Rosalie Sheehy Cates | It’s magic to watch impact investing happen in a small town. In June, a group of local people met in Missoula, Montana for 90 minutes and crafted a $300,000 loan enabling a nonprofit organization to buy land for an innovative affordable housing development. Their transaction paves the way for Homeword to develop up to 72 new homes and support services that are sorely needed in Missoula.
I love seeing how impact investing plays to the strengths of small communities. For starters, everyone involved is familiar with the neighborhood and the property involved. But the real magic is that the investors have long-time relationships as professionals and friends. They trust each other. They can be open and transparent, and frankly, they can work pretty fast. more »