December 15, 2016 - New Orleans, LA: At the Broad Street Theater, Living Cities announced that it will invest $500,000 to help start a new loan fund for ventures with solutions to social and environmental problems. The fund design and structure was developed by Medora Ventures through a consulting contract that began in the summer of 2015.
This new partnership will be launched next year by the New Orleans-based Propeller and the Baton Rouge-based Foundation for Louisiana (FFL). The investment is part of the Blended Catalyst Fund, a nationwide $37 million impact investing fund, which is backed by Prudential, MetLife Insurance, Deutsche Bank Trust, the Ford Foundation, Kresge Foundation, Surdna Foundation, and other investors.
Mayor Mitch Landrieu and New Orleans City Councilwoman LaToya Cantrell spoke at the announcement, with both leaders praising the fund’s innovative financing model. Through this effort, Propeller and FFL will make loans to nonprofit and for-profit social ventures that are solving pressing issues in food access, water management, educational equity, and health. The partnership will also seek to address funding gaps faced by New Orleans’s small businesses, particularly women and minority-owned businesses, by offering loans with favorable terms and mentoring borrowers.
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