Md. Group Has Raised $100-Million for Charity Loans
June 8, 2006
A Washington-area organization that issues “notes,” similar to bonds, and then loans the money to nonprofit groups and “socially conscious” projects at low interest rates said sales of its notes recently topped $100-million, reports The Washington Post.
The Calvert Foundation, in Bethesda, Md., has sold the investment notes since 1995 in increments of $1,000, for terms of one to 10 years, with 0-to-3-percent interest. In 2005 the organization loaned $13-million to projects that included affordable housing and support for small businesses.
