by Katherine St. Onge on July 05, 2016
Two years ago Calvert Foundation launched Ours To Own, our place-based investment initiative. Through this targeting option of the Community Investment Note, people are able to invest in the cities they live in and love. Last week we held an event to celebrate the local impact that investments in Ours To Own Twin Cities have achieved.
We were joined by our partners in the Twin Cities, Aeon and Community Reinvestment Fund, USA (CRF), that have received loans from Calvert Foundation to enable their vital work helping economically disadvantaged communities. Aeon has built thousands of affordable housing units for homeless and low-income people across the Twin Cities. Their goal is not to simply build a roof over someone’s head but to create thriving communities by fostering resident connections, engagement and stability.
CRF introduced several entrepreneurs that were able to realize their dream of owning a business. CRF provides loans to individuals that have difficulty accessing capital from traditional financial institutions but have the drive and business acumen to launch successful businesses.
Gloria Freeman founded Olu’s Home, a licensed care organization that provides residential and in-home services to the elderly and persons with developmental disabilities or mental illness. When she struggled to access financing to expand her business, she turned to CRF. Today Gloria employs nearly 100 people and manages nine homes in the region. The U.S. Small Business Administration named her Minnesota’s 2016 Small Business Person of the Year. Gloria clearly has a passion for helping the disabled but also loves that she can build wealth for her family and provide them a better life.
A few years ago, Ryan Pitman was driving a Minneapolis public bus when he passed an empty storefront in the Midtown Global Market and had a vision of opening a brewery. Today he’s the proud owner and head brewer of East Lake Brewery. CRF was instrumental in enabling Ryan to pursue his brewing passion and Ryan’s brewery is helping to revitalizing the Midtown area. He’s already looking to CRF for another loan to help him expand the brewery.
Investments in Ours To Own Twin Cities have enabled Twin Cities residents to enjoy the comfort of a home and achieve their dream of owning their own business and generating wealth for their families. The resources that our partners provide are empowering residents and creating a stronger and more resilient Twin Cities!
This post was originally published on CalvertFoundation.org
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