123 Percent Jump Seen in Program Boosting Investments in Underserved Communities
WASHINGTON, D.C.///October 14, 2002/// The number of institutions and professionals that have pledged to devote at least 1 percent of their assets to community investing jumped from 23 to 54 in the first year of an organized campaign that aims to promote such investments, the Social Investment Forum and Co-op America announced today. The 123 percent increase in participating institutions means that more than $1 billion in assets are now earmarked for community investing under the year-old "1 percent campaign."
The list of "1 Percent in Community Achievers" includes such large institutions as the General Board of Pensions of the United Methodist Church, the Fannie Mae Foundation and Domini Social Investments, as well as over 20 professional advisers across the country.
According to the Social Investment Forum's 2001 Trends Report on Socially Responsible Investing, community investing grew by more than 40 percent between 1999 and 2001. As of mid-2001, assets in community investment vehicles stood at $7.6 billion. Community investing is financing that generates resources and opportunities for economically disadvantaged people in urban and rural communities in the U.S. and abroad that are under-served by traditional financial institutions. Community investors make it possible for local organizations to create jobs, provide financial services to low-income individuals, and supply capital for small businesses, affordable housing and vital community services, such as childcare.
Social Investment Forum Vice Chair Alisa Gravitz said: "The Social Investment Forum and Co-op America applaud these organizations for their commitment to community investing. Community investing means services, jobs and financial assistance for underserved Americans and the communities in which they live."
Organizations that rely upon community investing dollars work directly with people who have been denied access to capital and provide them with opportunities to borrow, save and invest in their own communities. In addition to supplying badly needed capital in under-served neighborhoods, community investment groups provide important services, such as education, mentoring and technical support. They also build relationships between families, non-profits, small businesses and conventional financial institutions and markets.
ABOUT THE 1 PERCENT CAMPAIGN
The 1 percent campaign to promote CI is a joint partnership of the Social Investment Forum and Co-op America. In 2001, the Social Investment Forum launched a campaign to help move more than $10 billion in assets in socially responsible investments into communities in need over the next five years. The Forum and its partner, Co-op America, honor members with at least 1 percent of their managed assets in community investing, and highlight them as role models for all investors.
The Social Investment Forum is a national nonprofit trade association dedicated to promoting the concept, practice and growth of socially responsible investing. Co-op America is a national nonprofit organization founded in 1982 that provides the economic strategies, organizing power and practical tools for businesses and individuals to address today's social and environmental problems. The campaign's Web site is www.communityinvest.org.
For more information, contact Todd Larsen at (202) 872-5310 or [email protected].