Care with the Blue: Economic Justice Loan Committee

We begin the week with the fourth Executive Council Committee report in my series on the Blue Book, the Executive Council Economic Justice Loan Committee.

Summary of the Report
This Committee was created by Executive Council in 2015 for overseeing assets GC and EC set aside for economic justice loans...

However, there was no actual report submitted. So that's all.

Reactions to the Report
Obviously, it is a little hard to react to a missing report. The Committee itself sounds interesting, finding ways to leverage assets to support economic well-being and empowering the powerless and the oppressed... I just wish I actually knew what they did in the triennium!

Thankfully, Google exists and I was able to find out a little bit more. For example, in January of 2017, it was reported that the Committee made five investments, totaling $1.4 million. The bottom of that report says more about what this Committee does, so I'll quote it.

The Economic Justice Loan Fund is an economic justice ministry through which the Episcopal Church part of its investment assets to provide capital for communities and groups that lack full and equal access to financial resources.  Loans have been made in the United States and internationally to support community economic development, affordable housing, job creation and other avenues of mission.  The Fund was created in 1998 by the Executive Council.  It combines two prior loan programs that had existed since 1988 and makes up to $7 million available. Loans are made to financial intermediaries, usually in amounts between $150,000 and $350,000, and usually for terms of three to five years.  Loan applicants do not have to be affiliated with the Episcopal Church; however, applicants and recipients must have the endorsement of their local Episcopal bishop.  Loans are not made to individuals or for individual projects.  

A proper report hopefully would have said more about the terms of the loans granted in the Triennium and how those loans affect the asset allocation and portfolio of the church. I hope that a fuller report will be made available to General Convention and the church at some point. To get a broader sense of their work, you can also read the report to General Convention in 2015 online here.

Note: You can click here for a list of all Blue Book Reports & Resolutions that have thus far been reviewed.