South Carolina Community Loan Fund (SCCLF) announced today that the Francis P. Bunnelle Foundation has renewed its $100,000 program related investment in SCCLF’s revolving loan fund. SCCLF will continue to leverage the investment to provide financing for affordable housing in underserved Georgetown communities.

Investments are an essential part of SCCLF’s mission and help spur economic growth by meeting a critical market need for flexible, affordable capital. SCCLF’s investment model is based on the organization borrowing capital from banks, foundations, and individuals for a minimum term of five years. The investments provide a 2% return to investors, repayment of principal at maturity, and may qualify for the 33% S.C. Community Development Tax Credit.

The Francis P. Bunnelle Foundation made their first investment with SCCLF in 2011, making them one of the first foundations to invest in the revolving loan fund. While the Bunnelle Foundation had previously provided grant funding primarily, they seized the opportunity to support SCCLF as an investor after learning about the potential impacts and benefits of the investment model from SCCLF and the Mary Reynolds Babcock Foundation. “We had a desire to diversify the way we supported the Georgetown community – we wanted to do it with more than just grant making,” explained Geales Sands, Executive Director of the Bunnelle Foundation. “There is a housing shortage in Georgetown County and we knew we needed to be the ones who took risks if we wanted to see real change. SCCLF is doing innovative and groundbreaking work, and we are glad to continue partnering with them so we can feel the impact of that work on Georgetown County.”

“Investments make a positive social impact in the local community, while also providing a financial return and the ability to multiply impact,” said Michelle Mapp, CEO of South Carolina Community Loan Fund. “While impact investing has become more commonplace in recent years, the Bunnelle Foundation was ahead of the curve and took a chance by investing us early on. We are grateful to them for setting an example for other foundations and for continuing their commitment to our organization throughout the years.”