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Promissory Notes


Our Promissory Notes offer an opportunity to invest in a diversified, direct loan fund with 830 investors. The loan fund has been at the heart of Reinvestment Fund’s work since our founding in 1985 and is largely responsible for the many projects we have funded over the years. It fuels our innovation, allowing us to create and test new financing products to meet the needs of our market. Our investors include school teachers and CEOs, faith-based organizations, family foundations, banks and civic organizations.

Promissory Notes

Reinvestment Fund is among a handful of CDFIs with a notes program that supports the triple bottom line. Our investors earn a modest financial return while supporting socially and environmentally responsible development projects that benefit low-income communities. Promissory Notes start at $1,000 and can go up to $5 million.

Rates and terms

2.50% with a three to four year term
3.00% with a five to six year term
4.00% with a seven to nine year term
4.25% with a ten to fourteen year term
4.5% with a fifteen year term

Since 1985, our Promissory Notes program has maintained a 100% repayment rate – plus interest – to our community of investors, and has made over $2 billion in loans to community businesses. Our average investor tenure is 7 years.

We take great care to maintain reserves to protect investors’ money. Investments in our loan fund are not insured by the government, nor are they tax-deductible charitable gifts.

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Who can invest

Reinvestment Fund can accept investments from investors in 17 jurisdictions: PA, MD, DC, NJ, VA, GA, CT, HI, IL, IA, ME, MA, MS, NM, RI, SD and TX.]

PhilaImpact Fund

PhilaImpactFund is a place-based impact investment opportunity targeted to the Greater Philadelphia region. The Fund is a partnership between Reinvestment Fund and The Philadelphia Foundation. PhilaImpact Fund offers an opportunity for promissory note investors to channel their capital into neighborhood development projects that support regional growth and local initiatives in the communities that need them the most. The Fund will support projects serving critical needs for people across the region promoting housing stability for low-income families, better health outcomes, higher educational attainment, greater access to fresh, healthy food, and more.

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For questions about investing in Reinvestment Fund, please call us at 215.574.5819 or email