April 23, 2004
Calvert Community Investments (CCI) Upgrades Security Enhancement
By Calvert Foundation
CCI has witnessed remarkable growth since it first launched in 1995. And, with this growth, a
commitment to increased first-loss funds to protect investors has been just as important.
For the 2003 fiscal year, portfolio disbursements doubled from 2002 levels, to $14 million. CCI now
has a global portfolio of $54 million, placed in 185 community development and social enterprises
around the world.
Historically, substantial first-loss investments from major foundations
and financial institutions have backed up the now 1,850 individual and small institutional CCI
investors. As growth has occurred, Calvert Foundation has pursued the maintenance of, and addition
to, its security enhancement—comprised of loan loss reserves, net equity and subordinate first-loss
investment. Recent developments include:
+ In April 2004, Ameritas/Acacia Insurance
renewed a $2 million subordinate investment for another 3-year term
+ In November 2003,
Washington Mutual Bank made a new 12-year $3 million equity equivalent investment
total safety cushion from these and previous funds now total $11.7 million. This represents more
than 20% of the outstanding portfolios of CCI, compared to an historic loss rate of less than
1/10th of 1%.
“These Community Investment Notes are a diversified and professionally
managed vehicle for individuals and institutions wishing to invest in social change and economic
development,” states Shari Berenbach, Executive Director of Calvert Foundation. “This funding has
made CCI notes more secure, and puts the investor at even less risk of any lost.”
currently has assets of $70 million from investors throughout the United States, and is actively
deploying new critical capital to small business, microcredit, affordable housing, community
facilities and other social enterprises in all 50 states and over 60 countries
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