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July 2021 Newsletter

Welcoming Jim Baek as CIGP Executive Director

The CIGP team expands to scale impact
This year, the Community Investment Guarantee Pool (CIGP) team has been working to expand and scale the use of guarantees as a tool for impact. To further that goal, LOCUS and CIGP are proud to welcome the program's new Executive Director, Jim Baek.

Jim comes to CIGP via Deutsche Bank where he served as head of U.S. Community Finance as well as the Community Reinvestment Act (CRA) Officer. In his new role, he will work to attract more guarantors to the pool and deploy more guarantees around the country. Hear more about Jim and what's next for CIGP
here.

LOCUS Focus
 

Impact Investor Spotlight
Community Foundation of Grant County

COVID-19 confronted residents of Grant County, IN, as it did across the country, with severe financial challenges, the brunt of which were borne by those underserved by traditional financial systems. To counter this, the Community Foundation of Grant County partnered with Afena Federal Credit Union to provide an alternative source of capital to the kind of payday lending practices that thrive during such times.

Combining a percentage of their unrestricted grant dollars with Afena's years of financial expertise in Grant County, the foundation was able to place a $1 million deposit with the credit union to generate the collateral necessary to seed secure loans to ease the burdens placed on families by the pandemic.
Investors Commit Nearly $1.2 million into Hoke Hotel Impact Investment

Hutchinson Community Foundation, a member of cohort one of the Kansas Community Philanthropy Innovators Network, facilitated by LOCUS and the Aspen Institute Community Strategies Group and funded by the Kansas Health Foundation, just announced another important community investment.

Hutchinson, alongside
Peoples Bank and Trust, StartUp Hutch, and NetWork Kansas committed to a $1.2 million loan package to renovate a historic local building, the Hoke Hotel. To learn more about about the foundation's latest impact investment, click here.
Increasing Capacity for Investment into Appalachian Communities
A New Leadership Development Opportunity

The teams at Invest Appalachia and LOCUS are partnering with the WV Community Development Hub to launch a new cohort, and applications are being accepted! In order to bring more community investment into Central Appalachia, we need stronger and more inclusive pipelines of people who have the skills, tools, and connections needed to ‘frame up’ investment opportunities.

The first cohort will participate in a 12-week virtual learning series from Sept. 22 to Dec. 15, 2021. Prospective participants must submit an application to be considered. Learn more about the program and how to apply
here.
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