Ann Arbor Area Community Foundation's New Loan Fund
The Ann Arbor Area Community Foundation (AAACF), an MIE member, recently announced a new $500,000 loan fund for social impact investing through a donor-advised revolver fund. The fund, which is now available to Washtenaw County nonprofits, was made possible by a donation from Fran Loosen, former knowledge officer at the Kellogg Foundation.
The revolver fund will be used to provide direct loans to nonprofits at low-interest rates. Neel Hajra, president and CEO of AAACF, says that the money will go toward converting charitable capital and aiding the organization’s $80 million endowments. The Fund has already provided funding for the Ann Arbor Art Center.