Incredibly proud to be a part of this. From the Times Colonist Article.
“A lot of the banks we sat down with were keen to be involved once the development was going,” said Andrew Reeve, head of government relations and outreach with Butterfield’s Trust for Sustainable Development.
“But they don’t want to look bad or damage relationships if the project doesn’t succeed. It’s a Catch-22 unique to First Nations like Beecher Bay that are land rich and cash poor. You need development to get development happening.”
So the trust proposed something unconventional to address the need for mortgage financing in First Nations communities. They have created the First Nations Social Impact Fund, a mortgage investment corporation that loans against raw land and generates revenues as the land appreciates value with development.
“We were shocked that no one had ever thought of using mortgage investment for social impact investing,” said Reeve, calling the concept a new form of philanthropy. “It’s clear more people are saying, ‘If I’m investing, I want my money to do some good.’ ”