On June 16, 2016, Praxis Mutual Funds® announced it would allocate $1 million of its community development investments to Benefit Chicago, an innovative initiative aimed at directing $100 million in impact investments to nonprofits and social enterprises in Chicago. Praxis Mutual Funds are committed to investing approximately 1 percent of fund assets in high social impact community investments.
Launched on April 25, 2016, as a collaboration of The Chicago Community Trust, the John D. and Catherine T. MacArthur Foundation and Calvert Foundation, the initiative allows investors to contribute to the efforts of community-based organizations in Chicago.
“Praxis is pleased to support organizations making a difference in Chicago,” said Chad Horning, Praxis Mutual Funds President and Everence® Senior Vice President. “We value the significant impact that initiatives like Benefit Chicago can have in disadvantaged communities.”
Benefit Chicago will provide low-interest loans and other investments to accelerate the efforts of local organizations working to address key priorities throughout the Chicago region, such as education and child care, access to healthy food, quality affordable housing, energy conservation, job creation and training and more.
“Calvert Foundation’s focus is directing investment capital to meet community needs and deliver tangible impact,” said Justin Conway, Vice President of Investment Partnerships at Calvert Foundation. “We’re pleased to partner with MacArthur Foundation and The Chicago Community Trust on Benefit Chicago to strengthen the city’s social sector, and it is all made possible by investors like Praxis Mutual Funds that use their capital to advance a more just society.”
Praxis was among the first socially responsible investment mutual funds to include community development investments in its investing philosophy – and remains one of the very few to maintain this level of commitment across the entire fund family. Since 2000, Praxis Mutual Funds has partnered with Calvert Foundation to carry out its community development investment commitment, most recently utilizing its Community Investment Notes.
“We know firsthand of Calvert Foundation’s expertise and success in financing positive initiatives in communities around the world,” said Mark Regier, Praxis Mutual Funds Director of Sales and Everence Vice President of Stewardship Investing. “It was natural for Praxis to invest early in Benefit Chicago and support organizations that impact a community so close to our headquarters in the Midwest.”
About Praxis Mutual Funds and Everence®
Praxis Mutual Funds, advised by Everence Capital Management, is a leading faith-based, socially responsible family of mutual funds designed to help people and groups integrate their finances with faith values. To learn more, visit praxismutualfunds.com.
Everence helps individuals, organizations and congregations integrate finances with faith through a national team of advisors and representatives. Everence offers banking, insurance and financial services with community benefits and stewardship education. To learn more, visit everence.com or call (800) 348-7468.
About Calvert Foundation
Calvert Foundation enables people to invest for social good. Through its flagship Community Investment Note®, more than 15,000 investors have channeled more than $1 billion in investments to hundreds of nonprofits and social enterprises worldwide. Investor dollars empower women, fund the construction of affordable housing, provide loans to small-business owners, increase access to health care, and support fair trade and sustainable agriculture. To learn more, visit calvertfoundation.org.