Place-based foundations — philanthropies that target specific geographies — are among the longest-standing impact investors around. Local foundations from Maryland to Minnesota to Oregon are also now some of impact investing’s most enthusiastic adopters, complementing grant-making strategies with equity and debt investments to build prosperous communities.
Virginia Community Capital, a community development financial institution, and the Center for Rural Entrepreneurship have launched Locus Impact Investing to help smaller foundations that lack the expertise required for such investments.
Locus will help local foundations source and assess deals, monitor impact and build internal capacity to manage impact investments.
VCC vice president Teri Lovelace, who will head Locus, says a “new era” in philanthropy and community investing “requires different, more comprehensive solutions.”