Intermediaries

Many foundations choose to expand their impact by investing in intermediary organizations or loan funds. These organizations aggregate funds from a variety of sources and reinvest the funds into multiple enterprises.

The following is a list of intermediary organizations. We are not, however, recommending particular investments or organizations in  which to invest. The PRI Makers Network and its members assume no responsibility for any investments or support to intermediaries or other organizations mentioned on this site.

As the field of mission investing is growing by leaps and bounds, the resources listed below are selective rather than exhaustive. If you believe your organization should be included on this page, please contact us.

Calvert Social Investment Foundation
For more than ten years, Calvert Foundation, a nonprofit 501(c)(3) organization, has been working to make community investment a safe and logical option for all investors seeking to make a positive social impact. Focusing on using investment capital, rather than conventional philanthropy, creates a sustainable, scalable model that enables nonprofit organizations and social enterprises to address critical social problems.

Capital Link
A national nonprofit dedicated to assisting health centers in accessing capital for building and equipment projects to support and expand community-based health care and its related community benefits. Our organization provides extensive technical assistance to health centers throughout the capital development process and, as a community development financial institution (“CDFI”) and intermediary, Capital Link provides targeted loans to assist health centers in leveraging other sources of capital for their projects. Working nationally out of offices in Massachusetts, California, District of Columbia, Louisiana, Maryland, Missouri, Washington and West Virginia, since its creation in 1998 to date, Capital Link has assisted 169 individual health centers in obtaining $497 million in grants and loans for capital projects totaling nearly $644 million. 

The Center for Applied Philanthropy (CAP)
Focused on increasing the understanding, use and adoption of nontraditional funding streams among philanthropic organizations. Through highly focused engagements, they provide foundations and nonprofits with services such as PRI feasibility assessments, analysis of investment and leverage opportunities, financial due diligence, PRI integration strategies, strategic business planning, assessment of critical resources and development of internal PRI capability, and consolidation/M&A assessments. In addition to its advisory services, CAP offers philanthropic organizations the opportunity to invest in – or apply for – PRI investments through its Fund for Sustainability (TFS), which makes select PRIs in nonprofits and social enterprises operating in the health and human services, arts and culture, environment and education sectors. Through TFS, CAP provides a real time “laboratory” for foundations and individuals to partner in program related investments (PRIs) with the level of risk appropriate to their mission.

Coastal Enterprises, Inc. (CEI)
A nonprofit community development corporation (CDC) and community development finance institution (CDFI). Based in Wiscasset, Maine, CEI’s mission is to help create economically and environmentally healthy communities in which all people, especially those with low incomes, can reach their full potential. CEI provides financing and technical assistance to small, medium and micro enterprises, natural resource ventures in the farm, fish and forest sectors, community facilities such as health and child care, and affordable housing. With offices statewide, CEI also serves communities throughout rural New England and New York, and is active nationally in partnership with other rural CDCs/CDFIs with its New Markets Tax Credit program. CEI creates income, employment and ownership opportunities for people with low-incomes while benefitting the wider community. Its development philosophy and theory of change is based on strategically combining the market interventions of finance, development services and policy for social and environmental benefit – the so-called “triple bottom line” - economy, equity and ecology – of return on investment. CEI is CARS™ rated.

Community Development Credit Unions
Invest directly in funds established by the National Federation of Community Development Credit Unions or search the CDCU Locator for specific markets. More than sixty years ago, a small number of credit unions were founded with the specific mission of serving low-income and minority communities beyond the reach of banks and mainstream credit unions. These “community development credit unions” (CDCUs) specialize in serving populations generally considered the hardest to serve, including low-income wage earners, recent immigrants, and people with disabilities.

Community Development Financial Institutions
Search the Opportunity Finance Network (OFN) Member Locator for community development financial institutions (CDFIs) working in neighborhoods across the United States to provide affordable, responsible credit and to stabilize communities. CDFI customers include: small business, affordable housing developers, community service providers, and individuals who require affordable banking services, including basic checking and savings accounts, responsible alternatives to predatory financial companies, mortgages, and other kinds of loans.

Community Reinvestment Fund USA
A nonprofit financial intermediary, CRF brings community development lenders together with socially conscious investors to funnel capital into economically distressed communities nationwide. With the help of your grants, donations, Program Related Investments, Equity Equivalent Investments, and the CRF Individual Investor Program, CRF purchases economic development and affordable housing loans. CRF pools these loans into asset-backed securities and New Markets Tax Credit Funds. These investment vehicles are then sold to investors through private placement to generate more capital for disadvantaged communities. 

E+Co
This US-based nonprofit provides business development services and capital to small and growing enterprises in Africa, Asia and Central America for the purpose of reducing the impact of climate change and energy poverty. E+Co fills a gap in these markets by providing the tools and training to support the development of “bankable” business plans through six locally staffed offices in Costa Rica, Tanzania, Ghana, South Africa, Thailand and China, and then provides capital, ranging from US $50,000 to US $1.5 million. The impact of that investment is measured via a Triple Bottom Line of 30 financial, social and environmental metrics. As of December 2009, E+Co made 268 investments in over 20 countries totaling US $40 million, with an 8.7% portfolio return (before costs and after write-offs). US $253 million was mobilized. E+Co supported 1,200+ enterprises serving over 6.2 million people with clean energy. Over 24 million tons of carbon will be offset over the life of the investments. The energy services provided have displaced 693,000 tons of charcoal, 460,000 tons of firewood, 60 million liters of kerosene and 910,000 barrels of oil. 

EDCO Ventures
EDCO Ventures is a nonprofit corporation focused on creating innovative companies and jobs with living wages in economically distressed areas. Innovación Investments - Fund 1 , a subsidiary of EDCO Ventures, is a community development venture capital fund focused on the Texas border and south Texas, a region that has 17 of the Top 100 poorest counties in the nation. The fund will invest in early stage, innovative and high-growth businesses, while also addressing issues of shared prosperity and inclusion. Unlike many impact investing opportunities, Innovación aims to have a social impact that goes beyond job creation by implementing mechanisms of shared prosperity such as employee ownership plans, profit sharing targets, and/or the inclusion of community institutions into the wealth creation process. The fund is a vehicle for foundations that are interested in supporting a disruptive model for economic growth and passionate about shared prosperity. To learn more about Innovación Investments, please contact EDCO Ventures co-founder and executive director Teo Tijerina.

Enterprise Community Investment
As a socially motivated for-profit corporation, Enterprise Community Investment currently finances and develops $1 billion of high-quality affordable housing and related community facilities per year. These include commercial, office and industrial development. Enterprise forges effective public-private partnerships and innovative programs that result in livable housing that benefits communities all across America. 

Global Partnerships
Founded in 1994, Global Partnerships is a nonprofit social investor whose mission is to expand opportunity for people living in poverty.  We invest in and develop sustainable solutions to help impoverished people earn a living and improve their lives, including microcredit, basic health care, business education, technical assistance for farmers and green technology. Our social investment funds offer investors a fixed income alternative with well-managed risk and high social impact. Since 2005 we have raised four funds, totaling over $55 million in affordable financing for mission-driven partners. To date we have repaid their investors 100% on time and in full. Contact Jason Henning at 206-456-7832 or jhenning@globalpartnerships.org for more details.

Habitat for Humanity FlexCAP
Habitat for Humanitiy International’s investment vehicle that allows its affiliates to accelerate the receipt of income from their mortgages and leverage the approximately $1 billion pool of Habitat mortgages to serve more families in need of affordable housing. Traditionally, FlexCAP investors have been banks and insurance companies, along with the F.B. Heron Foundation. Now, with banks in crisis, PRIs are filling the gap and Heron has been joined by the W.K. Kellogg Foundation, Prudential, MetLife, and the State Housing Finance Agencies in Washington and Ohio as investors in the program. These commitments are particularly timely as the falling price of land provides HFHI an opportunity to serve many more low income families. For more information, contact Todd C. Garth, Director, Foundations, Organizations, and Institutions 1-800-HABITAT, x2607.

Local Initiatives Support Corporation (LISC)
LISC is a nonprofit corporation providing comprehensive support for neighborhood revitalization in thirty urban and rural programs nationwide. They provide financing for a broad array of activities carried out by community development corporations and other community-based partner organizations, including rental and for-sale housing, economic development and community facilities. LISC also provides bridge financing, project capital and operational capital. LISC's loans, lines of credit and recoverable grants are available to fill gaps at all stages - predevelopment, property acquisition, construction and permanent - and are originated by staff living in the locations where these investments are made. LISC also seeks to strengthen the community development industry as a whole. For more information, contact LISC's senior vice president for Lending, Greg Maher.

Living Cities
A pioneering partnership among major foundations and financial institutions that invests in revitalizing America’s cities. Members of Living Cities include leading foundations such as Ford, Gates, MacArthur and Rockefeller, as well as banks and insurance companies such as Chase, Bank of America, Prudential, and MetLife. The Living Cities Catalyst Fund is a pool of patient, flexible capital directed specifically toward investment in not-for-profit organizations that create opportunities and make markets work better for low income residents of America’s cities. Catalyst Fund FAQ

Low Income Investment Fund (LIIF)
LIIF improves and strengthens underserved communities by providing loans, grants and technical assistance to community development organizations. LIIF provides capital and technical assistance for housing, education, child care and supportive community facilities.

Media Development Loan Fund (MDLF)

National Community Stabilization Trust
Designed to be a more efficient and cost-effective mechanism for transferring foreclosed properties from servicers and investors to organizations and coalitions working to stabilize targeted communities. The Trust will aggregate capital from national philanthropic and private sources to make financing available to these groups.

National Equity Fund
NEF, Inc., an affiliate of LISC, has directed more than $6.9 billion to 1,600 projects nationwide. Investments are made through multi-investor funds as well as single-investor funds. Those investor dollars have helped build 100,000 units of rental housing since 1987. NEF currently has 115 funds under management. Multi-Investor Funds pool capital from multiple investors to spread risk and leverage impact on projects such as "green" housing for families, permanent supportive housing for homeless veterans and the disabled, and service-enriched projects for seniors.

Partners for the Common Good
A nonprofit community development loan fund and certified Community Development Financial Institution (CDFI), PCG is operating as a wholesale loan participation network. By partnering with mission focused lenders and investors, PCG provides access to capital for low income people and communities. PCG offers socially responsible investors to channel their money into organizations working to serve communities left out of the economic mainstream. PCG lends money to nonprofit organizations and for-profit, mission driven organizations that promote affordable housing, neighborhood revitalization, entrepreneurship, and healthy communities in the United States and abroad.

PeopleFund
PeopleFund accelerates entrepreneurship and builds prosperity by providing financing and training to entrepreneurial ventures that have a positive impact in the community. A 501(c)(3) and certified Community Development Financial Institution (CDFI), PeopleFund’s mission is to create economic opportunity by helping people build healthy small businesses, purchase safe and affordable homes, and achieve financial security and independence. Since its founding, PeopleFund has lent over $24 million; created over 2,100 jobs; invested $13.4 million in physical improvements; provided 20,000 hours of business and financial literacy training; and helped 135 working families purchase affordable homes. We work to support a clientele that is historically left out of the financial mainstream. Sixty-seven percent of the businesses we serve are minority-owned; 16 percent are nonprofits. We create jobs. We ensure working families have access to safe and affordable homes. We teach, train, and mentor our clients to help create financial security and independence.

The Reinvestment Fund
Combining expert knowledge with innovation and determination, we identify the “point of impact” where capital can deliver its greatest financial and social return. Our investments in homes, schools, and businesses reclaim and transform neighborhoods – driving economic growth and improving lives. 

ROC USA
ROC USA is the only national lender specializing in financing the acquisition and long-term operation of manufactured home communities by their residents. This model empowers lower-income homeowners to control future housing costs, build wealth and engage their neighbors in ongoing community improvement. ROC USA Capital is a certified Community Development Financial Institution (CDFI) by the U.S. Department of Treasury. Our financing model depends on market-rate 1st mortgage loans originated by ROC USA Capital. ROC USA Capital funds these loans with a combination of its own capital, raised through grants and Program Related Investments (PRIs), and by selling participating interests in the loans to institutional investors, banks and other lenders. ROC USA Capital brings the following benefits to investors interested in supporting this critical component of a national scale strategy to transform the manufactured home community sector through resident ownership. For more information, contact Mike Sloss, Managing Director at 603-724-8370, e-mail: msloss@rocusa.org.

RSF Social Finance
RSF offers investing, lending, and giving services to individuals and enterprises committed to improving society and the environment. RSF has made over $170 million in loans directly to high-impact for-profit and nonprofit organizations since 1984. The RSF PRI Funds are designed specifically to meet the needs of foundations who want to make loans to such projects, yet lack the internal systems or staff expertise to find and evaluate eligible projects, structure terms, and administer loans. Increase impact and mitigate risk by pooling your PRI in these funds, which leverage capital from other foundations and financial partners. Ensure mission alignment by choosing to direct your PRI toward specific issues (Food & Agriculture, Education & The Arts, and/or Ecological Stewardship) within specific geographic areas. Check out their overview of investment options and Reimagine Money BLOG.