borrower Spotlight
Community Reinvestment Fund, USA (CRF)
For Glenco Woodworking Machinery, a small business in Sarasota, FL, a PPP loan from our borrower CRF was a lifeline for survival, not only for owners Dana and Vlad Moise, but for their customers throughout the US.
Community Reinvestment Fund, USA (CRF) is a national nonprofit organization with a mission to empower people to improve their lives and strengthen their communities through innovative financial solutions. Using their established network of Community Development Financial Institution (CDFIs) and community partners, their financial technology solutions, and expertise in deploying capital to underrepresented small businesses, CRF created a process designed to speed access to Paycheck Protection Program (PPP) capital for community-based, women- and minority-owned small businesses and nonprofit organizations. In all, they enabled billions of dollars to reach businesses in need.
Learn about three of their PPP clients in Michigan, Minnesota, and Florida in our latest blog, and all of our portfolio partners on our portfolio list.
Community Investment Notes Overview
| Total amount | $585,885,697 |
| Number of investors1 | 6,234 |
Portfolio Overview
New loans and investments originated2 reflects quarterly activity only
| Total portfolio balance | $447,618,699 |
| Total number of loans and investments | 107 |
| Qtr/Qtr change in portfolio, net | $9,409,696 |
| Number of new loans and investments originated | 4 |
| Total amount of new loans and investments originated | $34,000,000 |
Impact Sector Breakdown4
Portfolio balance by region5
1Figure is counted by total number of investor accounts with open Notes and estimated number of investors through brokerage channels based on activity.
2A loan or other investment is counted as originated when a legally binding note or other applicable agreement has been signed and executed by the parties.
3Portfolio balance consolidates assets of special purpose vehicle (SPV) structures controlled by Calvert Impact Capital, as well as foreign exchange (FX) adjustments.
4Loans and investments are categorized by a given primary sector, however the impact of the investments may overlap many of the listed sectors.
5Regional breakdown figures are as of 6/30/2021 and were updated on 9/24/2021. All figures are net of guarantees.
Information provided herein is believed to be correct, but its accuracy and completeness are not guaranteed and may be subject to change. Unless otherwise indicated, all figures are unaudited.
