July 2005

Social Responsibility Update

The Direct Community Investment Program of Catholic Health Initiatives continues to be an important part of the organization’s Social Responsibility Investment Program. Catholic Health Initiatives has committed a total of $26 million in loans to community-based organizations through direct community investments. The program provides no-interest or low-interest loans to organizations in the United States and abroad that promote access to health care, jobs and housing to disadvantaged populations. Recently, the Social Responsibility Investment Committee of the Board approved new direct community investments in three organizations: ***** Low Income Housing Coalition of East Kentucky, Inc. Prestonburg, Ky. Loan Amount: $100,000 The Low Income Housing Coalition of East Kentucky (LINKS) serves low income persons living in substandard housing in the coal counties of eastern Kentucky, which are among the poorest in the nation. To assist this population, LINKS offers four programs: a low-interest revolving loan fund, which enables homeowners to have repairs done by outside contractors; new home construction; repair work done primarily through a summer volunteer program; and home ownership and credit counseling. Since its inception in 2000, LINKS has built 20 new homes, completed 332 home repairs and served more than 400 individuals and families. The organization has also coordinated more than 1,000 volunteers. Micro Business Development Corporation Denver, Colo. Loan Amount: $250,000 The Micro Business Development Corporation (MBD) addresses root causes of poverty through its mission of supporting microenterprise businesses by creating economic development opportunities through access to knowledge, resources and capital for underserved populations. MBD supports microentrepreneurs at every step, offering loans as well as skill building and technical assistance for each stage of business development. MBD targets low-income, disenfranchised members of society, including women, minorities, refugees, the disabled and others with limited access to financial services and little formal business education. Through MBD’s programs, clients move away from subsistence living and become partners in community growth. This direct community investment will be used to expand MBD’s revolving loan fund. ShoreBank Chicago, Ill. Certificate of Deposit Amount: $2 million ShoreBank, the country’s oldest and largest community development bank, is committed to a double bottom line: profitability and community development. Through its financial services, loans and other activities, ShoreBank works to improve the overall economic health of the communities its serves. ShoreBank provides services to consumers, businesses and religious and community organizations, and has established a Faith-based Institution Outreach Program specifically tailored to provide banking services to churches, religious orders, etc. ShoreBank provides more than $100 million in new development each year. The certificate of deposit will be used as capital to support the bank’s community development activities.