Member Frank Coakley Baltimore Community Lending approved for $500,000 from Baltimore Community Foundation’s new local impact investment fund

Baltimore Business Journal
May 23, 2018
by Joanna Sullivan

Baltimore Community Foundation creates $6 million ‘impact’ fund to target city’s ills

Baltimore Community Foundation Social Investment Fund

Patti Baum envisions a Baltimore where the economy is ‘thriving for all people.’ That’s the reason Baum and other board members of the Baltimore Community Foundation decided they had to change the way the foundation does business. BCF on Wednesday introduced an investment pool that will fund community groups already targeting issues like affordable housing and blighted neighborhoods in the city and Baltimore County. ‘I come from the traditional investment world; I’ve always believed in investing in a diversified portfolio of stocks and bonds,’ said Baum, senior vice president of RBC Wealth Management. ‘But the traditional foundation model, where our investment committee focuses on returns, and the grants committee separately focuses on grants, is just not enough anymore. Just investing for financial returns is not enough.’… The board on Tuesday also approved $500,000 for Baltimore Community Lending so it can offer loans to small businesses that do not have collateral and might otherwise use credit card debt. PNC Bank is acting as co-lender, she said.  ‘Access to capital is one of the biggest issues for people of color,’ she said. ‘This is going to have really strong impact in the community.’…”