Reinvestment Fund announced that it has received a major gift from philanthropist Mackenzie Scott. Reinvestment Fund is among 384 organizations who received a total of $4.2 billion today as part of Ms. Scott’s giving to organizations working to alleviate suffering for those hardest hit by the pandemic. The award is the largest individual gift in the organization’s 35+ year history and will help advance the organization’s work to build strong, healthy and equitable communities nationwide.
“We are immensely grateful for and humbled by this extraordinary gift from Ms. Scott,” said Don Hinkle-Brown, President and CEO of Reinvestment Fund. “It is a recognition of not just our work, but that organizations like us who are at the forefront of expanding economic prosperity for all Americans, have effective plans that are idled or unscaled by a shortage of unrestricted funding such as this. Ms. Scott has shown a trust and confidence in community development practitioners that is rare in today’s more prescriptive and restricted philanthropy.”Read More
Philadelphia, December 15, 2020— Reinvestment Fund announced the launch of Building Healthier, More Equitable Communities (BHEC) today, a health and community development focused initiative that will work with cross-sector collaborative teams in four cities in New Jersey to advance equity and wellbeing in targeted neighborhoods. BHEC will support partnerships in Asbury Park, Camden, Newark, and Paterson.
BHEC aims to address the social determinants of health through changes to the built environment and the community investment system in selected New Jersey cities, while acknowledging the unique challenges stemming from the current health and economic crisis.Read More
Reinvestment Fund today announced $3 million in financial assistance awards to 20 projects through the 2020 round of America’s Healthy Food Financing Initiative’s (HFFI) Targeted Small Grants Program. Funding for the HFFI grants program is provided by the United States Department of Agriculture (USDA), authorized by the 2014 Farm Bill. The program supports projects that are designed to improve access to fresh, healthy food through food retail.
Awardees were selected through a competitive process that was open to eligible fresh food retail projects and food enterprises seeking financial assistance to overcome the higher costs and initial barriers to operating in underserved areas. There were 245 applications submitted to the program, which came from 46 states, the District and US territories, and had a total request of over $40 million in financing.Read More
Reinvestment Fund announced today that its ‘A+’ issuer credit rating has been affirmed by S&P Global Ratings. Reinvestment Fund is a social enterprise lending organization and among a handful of such institutions that has been rated by S&P Global Ratings. S&P Global Ratings also affirmed its ‘A+’ long-term rating on Reinvestment Fund’s series 2017 and 2018 taxable impact investment bonds.
“This affirmation of Reinvestment Fund’s ability to do well and do good is particularly encouraging at a time when so much feels uncertain,” said Don Hinkle-Brown, President and CEO of Reinvestment Fund. “The rating is also a reflection of the tremendous confidence—shared by our investors, our partners and most of all, our staff—in our ability to deliver on our mission of equitable growth.”
This rating is a powerful recognition of Reinvestment Fund’s demonstrated ability to meet its financial commitments through the strategic investment of capital in underserved communities.Read More
We at Reinvestment Fund mourn the death of the indomitable Justice of the Supreme Court, Ruth Bader Ginsburg, who made it her life’s work to dismantle and eradicate the practice of systematic discrimination against women, Black and brown people, and LGBTQ people. Her passing threatens many hard-won civil liberties, for which we all must persevere to fully secure. The ‘Notorious RBG’ stood her ground. Like her, we must not weaken in our resolve to achieve racial, gender, and economic justice for all Americans. Read our full statement.
With elections just weeks away, we are also carefully monitoring the policy landscape and its impacts on communities and the pursuit of equity for all. In many Black communities, a legacy of systemic racism persists, making it too hard for people to own a home, start a business, and build long-term wealth. Moreover, the current pandemic has shown all too clearly the life and death consequences of this historical disparity, with Black and Latinx communities suffering the biggest share of COVID-19 cases and deaths, as well as wage reductions and job losses.Read More
Reinvestment Fund has been awarded the prestigious 2020 Knowledge Challenge grant by the Ewing Marion Kauffman Foundation. The award is one of 13 announced last week and will support work in partnership with the Neighborhood Development Center (NDC) of Saint Paul, Minnesota and researchers from the University of Pennsylvania.
“We are grateful to the Kauffman Foundation for this award and are honored to be in the company of our fellow awardees who represent some of the best entrepreneurship researchers in the nation,” said Don Hinkle-Brown, President and CEO of Reinvestment Fund. “Together with our partners NDC and the University of Pennsylvania, we look forward to better understanding the connections between thriving local entrepreneurship and social well-being.”Read More
Reinvestment Fund today announced the inaugural Nowak Fellow, Marci Monaco-Vavrik, a recent Temple University graduate. The Nowak Fellowship is one of three new initiatives Reinvestment Fund launched in memory of its founding Executive Director, Jeremy Nowak. The Nowak Fellowship, housed at Reinvestment Fund, was established to support a pre-graduate school fellow considering a future career aligned with community economic development.
“Jeremy had a deep appreciation for combining the richness and rigor of academia with an orientation of tangible accomplishment,” shared Don Hinkle-Brown, President and CEO of Reinvestment Fund. “With this fellowship in his memory, we are delighted to be able to give a student the opportunity to gain some real-life experience in their chosen field as part of their professional growth.”
The fulltime Fellow will work within Reinvestment Fund’s Policy Solutions team and work closely with staff to explore the many areas where policymakers, practitioners and investors intersect and inform one another. During this time, the Fellow gains a set of skills, insights, experiences and accomplishments that will provide greater clarity and certainty on how she will take her next step in professional life.Read More
We at Reinvestment Fund mourn the death of the indomitable Justice of the Supreme Court, Ruth Bader Ginsburg, who made it her life’s work to dismantle and eradicate the practice of systematic discrimination against women, Black and brown people, and LGBTQ people. Never serving on a majority liberal bench, she is best known for her fierce dissenting opinions, as well as her persistence, tireless work, principles of equality and dedication to the Constitution. Her passing threatens many of the hard-fought civil liberties, and for which we all must persevere to fully secure. The ‘Notorious RBG’ stood her ground. Like her, we must not weaken in our resolve to achieve racial, gender and economic justice for all Americans.Read More
In recent years, community development financial institutions (CDFIs) and similar mission-oriented financial services organizations have begun to elevate the importance of explicitly addressing racial equity in lending, investing, and operational practices. While this goal remains urgent, it is also a challenge to determine precisely how to incorporate or operationalize racial equity into our varied work. How do CDFIs incorporate an explicit racial equity perspective into their lending? What work do we need to do as institutions and individuals to genuinely build that racial equity perspective? And how might we collaborate across our industry to successfully achieve that goal?Read More