RICHMOND, Va., May 17, 2017 /PRNewswire/)—Leading CDFI Virginia Community Capital (VCC) and the nationally recognized Center for Rural Entrepreneurship (CRE) today announced the launch of LOCUS Impact Investing (LOCUS), a new social enterprise to empower place-focused foundations to invest their capital locally to build prosperous, vibrant communities.
“We are entering a new era in philanthropy and community investing that requires different, more comprehensive solutions,” said Teri Lovelace, LOCUS President.
“LOCUS Impact Investing provides an on-ramp for foundations around the country that want to engage in local investing for impact, but who currently lack the financial expertise or resources to do so.” Increasingly, place-focused foundations—or philanthropies whose efforts are concentrated in a geographic location— are looking to complement traditional grantmaking with direct community investments, and they seek to do so in a way that manages risk and aligns with their charitable purposes. To unlock this new source of capital effectively for the benefit of communities, foundations need access to a different set of capacities.
Read the full press release here.