Mission, Money & Markets
The Kresge Foundation's Social Investment Practice team — and its partners and colleagues — shares lessons learned and the newest thinking on impact investing each month.
Mission, Money & Markets: Nonprofit Guide to accessing capital through the 2020 CARES Act
In light of COVID-19, many nonprofits are desperately seeking additional funding to respond to and adapt to the new environment. The new Coronavirus Aid, Relief, and Economic Security Act (CARES Act) includes streams of funding that may help. This guide is designed to provide highlights of for each of the loan opportunities to help nonprofits access capital to meet their most urgent needs.
Mission, Money & Markets: Changes to little-known banking law could suck billions out of poorer communities
CRA, the Community Reinvestment Act, was designed to expand access to credit and capital in lower-income neighborhoods, and it did. But now two federal agencies are considering re-writing the rules in a way that would significantly weaken a law that accounts for tens of billions of dollars of loans and philanthropic support every year.
Mission, Money & Markets: Expanding solar+storage solutions to communities on the front lines of climate change
The lack of reliable power has direct health consequences for vulnerable communities. Recognizing the devastating impact of power outages on historically underserved communities, The Kresge Foundation and Clean Energy Group began a collaborative process involving many stakeholders to discuss the need for a comprehensive financing strategy to bring solar+storage systems to affordable housing and critical community facilities in low- and moderate-income (LMI) neighborhoods.
Mission, Money & Markets: New website showcases community development finance system
Online resource DevelopStrongCities.org helps visualize how communities thrive and tells the story of community development finance systems.
Mission, Money & Markets: Kimberlee Cornett offers reflections on a decade at Kresge
Kimberlee Cornett reflects on a nine-year long career leading Kresge's Social Investment Practice. "Nine years and 75 deals later, I’m proud of the foundation’s adoption of a full spectrum of tools — from grants to guarantees — and the way the Social Investment Practice works side-by-side with Program staff."
Mission, Money & Markets: A new fund launches to spread equitable financial services in the South
Whether due to a lack of accessible banking services or a fraught history with predatory financial institutions, the lack of banking opportunities has real, long-term impact on people’s lives, reducing their ability to build credit, secure capital and move up the economic ladder. Enter the Inclusiv Southern Equity Fund.
Mission, Money & Markets: What should unite Opportunity Zones backers and detractors
Kresge has supported leaders who have created voluntary reporting systems and market norms that we believe could help to solve the issue. But it’s become clear that voluntary action is not enough. It’s time we collectively demand mandatory reporting at the local, state, and federal level as our singular focus.
Mission, Money & Markets: Promoting more and better journalism on Opportunity Zones
Unlike traditionally-structured economic development incentive programs, Opportunity Zones aren’t administered through a state or local agency that would normally provide deal-specific disclosure data, making them a challenge for journalists to cover. The zones also lack specific required outcomes one usually associates with a development incentive, such as jobs created, wages paid or housing units constructed.