Investment Firm Reaches "1 Percent" Threshold for Community Investing;
Recognition Part of Social Investment Forum Campaign to Boost Community Investing.
WASHINGTON, D.C. and PORTLAND, OR///September 30, 2002//Progressive Investment management (PIM) and the Social Investment Forum (the Forum) announced today that the investment firm has earned recognition from the Forum for placing 1 percent of its assets in community investments (CI), including money for child care services and microloans for new businesses.
Progressive is the first Pacific Northwest-based money manager, and one of a handful in the country, to be recognized by the Forum for reaching the 1 percent threshold. Since 1982, Progressive Investment Management has been a pioneer in shaping the field of values-driven investing, helping thousands of clients discover the benefits of investing intelligently and responsibly. Progressive Investment Management can be found on the Web at www.progressiveinvestment.com.
"Community investing through Progressive gives people a unique opportunity to help others through their investments in addition to making charitable donations," says Rob Baird, investment advisor and coordinator of Progressive’s community investing program. "Progressive recently lowered its management fees by half for community development assets as a way to encourage and participate with our clients in making a difference in communities in the Northwest, nationally and internationally."
Social Investment Forum Vice Chair Alisa Gravitz said: "The Social Investment Forum and Co-op America applaud Progressive Investment Management for its commitment to the goal of devoting 1 percent of its assets to community investing. Community investing means services, jobs and financial services for underserved Americans and the communities in which they live.”
ABOUT THE PIM INVESTMENTS
The total so far of $1.6 million in Progressive Investment Management assets are going to several worthy organizations, including the Cascadia Revolving Fund. Cascadia’s many programs include:
Child Care Fund. Cascadia provides loans and technical assistance to in-home and center-based child care businesses. The program helps low- and moderate-income people - many with children of their own - create jobs for themselves. And it helps increase the number of child care slots available for working parents.
Rural Development Investment Fund. Cascadia makes high-risk, long-term, subordinated loans that act like equity investments in rural Northwest manufacturing firms and other businesses that have potential for significant job creation.
- Olympic Microloan Fund. This program is a partnership between Cascadia and nine counties on Washington’s Olympic Peninsula. The Fund provides loans of $25,000 or less to small businesses owned by, or employing, low-income people.
Community Loan Program. Through its core lending program, Cascadia provides commercial loans to businesses that fall within the scope of our mission but don’t meet the guidelines of our programs listed above. It lends to previously unbankable businesses in Washington and Oregon, with a focus on assisting low-income people, people of color, women, and immigrants. It also lends to community-building nonprofit organizations and to businesses that have the potential to create family-wage jobs.
- Technical Assistance Program. Cascadia offers its borrowers one-on-one customized accounting instruction and small business management assistance. Selective child care providers may also receive personal financial management assistance.
For more information about community investing at Progressive Investment Management or its other CI projects, go to www.progressiveinvestment.com.
ABOUT THE 1 PERCENT CAMPAIGN
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 is honoring members with at least 1 percent of their managed assets in community investing, and highlights them as role models for all investors. Community investing is financing that generates resources and opportunities - including capital for small businesses, job creation, affordable housing, child care and other needed community services - for economically disadvantaged people in U.S. and overseas communities that are underserved by traditional financial institutions.
The 1 percent campaign to promote CI is a joint partnership of the Social Investment Forum and Co-op America. 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.
CONTACT: Stephanie Kendall, 703/276-3254, or [email protected]
For more information, contact Todd Larsen at (202) 872-5310 or [email protected].