In Midst of Economic Recession Calvert Foundation Experienced Robust Asset Growt...

Jan 2009
Bethesda, United States, January, 27 2009 - The Calvert Social Investment Foundation (Calvert Foundation) announced today that, despite troubled financial markets and a U.S. recession, it is continuing to grow, with total assets at $215 million, up more than 7 percent than just a few months earlier.

Calvert Foundation President and CEO Shari Berenbach said: "The key to our 2008 success rests with old fashioned financial rigor and discipline used by our non-profit partners as they provide affordable housing, microfinance services, small business loans, job creation, and essential community facilities. In addition to strong portfolios, Calvert Foundation's solid growth is also attributable to the loyalty of our current investors and enthusiasm expressed by others seeking a whole new financial paradigm. While conventional investors are pulling their dollars out of stocks and bonds, Calvert Foundation investors are putting them where it counts, back into the communities in need of help."

Calvert Foundation pointed to a handful of impressive statistics since its inception as evidence of its growing investment programs:

  • 14,700 affordable homes built/rehabilitated;

  • 530,600 jobs created in the U.S. and abroad; and

  • 6,000 small businesses financed.

In 2008, the innovative nonprofit raised $42 million in additional investments due to a 33 percent boost in sales of its Calvert Community Investment Notes. The Notes allow investors to finance affordable housing, microfinance, and small businesses. Investors in Community Investment Notes have their funds pooled and placed in a professionally managed portfolio of affordable loans to over 240 leading nonprofit organizations working in all 50 states and over 100 countries with a focus on alleviating poverty.

Berenbach continued: "As we look forward to 2009, with a hopeful nation and a shift in both power and ideology in the nation's capital, our focus will be on a renewed commitment to rebuild our financial system in a more responsible and ethical way. The year ahead will challenge us all. But through rigorous due diligence and sound underwriting we will continue to foster a responsible balance of financial security and social impact."

Source : PR Newswire

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