ImpactAlpha, May 2 – It was no small feat in 1995 when Calvert Impact (then Calvert Foundation) launched an impact note available to retail and other investors through brokerage firms for as little as $1,000.
Calvert Impact has sold $1 billion in Community Investment Notes to more than 20,000 retail investors (adding institutional investors, the total is more than $2.5 billion). The notes fund affordable housing, small businesses, and green solutions.
Investors don’t seem to be cowed by the high interest rate environment.
“We’re seeing demand increase across the board now as pandemic stress has subsided, many government programs have run their course, and many of our portfolio partners are adjusting to the new rate environment,” said Calvert Impact’s Justin Conway.
Calvert Impact recently bumped up its interest rate. A one-year note now pays 3%.
