Rhode Island Foundation earmarks 5% of endowment for impact investing

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The Providence, R.I.-based community foundation is the latest to venture into impact investing to boost its strategic objectives — educational success, healthy lives and economic security for Rhode Islanders.

Its first two investments include a $1 million bridge loan to Rhode Island Public Radio and a $300,000 purchase of preferred stock in the Urban Greens Food Co-op.

The foundation has a total endowment of about $730 million.

Its impact strategy will primarily focus on debt investments of $200,000 to $1 million with repayment terms of up to 10 years.