 February 23, 2010
Dear Friends:
I find myself greeting 2010 so far with both deep sadness over the tragic earthquake in Haiti and profound hope that the people of that country – as well as families struggling around the world – will some day soon have the opportunity for a better life.
As investors and supporters of Calvert Foundation, you have already been instrumental in making that "some day" happen for thousands of people. Robyn Bednar, a young, single mother in Appalachia, was able to provide safety and stability for herself and her son thanks to an affordable home. Edgar Castillo, a Costa Rican farmer and father of nine, now receives a fair wage for his coffee crops. Today is that “some day” for Robyn and Edgar – but our work has only just begun.
Last year around this time, I expressed the wish that we would take away important lessons from the global financial collapse – specifically, that the larger public would embrace the concept of investing for financial gain and social impact. I am happy to report evidence of that being the case: we just hit $200 million in sales of our Community Investment Note, and brought in over 2,500 new investors last year.
Our portfolio delinquency levels remain below 1 percent, and we are encouraged by the growth of a new sector of our portfolio focused on green strategies for fighting poverty. Most importantly, however, our investors have created over 17,000 affordable homes, 430,000 jobs in the U.S. and abroad, and financed over 25,000 nonprofits, social enterprises, and co-ops.
Responding to the Earthquake in Haiti
We are proud to say that Haiti-based Fonkoze, one of the microfinance borrowers in our Mission Plus portfolio, was able to get most of its branches up and running within two weeks of the earthquake. Leigh Carter, the Executive Director of Fonkoze USA, was in Haiti during the earthquake and suffered serious injuries. During her early days of recovery, she said, she was comforted by a Facebook posting from a Haitian friend, which read: “piti piti plen kay – a little lamp (or light) can fill the whole house…”
Calvert Foundation has always been about the long-term approach to fighting poverty. We are not first responders. We are builders, growers, investors. To this end, we have put together a list of other organizations providing early relief to Haiti. We are looking into how we can help Haiti rebuild in the long-term, and will keep you posted on this effort.
In the meantime, consider all that you have been able to accomplish through your investments. Community investing is still that “little lamp,” but it is gradually filling the whole house. You are leaders in this effort, and we ask that you consider increasing your investment in the Community Investment Note - or support our loan program through a tax-deductible donation.
Thank you so much for your investment and support.
Shari Berenbach
Calvert Foundation President and CEO
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