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January 31, 2023, Philadelphia, Pennsylvania – The untimely death of Caldwell Dominican Sister Patricia Daly, OP – a member of the Adrian Dominican Sisters’ Portfolio Advisory Board and Executive Director of the Tri State Coalition for Responsible Investment – led Cliff Rosenthal to reflect on the heroes of the socially responsible investment movement.
Through socially responsible investment, faith-based and other organizations invest or provide low-interest loans to community-based enterprises that promote social, economic, and environmental justice in local communities.
Cliff recalled that, in 1982, he sought funding for his Capitalization Program, which sought to raise private investments to be channeled to credit unions serving communities suffering from poverty. He secured a low-interest $30,000 loan from the PAB – in spite of his organization’s lack of a financial track record and little staff capacity. “In every sense, it was an act of faith,” he wrote. The PAB investment “spurred other Catholic women’s orders to make loans to us, as well, and we were on our way.”
Read Cliff’s reflection on Sister Patricia, the PAB, and other faith-based investors, found on the website of Next City.