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REDF Impact Investing Fund December Newsletter

RIIF Receives $2 Million PRI from the Annie E. Casey Foundation Representing LArgets Investment To Date 

We are excited to announce that RIIF has closed a $2 million Program-Related Investment (PRI) from our valued partner the Annie E. Casey Foundation. With this loan, RIIF can deepen its impact and accelerate the growth of the social enterprise field in regions of the country that have been historically under-invested in including the South and Southwest, helping expand jobs and income-generating opportunities for people overcoming barriers to work. Read more here. 

 

Newly-Formed Advisory Council Will Help Advance Equity in Impact Investing

RIIF has formed an Advisory Council of seven accomplished, diverse leaders from social enterprises and community development financial institutions (CDFIs) who will provide expertise, thought partnership, and guidance for RIIF’s strategic, financial, social, and equity objectives. These community leaders will support RIIF in reflecting the voice of the communities we serve and will increase RIIF’s reach by providing access to finance, industry, communications expertise, and investor contacts. Meet the Advisory Council. 

 

RIIF Awarded a $125,000 CDFI Technical Assistance Grant

We’re excited to share that RIIF was awarded a $125,000 technical assistance grant from The CDFI Fund, a grant designed for emerging CDFIs. We are putting these funds to work building a robust credit rating system, expanding our staff capacity for future growth, and investing in the infrastructure we’ll need in anticipation of becoming certified as a CDFI.

 

“More Than a Building” – RIIF Loan Helps Expand Employment & Build Community

       

Evanston Rebuilding Warehouse (ERW) in Evanston, IL promotes sustainable deconstruction and building practices by selling reclaimed materials to the community. A $110,000 RIIF bridge loan, paired with a $40,000 working capital loan from RIIF, helped support ERW’s move into a newly leased space. As a result of this expansion, ERW intends to hire over 30 additional individuals per year in their workforce development program, with graduates transitioning into careers in building trades that pay a living wage.

Aina Gutierrez, Evanston’s Executive Director, explains what the expansion means for their mission: “Our new location is not just a building. It is one more giant step towards building a community that values our planet and the people that live here. Our much larger home has allowed us to double our retail space, rescue more reclaimed goods and grow our building material sales. Also, with dedicated spaces for hands-on learning, classrooms and meetings, our workforce trainees have received more comprehensive services. We have also been able to build relationships with employers that heard about our expansion and are eager to hire our program graduates.”

 

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