What's Happening

By Marilín M. Llanes, OP
Director of the Portfolio Advisory Board and Office

January 14, 2025, Fort Pierce, Florida – In October 2024 two powerful hurricanes left widespread devastation in the southeastern United States. Communities in Florida, Georgia, the Carolinas, and beyond were walloped by the hurricanes within a two-week span, leaving lives disrupted and lost, homes destroyed, and critical infrastructure severely damaged.

In response to the serious needs arising from these cataclysmic storms, the Solar Energy Loan Fund (SELF) has been a beacon of hope, acting swiftly to deliver relief.  

St. Lucie, Florida, in the county where SELF is headquartered, was directly affected by Hurricane Milton, which caused considerable damage to the area. Historically, SELF has offered financial assistance to residents of hurricane disaster areas with great success and impact. SELF stepped up again for the residents who needed the most assistance. Partnering with SELF, the Adrian Dominican Sisters Portfolio Advisory Board (PAB) is part of these rebuilding efforts.  

On December 3, 2024, the PAB approved a Hurricane Recovery Loan for $100,000 with a very low interest to offer home repair loans of $10,000 to the most at-risk homeowners. With these loans, homeowners can make necessary repairs and replacements to ensure that their homes are safe and sanitary and do not continue to deteriorate further. 

SELF is the first nonprofit in the country dedicated exclusively to climate equity, storm resilience, and sustainability in under-resourced and underbanked communities. SELF began its journey in 2009 as a U.S. Department of Energy pilot program in St. Lucie County, Florida, and has since expanded operations to four states – Florida, Alabama, Georgia, and South Carolina – focusing on projects in low- and moderate-income neighborhoods with a default rate of less than 2 percent. Since 2013, SELF has been a lending partner with the PAB. 

We stand in solidarity with SELF in their diligence in providing hurricane relief to residents by offering low-cost loans with grace periods that allow ample time to repair their homes. Truly, SELF is a green beacon of hope in these challenging times.  
 

Caption for above feature photo: These residents, like many others, receive service from the Solar Energy Loan Fund as they deal with devastation caused by hurricanes.
Photo Courtesy of the Solar Energy Loan Fund

October 22, 2024, Chicago – During a panel discussion held during the Catholic Social Teaching Investment Summit held in Chicago last month, Sister Corinne Florek, OP, encouraged investors to “redefine risk” and to take a chance on investing in nonprofit community organizations. 

“I’ve given a lot of talks about not defining risk the way Wall Street does,” Sister Corinne said in an interview. “Wall Street doesn’t invest in local communities. You have to redefine risk and realize that these groups are not risky.”

Sister Corinne speaks from experience. She served on the Adrian Dominican Sisters’ Portfolio Advisory Board, which was started in 1975 and made its first community investment in 1978. In 2008 she was one of the founders the Religious Communities Investment Fund (RCIF), and organization that offers communities of women religious the opportunity to pool their money to invest in community organizations. She also started Mercy Partnership Fund for the same purpose. After various congregations of the Sisters of Mercy in the United States merged, they started a successor program, Mercy Investment Services, which also gives low-interest loans to community organizations. 

Sister Corinne spoke to the success of all three organizations, which increased the size of their investment funds, enabling them to offer low-interest loans to more community organizations. The loss of investment is less than 1%. 

Sister Corinne has worked with many grassroots organizations, helping them to create financial statements and get on solid financial ground so that they can receive loans from other organizations. These grassroots organizations are “committed to their work, and they’re so grateful for the loan that they make sure to pay it back.”

The Francesco Collaborative – which co-sponsored the Summit with the Catholic Impact Investors Collaborative – is encouraging professional investment managers to invest in grassroots community organizations, Sister Corinne said. Many of the smaller communities of women religious are also investigating the idea of starting a community impact investment fund with other communities. 

Read an article on the Summit by Michelle Martin in the Chicago Catholic.