The Jacksonville-based Jessie Ball duPont Fund is one of only nine philanthropic organizations to join a pool of money aimed at generating investments geared towards solving societal ills.
The duPont Fund joined a $33.1 million Community Investment Guarantee Pool, a funding vehicle that backstops riskier loans to projects that would otherwise get little or no funding.
"So for instance, you could have a situation where maybe your credit score is a little bit too low to start a business, and you would only qualify for $50,000," said Chris Crothers, the fund's director of impact investing. "Well, maybe because of this guarantee, you can extend $100,000 or $150,000 – something they wouldn't do, but for those guarantees."
The hope of the $33.1 million pool is to generate $150 million in investments for projects that address climate change, affordable housing or small businesses led by minority entrepreneurs or headquartered in low-income areas.
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